Over the last few weeks we’ve examined April’s IR35 application changes (off-payroll working rules), the reaction from the public sector, agencies and the contracting community as a whole as well as the potential impact for limited companies, independent professionals and their contracts. To round off our ‘Getting on with IR35’ series, we take a look at how we at inniAccounts can help contractors going forwards.
The IR35 application changes have provoked debate aplenty over the future of contractors in the public sector. Many prestigious parties have suggested these reforms would provoke a ‘mass exodus’ from the field. Six months on from April’s implementation, we take a look at the current impacts and future outlook for independent professionals.
IR35 is easily one of the most hated pieces of legislation introduced for independent professionals. It’s long been considered a thorn in the side of contractors and consultants. With recent changes to IR35 in the public sector, many consider it a direct attack on their ability to retain profits and grow a business. But is it all doom and gloom for contractors and consultants here on out? We certainly don’t think so.
If you’ve been keeping up with the latest contractor and consultancy news you’ve probably noticed that the hot topic of conversation at the moment is IR35 and the recent public sector changes. But what exactly is IR35? This guide will look at IR35 in detail and try to clear up some of the complexities.
HMRC issues tax codes each year to reflect the personal tax-free allowance most people are entitled to. The new tax code for most people in 2017/18 is 1150L.
Chancellor Hammond’s first (and final) Spring Budget finds us just weeks before the deadline for triggering Brexit. After a host of unexpected announcements in the Autumn Statement, the Spring Budget thankfully had few changes in store for contractors and consultants.
Come 6th April, this tax year will close and a new one will begin. HMRC have announced a number of updates for the new tax year that may impact your company. Ensuring you understand the upcoming changes for 2017/18 will help you keep your company as tax efficient as possible in the coming year.
Some contractors are even asking if it is financially viable to work for themselves with all the changes and if the dividend tax will wipe out any financial benefits gained by working for yourself. In this article, we’ll give you the facts around the dividend tax changes as well as some examples to show you […]
What is Capital Gains Tax and when does it apply? Capital Gains Tax (CGT) was first introduced back in 1965 by James Callaghan, the-then chancellor in Harold Wilson’s Labour government. The original aim was to prevent tax avoidance in the form of people switching their income into capital. With the Summer 2015 Budget around the […]
Tax Code 1060L Tax codes usually consist of a 4-digit number and a letter. These reflect your Personal Allowance for the relevant tax year, divided by 10, followed by a letter giving your employer an additional information about your personal circumstances. These are important details when calculating the correct amount of tax to be paid. For […]