Further Contract Eye Updates
Another Sunday Solutions umbrella scheme wound up
Reed Umbrella Ltd has been wound up by The Insolvency Service, leaving an estimated 1,500 contractors liable for taxes which remain unpaid by the company.
(Mar 12, 2012 in News )
How to keep your limited company details up-to-date
If you are a limited company contractor, you will need to inform Companies House if you change your personal or company address, the company's officers, or share capital.
(Mar 12, 2012 in Limited Company )
Surge in demand for contract interim managers
Over the past five years, the amount of work billed by contract interim managers has almost doubled, according to a recent Ipsos MORI survey.
(Mar 9, 2012 in Market Reports )
Contractor accountant gives his Budget 2012 predictions
Martin Hesketh, MD of Brookson, looks at some of the issues George Osborne will need to consider ahead of the Budget on 21st March.
(Mar 8, 2012 in Tax )
Small firms wasting billions by not going limited
The recently published 'Small Business Action Report' suggests that the UK's small firms are wasting billions each year on unnecessary tax payments.
(Mar 7, 2012 in News )
PCG tells press that contractors must not be bullied
A major media campaign has been launched, aimed at defending contractors from the public backlash against the use of limited companies in recent months.
(Mar 6, 2012 in News )
Demand for contractors strong, mainly unaffected by Agency Workers Regs
A recruitment organisation says that demand for IT contractors and engineers remains strong, and most recruiters have not been forced make any changes to accommodate the Agency Workers Regulations.
(Mar 5, 2012 in News )
More pressure put on Chancellor to scrap 50p income tax rate
Over 500 leading smaller business owners have called on the Chancellor to drop the additional income tax rate at the next Budget, echoing doubts raised by industry experts over the effectiveness of the 50p rate in raising additional revenue.
(Mar 2, 2012 in News )
Average umbrella contract rates fall, gender gap grows
A survey of umbrella contractors shows that the average hourly contract rate has fallen over the past year, and the gender gap continues to grow.
(Mar 1, 2012 in News )
Final OTS report suggests IR35 changes will be announced in April 2012
The Office of Tax Simplification has delivered its final report on HMRC administration, in time for the next Budget. The report reiterates the need for substantive progress to be made on IR35, with changes due to be announced in April 2012.
(Feb 29, 2012 in IR35 )
HMRC extends tax exemption to smartphones
HMRC has deemed that smartphones can now have the same tax treatment as mobile phones, so benefit in kind charges will no longer apply.
(Feb 28, 2012 in Tax )
Contractor accountancy costs unlikely to drop due to EU accounting changes
Contractor accountants have expressed different views on the impact new EU regulations will have on the accountancy burden small limited companies have to bear.
(Feb 27, 2012 in Contractor Accountants )
HMRC finalising strategy to overhaul IR35
HMRC is finalising its plans to improve the way IR35 is run, following input from a wide spectrum of industry experts via the IR35 Forum.
(Feb 24, 2012 in IR35 )
Do contractors need professional indemnity insurance cover?
Do you need to take out a contractor PI insurance policy?, and how to make sure you are adequately covered.
(Feb 23, 2012 in Contractor Insurance )
Doubts raised over effectiveness of 50p income tax rate
This week's public finance statistics show that the total tax received via the self assessment process fell compared to 2011, raising doubts over the effectiveness of the 50% additional tax rate.
(Feb 22, 2012 in News )
EU agrees to cut accountancy burden for small limited companies
The EU has adopted a directive which will exempt many small companies from the accounting obligations they currently have, meaning that most contractor companies may no longer have to submit complex accounts each year.
(Feb 22, 2012 in Contractor Accountants )
Contractors warned over new HMRC mortgage verification scheme
A new scheme, originally launched last year but now increasingly being used by lenders, could cause fresh problems for contractors who are applying for a mortgage or remortgage.
(Feb 21, 2012 in Money / Investing )
Contractor accountant warns against anti-limited company rhetoric
Following the recent attacks on public servants who have been remunerated via their own personal service companies rather than PAYE, a leading contractor accountant says that the strong anti-limited company rhetoric we have seen in the last few weeks is damaging to the country's flexible workforce.
(Feb 21, 2012 in News )
Most common myths about the Agency Workers Regulations
The PCG has published its 5 most-heard myths about the AWR, reflecting the lack of clarity and transparency which exists in the marketplace, due in no small amount to the inadequacy of the official guidance.
(Feb 21, 2012 in Agency Workers Regulations )
How does a PAYE umbrella company work?
How does a PAYE umbrella company scheme work in practice? We look at the steps from signing up, to submitting your timesheets, getting paid, and how expenses are dealt with.
(Feb 20, 2012 in Umbrella Companies )
PCG warns against limited company hysteria following public sector remuneration revelations
The PCG is concerned that the current media hysteria over how some civil servants are being paid may give one-person limited companies a bad name.
(Feb 16, 2012 in News )
Further IR35 irony as 25 DoH staff paid via their own limited companies
The Guardian has obtained leaked emails which suggest that more than 25 Department of Health staff are paid via their own personal companies, rather than by the more traditional tax route.
(Feb 16, 2012 in News )
Accountant says Rangers administration fisaco should be a warning to contractors
Following the news that Rangers FC has gone into administration, a specialist contractor accountant has warned contractors that offshore EBT schemes can prove very expensive in the end.
(Feb 16, 2012 in News )
Is Twitter a good source of new contract opportunities?
A study into the social media habits of recruiters and job seekers has been released this week. It suggests that Twitter could be the next big thing for job hunters.
(Feb 15, 2012 in Contract Work )
IT and engineering the fastest growing job sectors
The two industries most closely associated with contracting, IT and engineering, are growing strongly, despite the ongoing uncertainty in the overall jobs market.
(Feb 14, 2012 in Market Reports )
Lib Dem proposal to slash the tax relief on pensions could hit contractors hard
Contractors with pensions savings could be in the spotlight as Lib Dem minister Danny Alexander suggests that higher rate tax relief on pensions should be axed.
(Feb 13, 2012 in Money / Investing )
Contractor accountant faces jail stretch for stealing clients' funds
Darren Upton, who ran a contractor accountancy firm for many years, faces 6 years in prison after being found guilty at Leeds Crown Court for using his clients' tax money to fund a luxury lifestyle.
(Feb 9, 2012 in News )
Limited companies - what are the Articles and Memorandum of Association used for?
We look at two of the documents required when you set up a company, with particular reference to the Articles of Association.
(Feb 7, 2012 in Limited Company )
Job board expects contract market to remain strong in 2012
A leading job board expects the IT contract market to remain strong over the next year, as the demand of skilled IT professionals continues to grow, despite fundamental problems with the economy as a whole.
(Feb 6, 2012 in Market Reports )
HMRC business record checking programme suspended
HMRC much-criticised business record checking campaign has been postponed, pending changes to make the checks more targeted and 'educational'.
(Feb 6, 2012 in News )
Contractors set to pay more tax when dissolving a company, as ESC C16 changes are enacted
Changes to the ESC C16 rules have now been enacted by the Commons, meaning that contractors closing their limited companies will have to pay more tax when making a final distribution from 1st March 2012.
(Feb 3, 2012 in Tax )
Would student loan boss have been caught by IR35?
Following news that the Student Loans Company boss has been receiving remuneration via his own personal services company, we ask whether this would this have made him a classic target for an IR35 investigation.
(Feb 2, 2012 in IR35 )
Dividends - how often should I take them, and when are they actually taxed?
We explore two of the questions most often asked by limited company contractors - involving the timing, and tax point of dividend declarations.
(Feb 2, 2012 in Tax )
Mobile Commerce contractors in high demand by retail sector
Another survey points to the growth in demand for IT contractors with mobile (m-commerce) skills over the past year.
(Feb 2, 2012 in Market Reports )
Can I gift a share in my company to my wife? Are there any tax consequences?
The issue of splitting limited company shares with a spouse or partner has been the subject of much confusion and debate over the past few years.
(Feb 1, 2012 in Tax )
Does IR35 apply to sole traders?
Although the Intermediaries Legislation was created to target alleged disguised employment by limited company directors, how are sole traders affected by IR35?
(Feb 1, 2012 in IR35 )
Self assessment on limited company dividend income
A contractor recently sent in an question asking whether or not his wife needs to register to fill in a tax return, even though no tax will be payable on her dividend income.
(Feb 1, 2012 in Tax )
Contractors should benefit as web economy set to double by 2016
A landmark report from the Boston Consulting Group outlines how the digital economy is set to boom over the next five years, providing ample opportunities for contractors.
(Jan 30, 2012 in News )
David Miliband accused of hypocrisy following income shifting revelations
The Daily Mail has revealed that the former foreign secretary has been channeling his lucrative post-Westminster earnings through a limited company, where the shares are split equally between himself and his wife.
(Jan 29, 2012 in News )
If I want to close down my limited company, can I extract any remaining profits tax efficiently?
If you are considering closing down the company you have used for contracting, we look at how any remaining profits can be extracted in a tax efficient way.
(Jan 27, 2012 in Tax )
Compliance and security key to ongoing success of Parasol
Parasol Group has announced strong results over the past year, and says the firm's commitment to compliance is a key factor in its ongoing success.
(Jan 25, 2012 in News )
Temporary workplace expense schemes under scrutiny after HMRC wins major tax case against Reed
A landmark tax tribunal case has found a leading employment agency to be liable for substantial back taxes, after 500,000 temps were reimbursed for expenses, which should have been paid as salary.
(Jan 24, 2012 in News )
IT contractor North/South divide continues to grow
The latest quarterly survey of IT jobs posted on recruitment websites shows that although the demand for IT contractors continues to grow nationwide, a larger proportion of roles than ever are based in the South.
(Jan 22, 2012 in Market Reports )
Self employed numbers reach record high, but FCSA calls on Government to support flexible working
The latest UK employment figures show that although the unemployment rate now stands at 8.4%, the number of 'self employed' has reached a new high of 4.2m.
(Jan 18, 2012 in News )
Clients urged to take more care preparing specs, as most IT projects deemed 'unsuccessful'
A software firm has urged the UK's businesses to take more care when providing specs for IT work, to avoid going over budget, or even having to shelve projects entirely.
(Jan 18, 2012 in News )
Time running out to register for self assessment online
HMRC has reminded taxpayers new to self assessment that they only have a few days left to register for online submission.
(Jan 17, 2012 in News )
Leading outsourcing site reports rapid growth in demand for IT freelancers
Statistics released by the world's leading outsourcing site, show that the demand for IT freelancers is growing strongly.
(Jan 13, 2012 in News )
One third of businesses may lay off contractors early due to AWR
A survey of recruiters suggests that almost 30% of organisations may terminate contract and temp roles prematurely, as a result of the Agency Workers Regulations.
(Jan 12, 2012 in Agency Workers Regulations )
Contractor Professional Indemnity Insurance - things to consider
Some factors to consider before taking out a professional indemnity insurance policy. What is covered?, is it mandatory?, and how retroactive and run-off cover works.
(Jan 10, 2012 in Contractor Insurance )
IT contractors - what is a limited company?
Most IT contractors work via a limited liability company. So what is a limited company, what are your responsibilities as a director?
(Jan 6, 2012 in Limited Company )
