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Contractors Weekly News 30/10/2015

In this weeks contractor news: HMRC scrapped Contractors Business Tax Records Business Tax Record Checks have now been scrapped by HMRC, due to pressure that they were ineffective and a poorly targeted way to ensure contractors were making the correct payments. This decision was a ‘victory for common sense’ stated the Charted Institute of Taxation […]

By Alex Graham on 30 Oct 2015
Read time: 2 minutes

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In this weeks contractor news:

HMRC scrapped Contractors Business Tax Records

Business Tax Record Checks have now been scrapped by HMRC, due to pressure that they were ineffective and a poorly targeted way to ensure contractors were making the correct payments.

This decision was a ‘victory for common sense’ stated the Charted Institute of Taxation (CIOT) and means that contractors and the self employed no longer need to complete checks by tax inspectors.

In order to educate contractors on the key to keeping good business records, HMRC have released an online learning package to further help contractors understand their obligations; a guide to this can be found at www.gov.uk/self-employed-records.

Increasing in Strength for Irelands Financial Sector

According to Morgan McKinley’s Irish Employment Monitor (September 2015), contractors who are looking for opportunities in Ireland may be in luck! The professional opportunities have increased by 10 per cent and with 4 per cent more opportunities month on month.

In particular demand are finance contractors within accountancy firms who are seeking additional growth in the workforce. As well as a higher demand for IT contractors within these firms, regionally there has been an increase in Cork which has almost doubled since the previous year.

Contractors Major contributors to Tax Gap

HMRC has released information that contractors and the self employed alike have made up nearly half of the UK’s tax gap, around £16.5bn in the year 2013/14. This tax gap is the amount of tax which should in theory be collected vs what is actually collected.

The tax gap has decreased, just over half and has been the largest reduction since records were kept from 2005/06, and continues to reduce steadily year on year.

If you would like to speak to an advisor about any concerns you may have please call us on 01253 362062 or email craig.whelan@nixonwilliams.com

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