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What happens to a late tax return? It’s no surprise that HMRC doesn’t take to kindly to failure to submit your tax return, or even a late tax return. Submitting your return even a day late can be met with harsh penalties, but those penalties become significantly more serious the later you leave it. InRead more

HM Revenue and Custom (HMRC) has recently released some disturbing news about its plans to radically change the way contractors work for the public sector. Changes to Public Sector The government’s proposal aims to come into effect from April 2017 and proposes to change the way the IR35 will work for public sector engagements. InRead more

The whole idea of Umbrella Company has been in existence since middle 2000. Before then most contractors and freelancers used to work under recruitment agencies or their own limited company. So, what is an umbrella company? An umbrella company is a standardised UK limited company operated by an employer (third party) on behalf of freelancerRead more

There is an old saying that goes “there are two things that are inevitable in life- death and taxes.” However, what you may not know is that there are some methods of tax relief available to you that are perfectly legal and don’t require relocation or anything like that. In this article, we are goingRead more

IR35 (The Intermediaries Legislation) was introduced in 2000 to fight against tax avoidance by making use of personal service companies. This tax law had the target to bring an end to the differences in the treatment of tax for the workers who were included in the payroll. The real picture made it clear that theRead more

Moving to contracting is always a scary affair that puts off many potentials. This is so because finding all the vital information about this business has been a daunting task. This article has been compiled to guide anyone looking to make a move into contracting. If you are a freelancer, interim manager, consultant or aRead more

Pension Contributions Saving for the future is a vital consideration- with more people living longer the need to have an effective pension is even more crucial. However while it is massively beneficial to have a secure pension that you regularly pay into it is also possible to get tax relief through the pension contributions youRead more

Why look for Specialist Contractor Accountants? Choosing the best accountant for yourself can be a confusing enough task as it is. Finding specialist contractor accountants can be even harder. Especially when you are just starting out and may not know what you are doing. Nowadays, so many accountants blindly claim that they offer the bestRead more

PAYE FORMS The Pay as you earn (PAYE) system is a way used by the pension provider or employer to calculate and deduct income tax & NI (national insurance) contributions. PAYE deductions are made before a salary or wage is paid to an employee. The pension provider or employer is aided by a tax codeRead more

What is Capital Gains Tax? A capital gain or loss is the difference of what an asset cost you and the value you receive when you sell or dispose it. In a gain the value of disposing or selling the asset is higher than what the asset cost you. The tax paid on capital gainsRead more