The new HMRC IR35 guidance, which includes 12 ‘business entity tests’ to help taxpayers establish the risk they face of an IR35 investigation, has been universally criticised by industry experts. So, where should contractors go from here?
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What is a limited company? - The benefits of running a limited company.
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Limited company tax - Corporation Tax, VAT, PAYE, National Insurance and CGT.
Limited company expenses - What can you claim against your company?
Value Added Tax - What is VAT, and when do you have to register?
Corporation Tax - How are limited companies taxed in the UK?
Compare Umbrella Companies - The 'hassle free' alternative to going limited.
Limited company directors - What responsibilities and duties do directors have?
What is IR35? - Why the IR35 rules came into being, and what happens if you are caught.
Tax Rates 2012/13 - The main business and personal taxes you will encounter.
Latest Articles
BN66 is a term used to the refer to the Government’s implementation of s.58 of the Finance Act 2008, which has enabled HMRC to reclaim back taxes tax from users of offshore schemes (particularly trust arrangements), who would otherwise have been liable to UK taxation.
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One of the questions we are most frequently asked at Company Bug is “how many limited companies are there in the UK”, or similar questions relating to the business population as a whole
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Contractors’ organisation, PCG, run an ‘Accredited Accountant’ scheme to provide limited company owners with extra reassurance that member firms are fully qualified and trained to deal with the specific needs of contractors and freelancers.
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HMRC has published its much-anticipated IR35 business test online today, together with a set of typical IR35 scenarios, in an attempt to help taxpayers assess their risk of being caught by IR35.
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A leaked letter from Danny Alexander, Chief Secretary of the Treasury, to Chancellor George Osborne has revealed that over 2,000 public sector workers are being remunerated via their own personal service companies.
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Qdos TLC35 is one of the most comprehensive types of IR35 insurance on the market. The product covers all professional representation costs, and also any additional income tax, NICs, or penalties which may become payable as a result of a tax enquiry.
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Having met hundreds of contractors over the years, the Company Bug team have identified many common characteristics that separate the most successful contractors from masses.
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Once you’ve decided to become a contractor, there are a number of steps you will need to take before you can embark on a successful contracting career.
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If you thinking about becoming an IT contractor, you need to ensure that you are the type of person who will thrive outside the world of permanent employment. Here we look at the main differences between contract and permanent work.
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The interim management industry is growing fast – one leading organisation suggests that it has doubled in just the last five years. So what do interims do, and how much can you earn as a contract interim manager?
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If you set up a limited company, is appointing an accountant to look after your affairs a statutory requirement, or can you take care of your accounting duties yourself?
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All IT contractors placed on assignments where there will have access to sensitive information or assets have to hold valid security clearance. So, what levels of clearance are there, and how easy is it to apply for contract work?
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If you are starting up as an IT contractor, you will find that hourly or daily rates are determined by a number of factors – principally your skills and experience, the industry sector, the location of the assignment, and the underlying economic conditions at the time.
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With HMRC’s much discussed IR35 business test due to be published shortly, early copies of the test are unlikely to impress professional contractors, or business organisations, as from first inspection, the vast majority of individuals would be at a high risk of being caught by IR35 if the current scoring methods are retained.
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SIC (Standard Industrial Classification of Economic Activities) codes are used by Companies House to group companies by the type of business activities they carry out. New company SIC codes took effect from 1st October 2011.
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Although many specialist accountants have offered some type of online service to their clients in the past, the arrival of cloud computing in the past few years has revolutionised the web, and the way both small businesses and their accountants communicate.
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In order to fall outside the scope of IR35, contractors need to have an IR35 friendly contract in place, and ensure that their working practices correspond to the terms of the contract. One of the best ways to add strength to your proof of self employment is to have a letter in place from your client which confirms your working practices.
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One of the most important determinants of IR35 status revolves around the extent to which a client controls where, when and how an individual performs his work.
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