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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 It rapidly became clear to the OTS that the tax system is still in many ways stuck in an out-of-date mindset.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.
HMRC has outlined the eligibility requirements for the Job Retention Bonus.
On 21 July, the Treasury set out the next steps in its plan to extend Making Tax Digital (MTD) to all businesses and those taxpayers that file self assessment returns.
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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.