2 Feb 2014

Does IR 35 apply to my contract?

Introduction IR35 is considered to be the main piece of legislation affecting contractors and freelancers as its implications affect the way in which they are paid and the amount of tax they pay.  The following article explains the rationale, scope and implications of the legislation. Disguised employment example An employee leaves his employment on a...

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21 Jan 2014

Yet another review of poorly implemented IR35 legislation

IR35 rules continue to confound and confuse legitimate businesses set up in a limited company structure.  HMRC successfully prosecuted relatively few cases in 2013 and yet this legislation continues to cause anxiety to clients and advisors.  The rules are not clear and with each additional tinkering of either the legislation or interpretation, things become yet...

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21 Jan 2014

Landlord tax traps

For all those landlords out there. Prices are on the rise again.  There are two things to watch out for if you use your BTL properties as piggy banks: Remember that if you remortgage your property abovethe value of its original COST, then you will not be able to claim the mortgage interest as an allowable...

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20 Jan 2014

The Limited Liability Partnership rules tighten up

HMRC have undertaken a review of two key aspects of LLPs.  The changes, which are intended to impose additional tax and National Insurance Contribution liabilities on arrangements which they believe are implemented to reduce tax: Remove the presumption of self-employment for some members of limited liability partnerships, and Seek to counter the manipulation of profit...

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2 Jan 2014

Managed Services Legislation

MSC legislation was introduced in 2007 to close down the loophole whereby an individual could join a standardised scheme and benefit from limited company tax treatment despite not in substance running  their own company. Taking advice from an accountant will not make your company an MSC. In essence, the way to avoid the consequences of...

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2 Jan 2014

HMRC way behind on closing investigations

Information revealed recently shows that HMRC’s unit which deals with the biggest 800 companies has over 2,300 unresolved queries, a third of which are greater than three years old.  Some MP’s are demanding that the names of all of these large companies be published.  HMRC are facing an uphill struggle having shed 37,000 jobs since...

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2 Jan 2014

When is a travel expense not a travel expense?

Generally, you cannot claim the travel expenses of ordinary commuting but can claim for travel to a “temporary” place of work.  In a recent case (the Ratcliffe case), a contractor who worked at different power stations, some under short term contracts and some as part of a retainer arrangement was allowed the travel expenses under...

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2 Jan 2014

Does IR35 apply?

These are not the only questions of fact that HMRC may use to test whether a worker is an employee or self-employed, however if the answer is 'Yes' to the following, then you are probably an employee: Do you have to do the work yourself? Can someone tell you what to do, where to carry...

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