IR35 reforms taking their toll on skilled contractors

One in ten highly skilled freelancers are currently out of work due to the impact of reforms to IR35 tax legislation, according to research published by the Association of Independent Professionals and the Self-Employed (IPSE). IPSE’s survey of more than 1,300 contractors in highly skilled roles found that 21% are not currently working, with half… Read more…

MTD for Income Tax pilot now live

HMRC’s pilot scheme for Making Tax Digital for Income Tax Self Assessment (MTD for ITSA) is now live. Accountants, agents and individuals are able to sign up to the pilot and test the programme out. The pilot aims to assess the MTD for ITSA reporting environment, with an initial focus on those who are self-employed… Read more…

New measures aim to ‘break the spell’ of fraudsters

New measures aim to ‘break the spell’ of financial fraudsters by giving payment providers more time, according to draft legislation published by the government. Until now, payment service providers such as banks have generally been required to process payments by the end of the following business day, giving a limited timeline to investigate and alert… Read more…

HMRC’s services having a negative impact on SME productivity

The productivity and efficiency of SMEs is suffering as a result of poor HMRC services, according to members of the Association of Chartered Certified Accountants (ACCA). In a survey of ACCA members, 66% said that poor HMRC services were having a negative impact on their clients, with small businesses ‘bearing the brunt’ of this issue.… Read more…

New HMRC R&D tax relief guidance ‘could be clearer’, says ICAEW

New guidance from HMRC on Research and Development (R&D) tax relief ‘could be clearer’, according to the Institute of Chartered Accountants in England and Wales (ICAEW). HMRC’s draft guidance covers the restriction applying for contractor payments and payments for externally provided workers (EPWs) where the R&D activity takes place overseas; and the new rules for contracted-out… Read more…

Business groups say challenges remain despite encouraging Budget

The UK’s business groups warned that challenges remain despite the Chancellor delivering an encouraging Spring Budget. The British Chambers of Commerce (BCC) said that while the cut to NICs would ‘boost jobs’ it had failed to ‘shift the dial’ for business. Shevaun Haviland, Director General of the BCC, said: ‘Following the Autumn Statement this Budget was always set to… Read more…