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 »

HMRC releases most optimistic Self-Assessment expense claims

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Glamorous holidays abroad, luxury watches and Friday nights out all feature in HMRCs latest list of the most outlandish expenses that customers tried to claim back on their 2014-15 Self-Assessment returns. HMRC is releasing the strangest expenses to make sure other customers don’t make similar claims: Holiday flights to the Caribbean Luxury watches as Christmas gifts for staff – from… Read more »

Making Tax Digital: Changes needed

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Making Tax Digital (MTD) will mark a fundamental change in the way that businesses interact with HMRC. The Government is proposing that businesses will be required to keep their accounting records in a prescribed digital format and submit quarterly updates to HMRC. These updates will be followed by an end of year reconciliation to ensure that the entire year’s activities… Read more »

My dog ate my tax returns’: Top excuses revealed

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If you put yourselves in a tax inspector’s shoes, the job can be one of unremitting frustration and tedium dealing with the pressures imposed by ludicrously complex rules and procedures, excessive workloads and recalcitrant taxpayers. (The exception to this, of course, is the pleasingly harmonious relationship HMRC staff enjoy with tax advisers). But just to show the people on the… Read more »

An introduction to Self-Assessment (limited company directors)

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Nearly all business owners have to file a Self-Assessment tax return, or tax return for short, every year. If you’re a director or other employee of a limited company, your tax return will show your salary and any dividends from the company. Your tax return will also show any other income you may have such as bank interest. It will also show any… Read more »

Brexit to hit UK investment

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Over half of European businesses view Brexit as a threat, compared to 39% who see it as an opportunity, while 41% think the UK’s exit from the EU means it is now a less attractive investment destination according to a poll conducted for RSM. The research undertaken amongst some 700 European middle market businesses also found 14% of European businesses… Read more »

Changes to the tax on share dividends

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Changes to the way dividends are taxed (the ‘Dividend Allowance’) were introduced by the previous Chancellor, George Osbourne, and came into effect from April 2016. Some company shareholders will be experiencing these changes for the first time, in the current tax year ending April 2017. How does the new tax work? Since April 2016, the first £5,000 of dividend income… Read more »

IR35 – Public Sector Workers

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Also announced in the Autumn statement are changes in relation to Ltd Company PSC’s (Personal Service Company) who operate within the public sector.  These changes mean that the client of the Ltd Company will be responsible for checking the IR35 status of the company, even in situations where an agency may be present in the contractual chain.  HMRC are providing… Read more »

What is a company’s Unique Taxpayer Reference (UTR)?

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A company UTR is a distinct 10-digit number that HMRC issues to all new limited companies. These numbers are used to identify companies for all tax-related purposes. You should keep a note of this number because you will need it to register for business taxes, file tax returns and pay corporation tax. How do I get a Unique Taxpayer Reference… Read more »

Uber drivers get worker rights

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An Employment Tribunal has found that Uber taxi drivers must be treated as permanent staff and are entitled to receive the National Minimum Wage and holiday pay.   This important ruling will have an impact on the thousands of other Uber drivers who have previously been regarded as self-employed. The Employment Tribunal rejected the argument that Uber just enabled the individuals… Read more »