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Office Hours: 9am to 5.30pm

Inside and Outside IR35 – What You Need To Know

IR35 was introduced by HM Revenue and Customs (HMRC), established to combat tax avoidance in the provision of personal services. Following this, the definition of self-employment was outlined. This way, disguised employees couldn’t take advantage of the tax benefits of self-employment. However, those who falsely identify as self-employed also enjoy the security of being a permanent employee.

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Sole traders and IR35

If you are a sole trader working as a contractor for a company, it’s vitally important to be aware of the rules surrounding IR35. IR35 was first introduced by HMRC around the turn of the millennium and was designed to clamp down on tax avoidance.

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G7 Corporate Tax Rates

The Group of Seven (G7) is a group consisting of the United Kingdom, United States, Canada, Germany, France, Italy and Japan. These countries have the seven largest advanced economies in the world, representing more than 62% of the global net worth.

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Accelerated Payment Notice: What is it?

Accelerated Payment Notices were first introduced in 2014 and have since been used by HMRC in order to recover billions of pounds of taxes. The notice states that HMRC believes that the recipient has willingly partaken in a tax avoidance scheme and therefore are required to pay the amount that has been wrongfully avoided within a 90-day period.

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Sole Trader vs. Ltd Company

If you run your own business, it’s inevitable that you’re going to be faced with the decision of whether you want to trade as a sole trader or limited company. Which is best for your circumstances? Here’s a quick summary of the main differences between trading as a sole trader or a limited company.

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IR35 cost

If you are outside IR35, you would typically take a small salary from your company which will allow you to benefit from statutory payments whilst minimising the amount of Employer’s and Employee’s National insurance and tax. The rest of the income you take from the company would be paid in the form of dividends which come out of the company’s post-tax profits.

The advantage of this is that dividends do not attract National Insurance and are taxed under the Corporation Tax regime.

If however you are caught by IR35 on an engagement then the majority of your income would be treated as “deemed salary” and subject to the same levels of taxation as a normal employee. There may still be some benefits of working via a limited company even if IR35 caught such as flat rate VAT and certain expense allowances but the financial advantages are less.

You can find more IR35 information here

Impact of Brexit on VAT, balance of trade and growth: what recent data suggest

Britain are due to leave the EU when Big Ben bongs at Midnight on 29th March 2019. This will be a pivotal moment for the history books, and one at least 48% of the voting population did not wish to witness. The British people would have waited nearly three years for this event, following the vote, so understandably the UK will be weary of the whole thing by then.

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Corporation Tax Rates: comparing UK against the other G7 members

Global economy

With the world now being considered a global economy, we are often tempted to compare ourselves to other nations and take a cursory glance at least, at how they run their tax systems and execute their political agendas. Not only does this give us ideas, but can make us feel smug and envious in equal measure. Historically we felt closer to our European neighbours, not only culturally but financially.

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Transport for London effectively bans ltd company contractors

Changes to IR35 legislation being introduced in April have led at least one public sector employer to force Limited Company contractors to go PAYE, Umbrella or face being jobless.

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The One Click Group are now Associate Members of the FCSA

With compliance increasingly in the spotlight in the contractor umbrella, accountancy and payroll industry, we feel it is more and more important to be seen as committed to raising standards.

This is something we share with the Freelancer and Contractor Services Industry (FCSA) and we are now proud to have been accepted as Associate Members.

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