Autumn Budget 2018 IR35

Posted Posted in Taxation

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

Posted Posted in Taxation

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

Posted Posted in Taxation

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

Posted Posted in Taxation

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 […]

CIS Penalties

Posted Posted in Taxation

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 […]

CIS Repayments

Posted Posted in Taxation

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 […]

HMRC CIS Payment

Posted Posted in Taxation

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 […]