Dividend Allowance Cut: Will it affect you?

It was confirmed last month in the government’s second finance bill that the dividend allowance will be cut from £5,000 to £2,000. This could result in contractors having to pay a dividend tax bill of up to £1,143. Phillip Hammond first spoke about the dividend cut in the Spring Budget…

Autumn Statement: Top 5 points for contractors

Top points for contractors to focus on from this year’s Autumn Statement; 1. IR35 and the Private Sector It’s a lot to digest but the first point refers to the IR35 reforms that were rolled out to the public sector at the start of the tax year 2017/18. There was…

ATT Urges HMRC to Soften Proposed MTD Payment Penalties

The Association of Taxation Technicians (ATT) has asked HMRC to soften its proposed penalties for late quarterly submissions and payments made through the Making Tax Digital (MTD) system. MTD will be rolled out beginning on the 6th of April 2018 HMRC held a consultation on proposals for sanctions under MTD.…

MTD and the Election

Tax professionals know MTD (Making Tax Digital) inside out. This is because it has been part of their daily conversations and their concerns for some time. As the General Election fast approaches, some accountants have questioned whether MTD has been mentioned in any of the manifestos. This is due to…

HMRC Have Been Giving Wrong Expenses Advice

It has been brought to light that HMRC call centre staff have been giving out incorrect advice. This solidifies the claim by many tax professionals that the current tax and employment legislation is too complex. The latest evidence has come from public sector contractors operating through their own limited companies.…

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