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Autumn Statement – 23/11/2016 There were quite a lot of changes announced in the Autumn Statement on 23rd November 2016 which will affect the small business and contractor community. We’ve summarised them here. Public Sector IR35 is happening (now called Off-Payroll Working) IR35 reform within the public sector is the key announcement impacting contractors and…
Read MoreRecent statistics released by HMRC show a dramatic decrease in IR35 reviews and a consequent reduction in the resulting tax collected. 158 reviews were conducted in the 2006/2007 tax year with subsequent years decreasing to 104, 25 and 12 respectively. 2010/2011 showed a slight increase to 23 reviews conducted. Tax yields over this period have…
Read MoreWhat is it and why did the government introduce IR35? IR35 tax legislation was announced in 1999 and took effect from April 2000. It was designed to tax “disguised” employees who set up limited companies to take advantage of tax breaks (Personal Service Companies). The view of HMRC was that a large numbers of contractors were treated as…
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