Category: News

What does the new tax year bring for Contractors?

Chancellor George Osborne’s plans to ‘reduce the costs of employment, ease the tax burden on businesses and stimulate investment’ is looking good for contractors and freelancers. There are a number of changes that come in to play from 6th April 2015 that contractors and freelancers should be particularly aware of: The personal allowance will increase from

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Plans to digitise paper tax returns runs in to difficulties

In this month’s Budget announcement, Chancellor George Osborne publicised plans to digitise paper tax returns for the majority of the UK population by 2020. The plans have however already ran in to issues – IT concerns, security threats and software glitches have already posed serious questions. Under the new plan, 15 million contractors and other self-assessors

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HMRC to crack down on tax avoidance promoters

HM Revenue & Customs (HMRC) have this week announced new rules which mean promoters described as ‘high-risk’ must make clear to clients that they are being monitored by the authority. Promoters of tax avoidance can now be subject to financial and reputational penalties that aim to stamp out arrangements designed to minimise tax. ‘Conduct Notices’ will

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OTS recommend changes to self-employment status guidelines

The Office of Tax Simplification (OTS) are calling for better guidelines when it comes to determining employment status, according to their latest report. At current there a number of different tests that determine whether you are self-employed or not for tax purposes, which this reports addresses. There isn’t a definition of self-employment in law, meaning businesses,

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Promoting yourself as a contractor

When you take the plunge in to contracting or freelancing you also become a business, to successfully promote yourself you have to think like you’re running your own small business. You are fully self-reliant on finding work for yourself, so selling yourself to potential clients and recruiters is key. One of the issues many independent contractors

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Tips for getting a mortgage as a contractor

There are numerous advantages to being a contractor, choosing your own hours, higher rates of pay and being your own boss, but a major disadvantage is securing mortgage funding. Below is a list of tips to help you: 1. Use a specialist mortgage broker The reality is that most lenders do not understand the contracting market and

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HMRC to enforce new reporting requirements for contractors

HMRC has publicised its plans to make changes to the way records are reported for recruitment companies. New regulations published last week will now mean that all agencies will need to provide the Revenue with details of all ‘workers’ they are involved with. Recruitment companies will need to inform HMRC of information on contractors employed via

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RTI penalties will affect contractors on 6th March 2015

As you may be aware the Real Time Information (RTI) scheme came in to place on 6th April 2013. Employers have been required to submit Payroll information to HMRC on a monthly basis and on or before the day they make the payment under this scheme. However penalties for non-compliance are only just being introduced for

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What lenders are contractor-friendly?

  Mortgage options for contractors have become more comprehensive in recent years. More lenders than ever before have realised the contractor workforce is growing, and have decided to alter their borrowing criteria in order to cater for them. Below are a list of ‘contractor-friendly’ mortgage lenders and a summary of what they offer: Roots Mortgages Gorilla

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