In this week’s contractor news:
- Contractor Mortgages on the Rise
August 2015 was witness to the highest level of lending to contractors since 2007, year on year and was the third month for solid growth, revealed the council of Mortgage Lenders. Lending had reached £20 billion in the previous months, with interest rates at an all time low, demand for montages is on the rise and with lenders offering products such as lower deposit requirements, there has been an increase in the rate of house purchases.
- SME’s Growth Boost
The Department for Business Innovation and Skills released a report finding that SME’s account for 99.3 per cent of all private sector business; that’s around 15.6 million SME employee’s in the UK. The majority of these SME’s, 76 per cent, are in fact the self employed or contractors, making the contracting industry the largest in the UK business market.
- IR35 Figures Submission Date Looming
Any contractors working within IR35 which were able to calculate their deemed payment of salary on the 5th April 2015 must submit this by January 31st 2016.
On 31st January 2016, contractors must submit accurate figures by adding an adjustment to the provisional return (the return submitted without the deemed payment salary figure on) by using an Earlier Year Update (EYU). This is all done electronically, a guide to how this is done can be found on the Gov.UK website.
Also on this day any outstanding payments must be paid, otherwise you could incur a fine. HMRC will not send you a reminder to do this, so it is vital you find out well in advance if this applies to you. Your accountant will be able to help you fill out all the necessary paperwork if this is the case.
If you have any concerns about your IR35 status or figure submission you can call us for advice on 01253 362062 or email firstname.lastname@example.org