Contractors beware… HMRC is planning to bring forward further guidance when and how IR35 rules will apply to office holders and directors providing their services through limited companies. There is a strong possibility this will be highlighted on Budget day next week. Both Contractors and their accountants are anticipating that Budget paperwork will include the promised clarification for changes in the Finance Bill 2013.
HMRC plans to publish further guidance on the change to IR35, explaining exactly what it means and providing clarity about when it will apply. However some are already warning that the new approach could herald more restrictions on contractors and increased IR35 tax investigations. Draft Finance Bill 2013 clauses, published on 11 December will amend the IR35 rules to clarify that the existing provisions apply to office holders as well as employees.
Mervyn Stanley, Business Development Director FW Accounting commented,
“It is clear that HMRC want to make IR35 more effective in attacking personal service company arrangements and it’s no surprise to see increased activity in this area,”
Follow this blog for a post budget update and our take on how it will affect contractors.
Self Assessment – Q & A
Self-assessments. We have all heard of them, you maybe even know what they are. However, here at QAccounting some of our most frequently asked questions are about self-assessments. So below we have outline some of the most common questions we get asked, and the answers we get so tired of giving… just kidding.
Setting Up a Limited Company – 5 Key Things to Consider
If you are looking at going self-employed, then setting up as a Limited Company (LTD) may be the best option for you.
The Benefits of Having an Online Accountant
Here at QAccounting we are part of one of the UK’s largest contractor service providers. We started operating over a decade ago (around the same time DFS started their first sale) and have been dedicated to serving self-employed professionals ever since. One of the perks of choosing and accountant like QAccounting is that we offer all of our accounting services online.