The arrival of the new tax year has seen the launch of the government’s latest job-creation incentive for employers.
The Employment Allowance, first announced at Budget 2013, will enable more than 1.25m UK businesses and charities to reduce their Class 1 National Insurance contributions (NICs) by up to £2,000 a year. Continue reading
Following months of evidence gathering, the House of Lords select committee on personal service companies (PSCs) delivered its verdict last week.
The hotly-anticipated report calls on HMRC to do more to justify the ongoing existence of IR35, and questions the effectiveness of the tax legislation as a tool for policing Britain’s flexible workforce.
It also casts doubt on the £550m figure cited by the taxman as the amount of tax and National Insurance that could be lost by the Exchequer should IR35 be abolished. Continue reading
Since its introduction 14 years ago, IR35 has been a source of confusion and anxiety for many Limited company contractors.
The controversial piece of tax legislation has been making headlines again in recent days, with the House of Lords select committee on personal service companies publishing a highly critical report calling on HMRC to do more to justify IR35’s existence.
We’ll be publishing a blog post summarising the report and industry reaction to it in the coming days, so watch this space. Continue reading
With savers at the heart of his 2014 Budget speech, chancellor George Osborne unveiled the most radical shake-up of the British pensions system in almost a century.
Under the new, liberalised regime, savers will have complete control over how they access and withdraw cash from their retirement fund. By giving individuals greater freedom over how and when they spend their pension pot, it is hoped they will be incentivised to save more during their working life.
With more than 13 million Britons set to benefit from the pension reforms, several of which have already been enacted, we analyse how Limited company contractors will be affected. Continue reading
It seems that 2014 is shaping up to be an exceptional year for the contracting community, with several surveys reporting an increase in demand for Britain’s skilled workforce.
Despite several years of stagnation, the economic recovery is finally beginning to gather pace. Statistics around business confidence and job creation show that the UK is waving goodbye to the recent downturn and welcoming a new era of growth and prosperity.
According to the Employment Index, hiring intentions in the UK have reached a 30-month high, as firms plan to employ more staff members over the next six months than they have for almost the past two years. Continue reading
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