tax Articles

Childcare tax trap will catch 55000 working parents Umbrella.co.uk

Fiscal drag will push 55,000 working parents into the childcare tax trap, according to new analysis by the Centre for Economics and Business Research

What the Chancellor’s new Autumn Budget means for you

Revealed on Thursday, the Chancellor’s new plan to ‘restore stability’ and ‘build long-term prosperity’ will involve billions of pounds of tax rises and spending cuts.

It comes at a time when many households are already struggling with higher prices and falling real incomes. So what does the Autumn Budget mean for you and your family?

HMRC’s fresh crackdown on tax avoidance schemes

Her Majesty’s Revenue and Customs (HMRC) has brought fresh impetus to its crackdown on tax avoidance schemes, issuing a £1 million fine for one promoter and ‘naming and shaming’ four additional schemes.

Hyrax Resourcing Ltd received a £1 million fine for promoting a tax avoidance scheme that paid contractors through loans rather than taxable income.

Self-Assessments: late payment fines still apply, even when delaying your filing

HMRC have moved the deadline for online self-assessment filings from 31st January to 28th February 2022.

Is IR35 responsible for the UK’s HGV driver shortage?
marketing | 4 October 2021
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The HGV driver shortage is wreaking havoc on UK supply chains. It’s estimated that Britain needs an extra 100,000 HGV drivers and the shortage is resulting in long queues at petrol pumps and missing stock on supermarket shelves.

‘Stealth tax’ will pull more than one million into ‘higher rate’ tax band
marketing | 25 January 2023
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Inflation and frozen tax bands mean that more than one million people will pay the higher rate of tax by 2027, new figures released by HMRC show.

The tax authority is forecasting that 1.13 million people will be pulled above the 40% tax threshold by 2027/28, as wages rise quickly and tax bands stay at the same level.

New Chancellor Drops IR35 Bombshell in Government Mini-Budget
marketing | 23 September 2022
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Liz Truss’ new Chancellor Kwasi Kwarteng dropped an IR35 bombshell today, announcing he would reverse off-payroll (IR35) reforms in the Public and Private sectors from April 2023.

The significant, and generally unexpected announcement means it will be up to individual contractors to decide whether they are inside or outside IR35, with no input from their clients.

Kwarteng said reversing the reforms is aimed at taking complexity out of the tax system.

Companies call on Treasury to delay National Insurance rise Umbrella.co.uk

Business groups have called on the Chancellor Rishi Sunak to delay a planned increase to National Insurance amid rising prices and a slowdown in recruitment activity.

Make UK, which represents 20,000 manufacturing firms in the UK, called the £12bn tax boost ‘illogical and ill-timed’. They argued that April’s 1.25 percentage point increase to the tax on employees and employers should wait until the economy is on a firmer footing.

Autumn 2021 budget - Contractor Highlights

Last week the Chancellor of the Exchequer, Rishi Sunak revealed the Autumn 2021 budget.

We’ve created a summary to highlight the elements most relevant for you.

Read on to learn what’s changing.

How to go from sole trader to limited company contractor
marketing | 22 September 2021
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There are a number of advantages to operating through a limited company rather than as a sole trader. Working through a limited company is more tax-efficient. It also gives you limited liability, so you won’t be held personally responsible for business debts.

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