News and blog articles covering contractors, IR35, general tax, finance and accountancy updates.

Changes for the contractor

What now for contracting?

The budget in March 2016 has put even more uncertainty on contractors across all pay models from limited company to Umbrella.

A huge change for Umbrella was restricting tax relief for home to travel and subsistence, from April 2016, if the contractor is under Supervision, Direction or Control, (SDC), then they will not […]

April 20th, 2016|

Mortgage Advice for Contractors

At Contractors Tax Advantage we appreciate that individuals require further financial help. For this reason we have carefully selected other companies that provide key services to the contractor community to assist when we can’t.

One of our partners is Contractor Mortgages Made Easy (CMME) a broker that recognised the need for unique tailored mortgage advice for […]

June 25th, 2015|

HMRC Warning Scam Emails

HMRC have issued a warning to tax credit claimants, they have advised people to watch out for emails telling them they are due money back from HMRC, these are scam or ‘phishing’ emails that ask you for your bank and card details.

Already this year there has been an increase of over 31% in the number […]

June 17th, 2014|

Late Tax Return Penalties Excuses

Ever submitted your Tax Return late?  HMRC will charge a penalty if you submit your Tax Return late, however, if you have a reasonable excuse for being late then HMRC may cancel the penalty on appeal. Director General of HMRC, Ruth Own stated:

“There will always be unforeseen events that mean a taxpayer could not file […]

May 31st, 2014|

HMRC Tax Return Enquiries Double

Enquiries into Tax Returns has doubled in 2 years. The number of investigations opened by HMRC into Tax Returns soared from 119,000 in 2012 to over 237,000 in 2013, bringing in additional tax of over £12 billion during 2013. Many of those people investigated had prepared their own Tax Returns.

Tax is complicated and preparing your […]

May 31st, 2014|

Real Time Information – Real Pain

RTI has had a turbulent first year.  The principal of Real Time Information is brilliant, it, in theory, should mean that everyone under PAYE is always paying the correct amount of tax, the burden on employers reduced and everyone including HMRC are happy. Although the reality is some what different.

RTI has not had an easy […]

May 30th, 2014|

Joint account with HMRC?

The government has given yet more powers to HMRC, now they can take money directly from your bank account. Under the new powers if you owe £1,000 or more in tax and you fail to pay then HMRC can simply withdraw the money from your bank account.

These powers are used in other countries across Europe […]

May 30th, 2014|

Let Property Campaign

Last year HMRC introduced the Let Property Campaign, this is aimed at landlords who have yet to disclose their income from property to HMRC, it is also an opportunity to disclose any other taxable income or gains you may have received that HMRC do not know about.

There is currently no time limit on this campaign […]

May 27th, 2014|

Statutory Residence Test

Are you considering working overseas and intend not to be UK resident, if so you must consider the Statutory Residence Test very carefully. To qualify as non-UK resident you must be employed ‘full time’, under the SRT this means you must work at least 35 hours per week. Sounds simple, well it is not quite […]

August 24th, 2012|

Possible Changes to Chargeable Event Gains

The rules regarding chargeable events gains, such as life insurance policies, are currently being reviewing by the Government, for individuals who currently live outside the United Kingdom.

The Government are potentially looking to change the rules in the 2013 Finance Act. The changes that the Government are proposing are aimed at providing a more in depth […]

August 24th, 2012|