Autumn Budget 2018 IR35 The Autumn Budget in 2018 confirmed the following changes to IR35: What is IR35? IR35 is the legislation which prevents employees disguising themselves as self-employed through Limited company status and therefore paying less taxes. Employees and […]
Autumn Budget 2018 National Insurance The Autumn Budget in 2018 confirmed the following changes to National Insurance: Employment Allowance The employment allowance was established several years ago to assist businesses with a reduction in their National Insurance bill. Employers can […]
Autumn Budget 2018 Income Taxes The Autumn Budget in 2018 confirmed the following changes to personal income taxes: Personal Allowance In April 2019 the personal allowance will increase to £12,500. Currently the personal allowance is £11,850. The personal allowance is […]
Autumn Budget 2018 Overview On Monday 29th October 2018 the Chancellor Philip Hammond presented his second Autumn Budget to the House of Commons. We have summarised what we believe to be the tax announcements which may affect you, your family […]
Contractors who fail to comply with the requirements of the construction industry scheme can receive large CIS penalties. The CIS penalties can easily be in the £000’s. Businesses could also lose their gross payment status which potentially could be disastrous […]
Contractors can face large tax bills if the employment status is incorrect. So are your workers an employee or subcontractor? Who is an employee? Who is a subcontractor? Included are rules HMRC will use to identify an employee or subcontractor. […]
Subcontractors can offset CIS against corporation tax as well as other taxes. Offset CIS deductions during the tax year CIS deductions which subcontractors suffer during the year can be offset against: PAYE/NI payments if the subcontractor has employer taxes CIS […]
How do subcontractors reclaim the CIS repayments which they have had deducted? Businesses which are registered as 20% net subcontractors receive less income from the contractor. They don’t receive the full amount on the sales invoice as they suffer CIS […]
How and when do contractors make the HMRC CIS payment? When to make the HMRC CIS payment? Payments under the construction industry scheme are paid monthly or quarterly to HMRC. Monthly payments – must be paid within 14 days of […]
Every month contractors must file a CIS monthly return with HMRC. How do you complete a CIS monthly return? When is it due to be filed? We include an example of a CIS monthly return and how to go about […]