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It is the dreaded time of year to get around to completing your self-assessment tax return.
Tax Return Deadline
Online tax returns should be submitted before the midnight 31st January 2016.
This is also the date any outstanding taxes need to be paid.
The deadline for paper tax returns was 31st October 2015.
Instead of putting it off and having the constant worry about it needing it doing contact Umbrella.co.uk today and we can help you get it completed within the next 2 working days.
What do Recruitment Agencies or Recruitment Consultants look for when deciding which umbrella company to work with?
Office designed to have a calming feel and to test the theory that plants in an office have been proven to increase productivity by 15%.
As an employee of an umbrella company, YES, you can be entitled to Statutory Adoption Pay (SAP) and Statutory Adoption Leave (SAL).
Please find below the key tax changes that came into effect on 6th April 2015.
Employee National Insurance Contributions (NIC) Threshold (rate above which your start paying at rate of 12%)
£153 to £155 pw (per week)
Or if monthly paid
£663 to £672 pm (per month)
Potentially good news for lower paid contractors working through an umbrella company is that on 26th October 2015 the House of Lords voted not to accept the Chancellors proposed changes to tax credits that will affect the entitlement to the credits for low income families.
The proposed changes are expected to result in some families being up to £1,300 worse off per year by 2020. The Government are trying to reduce the earnings limit for entitlement to the Working tax Credit and the Child Tax credit.
A large proportion of UK individuals will at some point experience debt problems. Levels of debt can easily get out of hand or changes in circumstances, such as an unexpected drop in income, can make previously affordable debts unmanageable.
A review of today’s Summer Budget (8th July 2015) highlights the following key points that could affect Umbrella Company workers or contractors/freelancers who operate through their own limited company :
Personal tax
Employment intermediaries and tax relief for travel and subsistence – As announced at March Budget 2015, the government has published a consultation document alongside the Summer Budget on detailed proposals to restrict tax relief for travel and subsistence for workers engaged through an employment intermediary, such as an umbrella company or a personal service company. The changes will take effect from 6 April 2016. (Finance Bill 2016)
IR35 reform – The government will engage with stakeholders this year on how to improve the effectiveness of existing intermediaries legislation (‘IR35’) which is designed to protect against disguised employment. A discussion document will be published after Summer Budget 2015.
The UK’s technology sector is often seen as a centerpiece to economic policy in this country. Over the last few weeks the General Election battleground has shifted and one topic has been replaced by another. However, UK Tech has remained a fairly constant refrain amongst the election hopefuls.
On reading recent news articles about umbrella company workers it seems clear there is a misconception about how they work. Especially in relation to the employers national insurance (E’ers NIC) and the umbrella company margin.
