May / 11
Gary Lineker Faces £4.9m Tax Bill in IR35 Case
The former England footballer-turned TV presenter Gary Lineker is facing a £5m tax bill from HMRC. According to the taxman, the star owes £3,621,735.90 in income tax and £1,307,160.46 in National Insurance contributions. Linker strongly disputes the amount and has been locked in battle with HMRC for over a year. The case centres on his
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Feb / 25
Should I close my limited company for good, or go dormant?
The number of contractors shutting up shop on their limited companies is rocketing according to insolvency practitioners. With IR35 reform only a few weeks away and the PSC ban in full swing, many limited company contractors have come to the conclusion that the useful life of their limited company has come to an end. The
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May / 7
Contract negotiation and renewal – getting it right
If you’re about to start a new contract, or if your contract is coming up for renewal, you should take some factors into consideration in order to maximise your earning potential, while also ensuring that your contract is compliant with current IR35 legislation. Here we look at how getting your contractual negotiations right can give
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Jan / 16
Should contractors include a right of substitution clause in their contracts?
‘Right of substitution’ is one of three primary concepts, along with ‘control’ and ‘mutuality of obligation’, which is used to determine a worker’s employment status. Recent controversy surrounding IR35 and the off-payroll reforms has seen these theoretical concepts scrutinised and put to the test in tax tribunals. In this article, Contracting Scout looks at the
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Jan / 8
Why limited company contractors should consider writing a confirmation of arrangements letter
For limited company contractors, the debate surrounding how their employment status is determined is a complicated area. The government’s recently published Good Work Plan seeks to address current issues within Britain’s independent labour market. In this report, the government acknowledges that their tax self-assessment tool is inadequate, while the surrounding legislation on employment status requires
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Dec / 11
Registering your Limited Company for VAT & Making Tax Digital
For contractors operating through their own limited company whose turnover exceeds the upper tax threshold, registering for VAT is a legal requirement. The upper tax threshold is also the point at which you need to register for the government’s new digital tax scheme that has been introduced to make the VAT system more efficient. If
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Nov / 8
Autumn budget announces two-year freeze on VAT threshold
It was widely speculated that Phillip Hammond would lower the small business VAT threshold to £50,000 in last week’s budget. However, the Chancellor announced that the current threshold will remain frozen at £85,000 for a further two years. This was a welcome break for small businesses and limited company contractors whose turnover is below the
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Apr / 4
8 Ultimate Finance Tips for Limited Company Contractors
Being your own boss as a limited company contractor has many advantages, from greater control over the work you do to simply being able to escape office politics. For many who choose to work this way, one of the biggest draws is the opportunity to manage your own finances and the potential to earn a
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