Making Tax Digital – What it Means for Contractors

Christian Hickmott Contractor Tax, News

There’s been a lot of debate and discussion on the topic of Making Tax Digital (MTD), but HMRC has now confirmed that MTD for business will become mandatory, beginning with MTD for VAT from 1 April 2019.  Who is affected on 1 April 2019 by Making Tax Digital?   All UK businesses that are VAT registered and have a taxable ...

Dividends in 2016/17

createteam Contractor Tax, Running Your Business

From April 2016, there was a complete overhaul of the way in which dividends work. The changes resulted in a significant tax hike for many limited company owners and in the following paragraphs we’ll breakdown everything you need to know. Why are things changing? The Government believed that the way in which dividends were taxed was overly complex, and that ...

IR35 Advice

integro Contractor Tax, IR35 Advice

Would you like to know more about what is IR35 and how it affects your limited company? Know what you're looking for? Search below: Search Generic filters Filter by Custom Post Type Filter by Categories About Us Contractor Tax Business Expenses IR35 Advice Running Your Business Starting Up VAT Templates The pages Inside or outside of IR35 IR35 Contract Reviews ...

Contractor Tax

integro Contractor Tax

As a contractor running your own limited company, you will have a number of tax liabilities. This section will explain what your liabilities are and give you advice on how to run your limited company as tax efficiently as possible. Know what you're looking for? Search below: Search Generic filters Filter by Custom Post Type Filter by Categories About Us ...

Pay as you earn (PAYE)

PAYE is the income tax deduction that an employer makes when paying salary to an employee. The tax is ‘deducted at source’ which means that the employer pays the amount over to HMRC so that the individual does not need to do so directly. For employees whose only source of income is a salary it is not necessary to complete ...

‘Section 660A’ and income shifting

integro Contractor Tax

Back in 2007 the ‘Arctic Systems case’ of Jones V Garnett (HMRC) brought terms such as ‘section 660a’, ‘income shifting’ and ‘family business tax’ into the limelight. Section 660a and Arctic Systems ‘Section 660a’ refers to the section in the Income and Corporate Taxes Act 1988 that dealt with the taxation of income arrangements made specifically for the purpose or ...

Agency worker regulations 2011

integro Contractor Tax

The agency worker regulations that came into effect in October 2011 have a similar purpose to the conduct regulations, in the sense that they exist to protect the agency worker. The notable changes that came into effect with the agency worker regulations are: From day one: A hirer must make available to the agency worker any information regarding job opportunities ...

Taxes – the basics

integro Contractor Tax

The UK tax system is a complex blend of legislation and legal precedent from the courts; that has evolved over the last century or so to become the ever evolving tax system that we use today. We have put together here a plain language introduction to the main concepts of taxation that are relevant to freelancers, consultants and contractors. When ...

Conduct regulations 2003

integro Contractor Tax

The ‘Conduct of Employment Agencies and Employment Businesses Regulations 2003’ commonly referred to as the ‘conduct regulations’ came into force to provide certain standards that agencies and employment businesses should adhere to and provide to both workers and end hirers. The regulations exist to protect those who are under the control of the agency or employment businesses. As the vast ...

Income tax and rates

integro Contractor Tax

What is income tax? Income tax is charged on an individual’s personal income. The amount and rate of income tax that you pay will depend on the amount that you receive and the way in which you receive it. The most common forms of taxable income for an individual are as follows: Earnings from employment. Earnings from self-employment. Earnings from ...