Everything you need to know about the VAT Domestic Reverse Charge for construction services
Effective from the 1st March 2021, you must use the domestic VAT reverse charge for most supplies of building and construction services. Continue reading to discover everything you need to know about the VAT domestic reverse charge.
Registering with an umbrella company in 5 simple steps
If you’re inside IR35, you may explore the option of using an umbrella company for your payroll. Registering with an umbrella company is straightforward, and you can be set up and ready to get paid in under 15 minutes. Continue reading to discover the five simple steps to take to register with an umbrella company.
Budget 2021: What were the Chancellor’s key announcements?
Chancellor Rishi Sunak has unveiled a three-part plan for the economy, including protecting jobs and businesses, rebuilding the economy and recouping public finances. Continue reading to discover the Chancellor's key announcements delivered in the 2021 Budget.
Kaye Adams wins her long-running IR35 case after Tribunal dismisses HMRC’s appeal
The Loose Women host was facing an estimated £124,000 tax bill for contracts held with the BBC between 2015 and 2017, with HMRC arguing that Adams was not a freelancer and should have been operating inside IR35. However, the Upper Tier Tribunal upheld the original decision, made by the First-Tier Tribunal in 2019, which found Adams to be working outside of IR35.
HMRC launches a new online VAT Deferral Payment Scheme
Businesses that deferred VAT payments last year can now join HMRC's new online VAT Deferral Payment Scheme, allowing you to spread the payments over smaller, more manageable monthly instalments.
HMRC announces more help for Self-Assessment Taxpayers
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.
What is salary sacrifice, and can umbrella company employees benefit?
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.
1.8 million people miss the Self-Assessment filing deadline
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.
What should private sector organisations already have done to prepare for changes to off-payroll legislation (IR35)?
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)?
How will upcoming changes to off-payroll in the private sector (IR35) impact limited company contractors?
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.