Following the Government’s decision to abandon the ill-thought out ‘controlling persons’ proposals last week, perhaps the most relieved group of consultants are interims – who are often hired to influence board-level decision-making for end-clients.
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A specialist lawyer has warned that the increasing number of ‘zombie companies’ operating could lead to a surge in insolvency cases if HMRC and the banks start to take action against companies that are unable to pay their debts.
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One of the most significant announcements made during the Chancellor’s Autumn Statement was the temporary increase of the Annual Investment Allowance from £25,000 to £250,000.
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Following the introduction of new IR35 enforcement measures in May 2012, and ongoing efforts to clamp down on personal service companies in the public sector, it may come as some surprise that only a few lines in the supporting Autumn Statement documentation even mention ‘IR35’.
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With little room to manoeuvre given the country’s ongoing economic problems, the Chancellor managed to provide some good news to company owners in today’s Autumn Statement, with a ten-fold increase in the Annual Investment Allowance, and the scrapping of the unpopular ‘controlling persons’ proposals. On the flip side, pension tax relief has been reduced for higher rate taxpayers, and income tax thresholds will not rise in line with inflation.
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The Government has announced a range of new measures aimed at clamping down on ‘tax dodgers’ including ‘aggressive tax avoidance’ schemes which are often marketed to contractors and consultants.
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PCG, the contractors’ organisation, has written to the Chancellor in advance of his December 5th Autumn Statement, to highlight two controversial issues which affect public sector contractors and interims in particular.
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As an influential report criticises the taxman’s track record of tackling aggressive tax avoidance schemes, HMRC has stepped up its game by sending letters to 1,500 users of one particular scheme, in a ‘pre-emptive strike’.
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According to the trade body for insolvency professionals, there are 160,000 ‘zombie companies’ live in the UK – these are companies who can only afford to service the interest on outstanding debts, but not repay the debt itself.
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The ICAEW has published a very useful PDF guide to the different types of finance available to limited company owners – from a traditional bank overdraft, to equity finance.
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A leading tax body says that many smaller companies may find complying with the new Real Time Information (RTI) payroll rules will be ‘impossible’.
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Tax campaigners are calling on HMRC to clamp down on firms who force workers to incorporate, to avoid having to pay Employers’ National Insurance payments that would otherwise be due if the workers were paid via the PAYE system.
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Having worked with hundreds of contractors over the years, the Company Bug team have identified many common characteristics that separate the most successful contractors from the rest.
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When deciding between contracting via an umbrella or limited company, the main factors to consider are typically; the tax differences between the two structures, your IR35 status, and how much perceived ‘paperwork’ is involved. One service provider says that 50% of umbrella company contractors would be better off by incorporating.
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Following news that the average loan rejection rate for SMEs has more than trebled since 2008, what other funding options are available to small limited companies, including freelancers?
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The BBC has published a report into how it currently engages freelance contractors, and will introduce changes from April 2013 which are likely to reduce the number of freelancers hired via their own personal limited companies.
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With the deadline for submitting paper tax returns having just expired, limited company owners have until 31st January 2013 to submit their self assessment returns for the 2011/12 tax year, together with any taxes they owe.
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A major new study published by a leading accountancy firm shows that the vast majority of start-up companies use their personal resources to get their businesses off the ground, and will only seek bank lending as a last resort.
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From January 2013, new rules come into force which will make Child Benefit means-tested for the first time. The controversial changes mean than a couple earning £50,000 each could keep the benefit, but a couple with one single earner on £60,000 would lose the benefit entirely.
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