What is the difference between your assignment rate and gross rate of pay?
The difference between a contractor's assignment rate and gross rate of pay is an area that often causes a lot of confusion – especially if you are new to contracting. Continue reading to discover the difference and why the two pay rates are displayed on your payslip.
New HMRC corporate report summarises how modern tax avoidance schemes operate
A new corporate report released by HMRC in 2022 features a frequently updated list of named tax avoidance schemes and how they have been helping temporary workers avoid paying their fair share of income tax and National Insurance Contributions. In this article, we've summarised the creative ways unethical tax avoidance schemes operate to help you understand the warning signs of a payroll provider that could land you in serious trouble with HMRC. We have also explained how compliant umbrella companies will operate (PAYE) - to help you pick a provider you can trust.
Onboarding Q&A: Everything you need to know before registering with an umbrella company
Our latest article outlines everything you need to know about onboarding with an umbrella company, from the initial stage of requesting a take-home pay calculation through to getting paid your net salary for the very first time.
HMRC fines promoter of tax avoidance scheme £1 million
HMRC recently hit a tax avoidance scheme promoter with a £1 million fine, close to the maximum fine allowed by the First Tier Tribunal. Continue reading to learn more about this case and why you should never engage with a tax avoidance scheme.
What are the Working Time Regulations?
When you register and become an employee of an umbrella company, you are entitled to the same rights as any other UK-based employee. Please continue reading to find out what the Working Time Regulations (WTR) are, how they affect contractors and what it means to opt-out of the 48-hour working week.
Six reasons why you should file your tax return early
Filing a tax return can be time-consuming and stressful, and despite HMRC's best endeavours, taxpayers often delay submitting their tax returns until December/January. Continue reading as we highlight the six reasons you should file your tax return early.
Official Statement: Churchill Knight & Associates Ltd respond to HMRC’s investigation (MSC)
The following is an official statement from Churchill Knight & Associates Ltd in response to HMRC’s investigation regarding the Managed Service Company (MSC) Legislation.
Spring Statement 2022: Key Announcements
Chancellor Rishi Sunak delivered his Spring Statement to the House of Commons on the 23rd March 2022. The Chancellor announced a series of measures to support businesses, building on measures announced at the Autumn Budget and Spending Review 2021. Continue reading as we outline the key announcements in the Spring Statement 2022.
What tax changes should you be aware of for the 2022/23 tax year?
As another tax year draws to a close, it's helpful to consider the upcoming changes the new tax year will bring and how it could affect the amount of tax you pay. Continue reading as we discuss the changes you should be aware of for the 2022/23 tax year.
HMRC waives late self-assessment filing fines for the second year in a row
Failing to meet the self-assessment filing deadline almost certainly results in a £100 penalty from the government. However, HMRC will not enforce penalties for anyone who submits their 2020/21 tax return up to a month after the regular deadline for the second year in a row. Keep reading, and we’ll explain more about this unexpected announcement.