Insurance with Kingsbridge

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Ship Shape highly recommend Kingsbridge’s specialist contractor insurance.  They have years of experience and have developed the most comprehensive policy we have seen. It includes all of the following features in one simple product. Professional Indemnity Professional indemnity insurance cover on an any one claim basis. This particular cover will protect contractors against claims for negligence (making a mistake, for… Read more »

Making Tax Digital ‘to cost £2,800 per business’

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An independent analysis of how much reporting to the taxman will cost the average business has come back with a figure three times greater than the government’s. Commissioned by a small business group, the Centre for Economics and Business Research found that the quarterly reporting regime will cost £2,770 per business and not the estimated £280 by the Government. Although… Read more »

Tax raid postponed as ministers rush through finance bill

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The snap general election has forced ministers to ditch controversial plan to slash the tax-free dividend allowance to ensure safe passage of bill, according to the Guardian. A planned tax raid affecting more than two million people is one of several measures that have been dropped by the government as the general election draws near. The decision to hold a… Read more »

New IR35 rules: what contractors need to know

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What will the reforms to IR35 legislation entail? The in Autumn Statement 2016 the chancellor confirmed that in the public sector only, IR35 status be determined by the client and not the contractor. If a client decides IR35 does apply, the contractor business will be taxed at source, through the Real Time Information (RTI) system, as if they were an… Read more »

What to do if you were declared inside IR35 on April 6th 2017

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From the 6th April 2017, the responsibility for determining employment status shifted to the public sector employer, and no longer be up to the PSC contractor themselves. According to Contractor UK, confusion is growing among public sector contractors already engaged ‘in-contract.’ What happens if you’re declared inside IR35 by your public sector employer?  If you have been declared inside IR35 by… Read more »

New VAT rules for Limited Cost Traders

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New rules have been introduced from the 1st April 2017 removing the VAT saving that many small businesses previously obtained through the Flat Rate Scheme (FRS). All FRS users will now need to check, each time they complete a VAT return, if they are Limited Cost Traders. This is defined as one whose VAT inclusive expenditure on goods is either:… Read more »

Official IR35 Public Sector guidance published

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HMRC has published a series of documents outlining the forthcoming ‘off-payroll’ IR35 rules for contractors working for public sector organisations. An overview of the public sector IR35 changes: reform of intermediaries’ legislation From 6th April 2017 onwards the responsibility for determining whether or not a contract is ‘inside IR35’ will rest with the public sector client. If the contract is… Read more »

Small business may suffer from VAT abuse crackdown

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The Chartered Institute of Taxation (CIOT) has expressed concern that HMRC’s new measure to crackdown on abuse of the VAT Flat Rate Scheme (FRS) simplification may be ineffective, and bring unwelcome consequences for tax-compliant small businesses. The FRS, which enables small businesses to pay HMRC a fixed rate of VAT determined by their type of business rather than keep detailed… Read more »

UK business needs ‘ocean of answers’on Brexit

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Following Prime Minister Theresa May‘s recent announcement of the 12 objectives for Brexit negotiations has answered some questions but there remains an ocean of answers required by British business. The calculation we are trying to make is will businesses be better or worse off after Brexit? The answer to that will still be elusive in most British boardrooms. Certainty, control,… Read more »

IPSE warns public sector contractors to get their invoices in

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IPSE issued a warning to contractors working in the public sector to send their invoices before 6th March, and receive payments due before 5th April, as from the 6th April onwards payments could be subject to punitive new tax rules. Industry unprepared The Public sector organisations are supposed to undertake an assessment of a contractor’s IR35 status to determine the… Read more »