Mini-Budget: IR35 will be repealed from April 2023
In a surprising yet welcomed announcement, Chancellor Kwasi Kwarteng has pledged to simplify IR35 rules for contractors in the UK. From April 2023, off-payroll working rules introduced in 2017 and 2021 will be scrapped, and workers will again be responsible for deciding their employment status.
Kwasi Kwarteng’s Mini-Budget: Key Announcements
Chancellor Kwasi Kwarteng delivered his mini-budget today (the 23rd of September 2022). Continue reading to discover the main announcements made during the fiscal statement regarding the government's economic plan to drive down inflation and cut taxes to encourage growth.
The National Insurance increase will be reversed from November
Chancellor Kwasi Kwarteng has announced today (22nd September 2022) that the 1.25% increase to National Insurance will be reversed from the 6th November. Continue reading to discover how this will affect businesses and taxpayers.
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.