The new tax year for 2019/20 begins on Saturday, 6th April 2019. There are some key changes you need to be aware of that could affect you as a limited company contractor – including a couple of changes that come into effect on the 1st of April.
In a bid to tackle fraud in the construction industry, HMRC will be introducing a domestic reverse charge which will take effect from October 2019. It will mean that the customer will now be liable to account for the VAT in purchases rather than the supplier.
Contractors and freelancers working through a limited company can benefit greatly from taking initiative with their pensions. However, a recent report warns that freelancers are not saving enough for their retirement.
Over 93% of those required to file a 2017/18 self-assessment to HMRC did so by 11:59 pm on 31st January. However over 700,000 taxpayers missed the deadline. Here are the latest statistics on self-assessments and what to do if you missed the deadline.
HMRC has published a list of the strangest excuses for taxpayers not submitting their self-assessment tax returns on time. Remember, the deadline for filing is midnight on 31st January 2019.
It’s the largest update to workplace rights in a generation. Under the new legislation, workers will get details of their rights from the first day of a new job, including eligibility for sick leave and paid holiday.
It’s the first week back to work after taking some much-needed time off over Christmas and New Year. It’s tough to get back into the hustle and bustle of ‘normal’ life after what seems like a long time off.
When do you complete your self-assessment? In 2018 over 30,000 taxpayers submitted their self-assessments in the final hour before the deadline on 31st January. Almost 750,000 people missed the deadline altogether. It is advised that you avoid this busy period and complete your self-assessment before Christmas.
Christmastime is a great time to be rewarded for a year of hard work – and contractors can benefit too. Whether you’re a one-person limited company or a company with 50+ employees, you can claim for some Christmas party expenses to be exempt from tax and National Insurance (NI).
Private sector contractors’ right to decide their own IR35 status is being taken away from April 2020 when they are engaged by a medium or large-sized client and working through an intermediary such as a limited company. With these changes coming into effect, it’s good to know how end-clients and agencies may handle IR35 in such instances.
