Are you affected by IR35 tax legislation? If so it is important to know the rules. IR35 is a set of rules concerning tax and National Insurance contributions if you work through an intermediary via a contract.
With the accelerated payment scheme now brought in by HMRC this may be a good time for clients who have concealed income offshore or have been party to a tax avoidance scheme, to consider making a voluntary settlement.
As the new tax year starts, there is welcome good news for British employers.
From the 6 April 2014 you can get the Employment Allowance which could reduce your employer’s Class 1 National Insurance Contributions (NICs) by up to £2,000 every year.
Most people over the age of 16 pay it in one form or another but it is still an element of the UK tax system which can cause huge confusion among employees, employers and the self -employed.
Be aware of the following changes to HMRC PAYE and NIC which take effect from 6 April 2013.