You are using an outdated browser. Upgrade your browser today for a better experience of this site and many others.
01384 295500 email@example.com
The risks to any business paying for the services of an individual are significant. Paying a person as if they are self employed can result in large arrears of PAYE and NIC being payable by the employer.
An indication of the complexity of the issue is to be found in a report by the Office of Tax Simplification (OTS) which runs to 190 pages. It rapidly became clear to the OTS that the tax system is still in many ways stuck in an out-of-date mindset. In the 1950s and 1960s many workers were firmly on the payroll as employees. The traditional independent contractor was self-employed. The huge growth in freelancing as a way of life (and work) doesn't fit readily into this traditional model.
Has the OTS come up with a solution? No it hasn't but it does suggest some useful improvements which could be made in the short term to provide more certainty for businesses. It also suggests longer term ideas. We shall see if the government picks up the baton so that some progress can be made.
Please contact us for further details if this is an area of interest to you.
Why not contact Wilkes Tranter & Co Limited today for more information or a FREE no obligation quote.
Government borrowing fell to £7.8 billion in December 2023 giving Chancellor Jeremy Hunt more scope to make the tax cuts he has hinted at in the Spring Budget.
Tax cut promises may need to be scrapped as a result of the UK being in an 'unfortunate economic and fiscal bind', the Institute for Fiscal Studies (IFS) has warned.
As always, the wellbeing of our staff and clients remains our priority and is at the forefront of our mind when considering our response to the current coronavirus situation. At present our office remains open during normal working hours however we are discouraging face to face contact and are moving to telephone/ e-mail communication wherever possible in an effort to protect ourselves and our clients.
In the absence of face to face meetings, you can contact us as follows:
Please be assured that we will be continuing to offer the best service and advice during this difficult period.
We will continue to closely monitor government advice on the situation and act accordingly.