Sunday, June 16 2024

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How Recruitment businesses can thrive in a tough economy

Tom Cooksey, Managing Director of Elements discusses how recruitment businesses can work through today’s tough economy.

Should HMRC’s CEST Tool Be Scrapped?

Evidence shows that CEST is moving in the wrong direction and is more proof that the tool is leaving businesses in limbo, unsure of whether an engagement should be inside or outside of IR35.

Defence Industry Supplier Partners with IR35 Experts to Stay Safe

This multifaceted IR35 solution not only provides us with the ability to do status determinations in a very robust way, there’s also the facility to actually underwrite everything that’s taking place with insurance products.

HMRC’S Making Tax Digital Programme

“It is now expected that MTD will cost £1.3Bn which is £1Bn more than was originally budgeted in 2016 of £226m.”

What can we learn from UKRI’S £36m IR35 Tax Bill

Innovate UK was found to have engaged some contractors who should have been considered inside IR35 and subject to Income Tax and National Insurance Contributions, which has given rise to a £36 million tax bill.

OFF-PAYROLL REFORM – THE IMPACT ON THE UK CONTRACTOR MARKET

This year’s annual whitepaper from Kingsbridge Contractor Insurance has taken a closer look at what has changed over the last 12-months and with almost 2,000 businesses including contractors, recruiters and end clients responding to the whitepaper survey, some interesting data has emerged.

Off-Payroll Protect

In a recent survey by Kingsbridge Contractor Insurance, 87% of recruiters reported that they had taken steps to insure their tax, interest, and penalties risk should HMRC investigate their business under the Off-Payroll (IR35) Rules.

Did HMRC deserve their red card?

HMRC were shown the red card in their case against Match of the Day presenter - Gary Lineker. The former footballer won his case after it was shown that he had direct contracts between the BBC and BT Sport.

IR35 Compliance Checks– Should you be worried?

Following private sector IR35 reform in April 2021, HMRC compliance activity was indeed always a matter of ‘When, not if’, so it comes as no surprise that in November 2022 they started sending out off-payroll compliance letters.

HMRC Conducting IR35 Compliance Checks

HMRC are currently issuing letters for conducting compliance checks into the application of the off payroll working rules for the tax year ending 5th April 2022. These letters are causing some panic and confusion in the industry.

Millions of self-employed can breathe a sigh of relief

Andy Vessey, Head of Tax at Kingsbridge Contractor Insurance said, “SME’s are the backbone of the UK’s economy, so this extra time to deal with MTD will no doubt be a welcome respite.

Andy Vessey ATT, Head of Tax at Kingsbridge Contractor Insurance gives his response to Autumn Statement;

Shadow Chancellor, Rachel Reeves compared the government to “pickpockets,” saying they had forced the country into a “doom loop” of low growth, high taxes, and high inflation. By reference to ‘pickpocket’ I think she summed up Hunt and his proposals fairly accurately.
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