PM hikes National Insurance and dividends tax by 1.25 per cent to pay for NHS and social care reform September 7, 2021 Britons will be hit with £12bn-a-year tax rises to pay for increases in NHS and social care spending, with National Insurance and dividends tax in Boris Johnson’s crosshairs. A new Health and Social Care Levy will effectively hike National Insurance Contributions for employees and employers by 1.25 per cent from April 2022, while taxes on [...]
More than half UK SMEs delay adopting IR35 tax reforms September 6, 2021 More than half of the UK’s small and medium-sized enterprises (SMEs) have not put in formal processes to adhere to changes to the IR35 rules, according to a new survey. A survey from advisory firm BDO found 55 per cent of SMEs using contract workers say they will worry about IR35 reforms when businesses return [...]
Taxman chasing Gary Lineker for £5m over IR35 dispute May 6, 2021 The taxman is pursuing Match of the Day presenter Gary Lineker over a tax bill of £4.9m, linked with IR35 legislation. Lineker, who is self-employed, set up a partnership with his former wife in 2012, which he used to channel his earnings from BT Spot and the BBC. According to tax tribunal documents, published last [...]
Controversial tax changes will pile burden onto businesses and leave contractors worse off March 31, 2021 Next Tuesday, long-delayed changes to a controversial tax rule will come into force and pile on an additional burden on companies already reeling from the effects of the pandemic. The rule, known as IR35, was originally designed to limit tax avoidance but it has caused dismay for employers and contractors alike. Before now, it has [...]
Budget: Looming tax hike met with shock and horror within the self-employed community March 2, 2021 Chancellor Rishi Sunak is expected to announce new taxes on online deliveries and freelance workers in tomorrow’s Budget, largely aimed at helping to pay off the UK’s Covid spending. Moreover, he may up taxes for self-employed people. The taxes are aimed at targeting online firms like Amazon, Boohoo and Asos, which have seen profits soar [...]
Self-employed get tax reprieve as HMRC delays first late fee on unpaid self-assessment debt February 19, 2021 Self-employed get tax reprieve as HMRC delays first surcharge on unpaid self-assessment debt
Tracking the pandemic’s impacts on small business February 18, 2021 Next week the Government will provide an update on the lockdown exit plan with a much-speculated upon roadmap to recovery out of the pandemic. This roadmap needs clear signposts and barrier-free routes to help small and medium enterprises (SMEs) recover. It has been a turbulent year for them, evidenced in results from the ACCA UK [...]
How dare the government turn on the self-employed now September 3, 2020 Twice this week, reports have emerged that the Treasury is considering drastic tax hikes on the self-employed: first, increases in corporation tax (hitting the UK’s 715,000 sole directors of limited companies), and second, the equalisation of self-employed and employee National Insurance Contributions. The justification? The support the self-employed got during coronavirus. Given how many people [...]
Sir Ed Davey elected as leader of the Liberal Democrats August 27, 2020 Sir Ed Davey is the new leader of the Liberal Democrats after defeating challenger Layla Moran in the party’s leadership contest. Davey, who was the bookies’ favourite, beat Moran by 42,756 votes to 24,564 in what was the highest ever turn out for a Liberal Democrat leadership contest. Davey conceded in his victory speech that [...]
Four in five recruitment firms expect financial hit this year from Covid-19 August 25, 2020 Four in five recruitment firms said they expect a drop in full-year income in 2020-2021 as a result of the Covid pandemic. The majority of recruitment firms forecast a 15-30 per cent drop in income compared to the previous year, the survey by HSBC’s professional services team found. HSBC UK’s head of professional services Chloe [...]