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HMRC
Contractors blindsided by MSC tax charges
HMRC has issued letters to thousands of contractors, demanding up to £50,000 from them. The tax office is arguing that contractors have breached the MSC legislation – this is despite HMRC not having established all of the facts, says Seb…
Fiscal drag to trap more freelancers into 40% tax bracket
By Daniel Fallows
As the UK faces a cost-of-living crisis with inflation reaching its highest level for 30 years and the Bank of England forecasting that inflation will rise further to 8% this year – Rishi Sunak has been…
NICs hike: call for recruitment agencies and end clients to pay up for umbrella contractors
Recruitment agents and their end clients need to “step up to the plate and increase assignments fees to cover the cost to the worker”, according to the FCSA’s CEO, Chris Bryce.
The FCSA’s call for higher contractor pay, especially for…
Freelancers could see rate rises wiped out in 2022
The enormous impact of HMRC moving and freezing income holds in recent years has been revealed.
Great Britain's Office for Budget Responsibility changed its forecasts to reflect higher inflation, which means not only will more people…
Umbrella company workers slammed again
The Chancellor and Prime Minister have confirmed that the National Insurance rise will go ahead this April – a move that freelancers, contractors and their fellow small business owners know will hit them hard in the midst of a cost of…
National insurance tax hike: “now is not the time”
With a spree of tax hikes introduced at the height of a cost of living crisis, April 2022 could go down in British political history as the Spring of discontent.
“Now is not the time for a tax hike: the National Insurance rise in…
Political palava: MP salary boost same day as NI tax hike
Many freelancers and small business owners would like to see the national insurance tax hike set for this April to be postponed. But in light of upcoming MP pay rises and soaring energy prices, a growing number of them are calling for the…
Court thwarts HMRC’s tax grab on freelancers
The outcome of a landmark and very personal First-Tier Tax Tribunal case, that dragged on for five years, is a reminder to all freelancers and small business owners that, sometimes, a battle is worth fighting for.
Businesses owners,…
HMRC late payment interest rates to increase
HMRC interest rates for late payments will be going up following the Bank of England interest rate rise to 0.25%.
The Bank of England Monetary Policy Committee voted on 16 December 2021 to increase the Bank of England base rate to 0.25%…
Sold a property? HMRC on hunt for “missing” CGT
HMRC is sending out a new batch of nudge letters to sellers of residential properties to make sure that they have paid the right amount of capital gains tax. The tax authority believes that some may owe another 8% on top of what they have…