A leaked letter from Danny Alexander, Chief Secretary of the Treasury, to Chancellor George Osborne has revealed that over 2,000 public sector workers are being remunerated via their own personal service companies.
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Small Business News
With HMRC’s much discussed IR35 business test due to be published shortly, early copies of the test are unlikely to impress professional contractors, or business organisations, as from first inspection, the vast majority of individuals would be at a high risk of being caught by IR35 if the current scoring methods are retained.
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Doubts have been raised over the proposed IR35 business entity tests, after it has emerged that HMRC is in disagreement with many members of the IR35 Forum – the body set up to help overhaul the current IR35 regime.
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From 1st April 2012, with very few exceptions, all businesses must submit their VAT returns electronically, and pay any VAT liabilities due online.
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The minutes of the most recent IR35 Forum meetings reveal that the body expects to publish an IR35 business test and typical scenarios to help establish the risk any given professional services company has to being caught by the IR35 rules.
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Over the past few months, following revelations that many high-ranking public sector officials have been remunerated via their own limited companies rather than the payroll, many articles in the mainstream press have unfairly portrayed small limited company owners as ‘tax dodgers’.
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The IR35 rules remain in place after Budget 2012, although an ambiguous statement in the Budget documentation may cause further uncertainty to contractors
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Today’s Budget contained few surprises for limited companies, and was broadly pro-business, but will probably be remembered for the additional income tax rate cut than anything else.
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The IR35 rules are still in place in early 2012, but are due an administrative overhaul which may be implemented as early as April 2012, according to the body tasked with simplifying small business taxation.
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