Last month HMRC released their consultation document examining employment intermediaries and tax relief for travel and subsistence. This is a hot topic right now and we know that changes are on the horizon for contractors and freelancers but we won't know exactly what final proposals they'll make until later in the year. But what we do know is that changes to the way business expenses are claimed and reported WILL come into effect on 6 April 2016 and they are likely to affect Limited Company contractors in some way or another. Travel and subsistence claims are also under intense scrutiny with Umbrella workers facing the biggest changes.
What does all this mean for you and what can you do to be prepared?
It's wise to get the information you need and make the best preparations now.
Our new ebrief has been written by our expert contractor accountants, specifically for contractors and freelancers. It explores:
- what rules have already been introduced
- the new regime for expenses
- what further changes are on the horizon
- how you can prepare for the changes
Not only does having a Limited Company help you maximise your take home pay, it also means that when HMRC changes come into force, you'll be in a better position than contractors operating under an Umbrella.
Use our calculator to see how much better off you could be by going Limited.
For a fixed all-inclusive fee of £98+VAT per month, you'll get all the help and guidance you need to run your Limited Company smoothly:
- Unlimited advice from your Personal Accountant, tailored to your circumstances
- Consistent service from your dedicated personal Limited Company accounting team
- 24/7 access to our easy-to-use Cloud-based portal, built specifically for contractors
- Real-time information so you know where you are at all times
- IR35 contract risk assessments