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HMRC has announced that taxpayers will not be charged the 5% late payment penalty if they pay their tax bill or set up a payment plan by the 1st of April 2021.

Salary sacrifice is a great way to increase the amount you pay into your pension pot – by saving for your retirement in a tax-efficient manner. Continue reading to discover the benefits of using salary sacrifice, and to find out if it’s available to umbrella company employees.

The pressures of COVID-19 have understandably affected many individuals' ability to file their self-assessment tax return by the 31st January 2021 deadline. HMRC has confirmed that approximately 1.8 million people have missed the filing deadline. Don't worry, if you missed the deadline HMRC has issued necessary guidance about the next steps to take to file your tax return.

The much-debated changes to off-payroll in the private sector (IR35) are coming into effect in April 2021. As a result, private sector organisations should already have reliable procedures to ensure each member of their temporary workforce receives a fair IR35 status assessment. This article will set out to answer the question - what should private sector organisations already have done to prepare for changes to off-payroll legislation (IR35)?

Having been delayed for 12 months in response to the coronavirus pandemic, changes to off-payroll in the private sector (IR35) will be coming into effect in April 2021. This doesn't mean the end of contracting through a limited company in the private sector. However, it does mean that contractors with a personal service company (PSC) will no longer be able to determine their IR35 status. Instead, it'll become the end-clients responsibility (if they’re classified as a medium or large sized organisation). Keep reading and find out more about how the upcoming changes to off-payroll in the private sector (IR35) will impact limited company contractors.

With the end of the tax year just around the corner, it’s time to start thinking about arranging your tax affairs as efficiently as possible before the new tax year commences on 6th April 2021. Please continue reading for detailed summaries of tax reliefs, allowances and rates that apply to businesses and individuals, and how to maximise them for the remainder of 2020/21.

This year, HMRC has said it wouldn’t penalise individuals for filing their self-assessments late. We explain what this means for you and the next steps if you’re due to file a self-assessment by 31st January 2021.

The UK left the EU on the 31st December 2020, and you may be wondering what this means for contractors using their limited company outside of the UK? Keep reading and discover what contracting abroad looks like, post-Brexit.

In a much-anticipated verdict, the Supreme Court has made its judgement on the Financial Conduct Authority's (FCA) business interruption (BI) insurance case. And, after delivering their decision in a live stream, the Supreme Court has allowed the FCA's and the Hiscox Action Group's (HAG's) appeal. The outcome is excellent news for BI insurance policyholders because appeals made by six leading insurers have been dismissed. Keep reading and find out more about this landmark case.

HMRC has recently expanded an online service which now allows more people to set up a payment plan and spread the payment of their January 2021 tax bill over 12 months. You can use the online payment plan to help ease the financial impact you may be facing as a result of the coronavirus pandemic.