Press Room
| Ten years of ‘harm’ caused by IR35 tax, says group |
The tenth anniversary of IR35 tax rules has been marked by a call to abolish the legislation.
The Professional Contractors’ Group (PCG), a body representing freelance workers and contractors, has described IR35 as damaging to the economy and has urged the regulation to be scrapped.
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| Taxpayers urged to prepare for new compliance rules |
Taxpayers and businesses need to be aware that a new regime on how tax compliance checks are carried out will soon be in force, HM Revenue and Customs (HMRC) has warned.
The changes in the rules mean there will be new information and inspection powers for HMRC, new record keeping requirements for taxpayers and new time limits for tax assessments.
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| The importance of having Income Replacement Cover |
We wish to stress the importance of taking out Income Replacement cover for those who are contracting and have established their own limited companies. As a Controlling Director of your company, you do not benefit from the normal employee benefits you would have if you were otherwise employed.
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As we are now approaching the end of the tax year, please would you bring your expenses up to date in the system, up to and including March. Please let your Account Manager know when you have recorded all your expenses so they can be checked for you.
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HMRC have announced a reduction in the beneficial loan rate of interest from 6.25% to 4.75% from 1 March 2009. This is the rate of interest which is used to calculate the value of the benefit provided to employees where they receive a cheap or interest free loan from their employer.
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