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Tax - News and Views
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Income splitting under attack
Tax director John Whiting and his team have been looking at ways to prevent income splitting, which is used by husbands and wives to split the income produced by a family business, as he deems the tax saving made ‘unfair’. John and his team at the Office of Tax Simplification (OTS) has stated that they will [...] -
New Tax Avoidance Clampdown Launched by Treasury
Ltd Company contractors in particular may wish to seek advice from a qualified contractor accountant in the wake of a new announcement from the Treasury. It seems that a new clampdown on tax avoidance is about to take effect. David Gauke, the Exchequer Secretary to the Treasury, has revealed a raft of changes to the legislation, [...] -
Local Government Secretary to Simplify Tax Breaks for Ltd Company Contractors
Rather like “truth” in the X-files TV series, the tax breaks are out there, waiting to be claimed by small businesses and Ltd Company contractors. The trouble is that many will need the dogged tenacity and mental agility of Mulder and Scully to take advantage of them. All too often, lying between you and a [...] -
Why Contractors Should Invest in a Calculator this Christmas – VAT to Rise in January
It’s sometimes astonishing how quickly warm feelings can turn sour. This may be putting it a little strongly, or at least a little prematurely, but many in the UK’s contractor workforce may today be finding Prime Minister David Cameron’s recent fulsome endorsement a little threadbare. As a result of the 20 per cent rate, VAT [...] -
Reforming IR35 – The IoD Dons its Boxing Gloves
News emerged this week that a number of industry experts had been recruited to the Office of Tax Simplification in order to assist with the reform of tax laws as they apply to small businesses (see “From Spaghetti to Nouvelle Cuisine – New OTS Experts to Slim IR35 down”, October 26th 2010). The UK’s contractor [...] -
From Spaghetti to Nouvelle Cuisine – New OTS Experts to Slim IR35 Down
With the Comprehensive Spending Review grabbing most of the headlines recently, the vexed subject of the future of IR35 legislation may have enjoyed less limelight but it certainly hasn’t gone away. The Office of Tax Simplification (OTS) has been diligently continuing its work of exploring reform and has just been joined by four private sector [...] -
Why Dodging the Christmas Party Might be Good For You
Recent advice aimed at technical and engineering contractors working in the oil and gas industries has a good deal of relevance for all UK Ltd Company contractors. The legal and commercial director of the energy recruiter NES, Stephen Rookes, was speaking at a breakfast seminar in the Marcliffe Hotel in Aberdeen, addressing the likely impact [...] -
Is HMRC about to play the Sheriff of Nottingham with small contractors?
It’s a bold but potentially highly liberating step to walk away from regular salaried employment and join the UK’s expanding contractor workforce. But one thing you need to take careful note of is that, whatever your area of professional expertise may be, an aptitude for bean counting must be amongst your skills. Contractor accountants Smith and [...]