IR35 is to be retained with the government committing to improving the way it is administered, according to Budget documents.

The documents say that following the publication of the OTS review of small business tax, the government will commit to setting up a dedicated helpline staffed by specialists.

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This information on EBT Schemes was kindly supplied by 1st Option Accountants. For more information regarding the topics raised in this artcile then please contact 1st Option on any of the contact details shown at the bottom of this page.

What are they?

An Employee Benefit Trust (EBT) is often centred on a pension or profit-sharing plan and is usually administered by dedicated third-party EBT management firms, acting as the company’s trustee. Such schemes are widely used by corporations to augment the benefit packages of UK workers - they usually offer some taxation deferral advantages. (more…)

April is only around the corner and with it comes the 50% higher tax rate. Accountants are reporting a booming business in clients contacting them to ask advice on how to avoid this increased tax rate.

Jenrick IT has experienced an increase in contractors queries regarding where to get the best tax advice, especially if they are operating under a PAYE or Umbrella scheme.

We have taken advice from a number of accountants and collated the best information we could source, three of which have been highlighted below from JK Tax Advisors, 1st Option Accountancy and ICS: (more…)

The economic climate, although bottoming out, is still tough for contractors. With this in mind, our friends at SJD Accountacy have put together some recession-busting tax tips to help contractors maximize on their earnings! (more…)

Jenrick CPI has noticed a steady stream of activity within the HM Revenue department during the downturn that seems to indicate that there will be a series of initiatives to ‘capture’ contractors who might consider themselves safe.

ContractorUK has been discussing some of these with an account’s expert, Paul Spindler, who points out some very interesting facts and raises some questions.

Like many of us in these ‘credit crunched’ times, the Government needs cash and appears to be targeting the HM Revenue to bring in badly needed feed for the ‘coffers’. (more…)