The Self-Assessment deadline is fast approaching! Irrespective of whether you have a tax bill to pay or not, if your Self-Assessment return is not submitted by 31st January 2020 you will face a minimum penalty of £100!
A Contractor's Guide to Self Assessment: Click here to download>>
If you were self-employed in the tax year ending 5th April 2019 you will have needed to register for self-assessment by 5th October 2019, and the deadline for submitting paper returns passed on 31st of October 2019. The deadline for submitting online is 31st of January 2020, which importantly is also the deadline for paying the tax you owe, and making the first payment on account for this year.
In April 2020 the new private-sector off payroll rules come into effect, meaning your end client will be responsible for determining your IR35 status. At the time of writing there were 62 working days left until the reform is implemented on the 6th of April, and any payments made after this date will be affected by the new rules. With so little time left to prepare, this article looks at the actions you need to take now.
With changes to the off-payroll rules coming in April 2020, many contractors are concerned that their clients may take an apparently “risk averse” approach and treat all contractors as if they are inside IR35. We don’t believe this is a low-risk strategy, but experience suggests that at least some end clients will adopt it. In this article we’ll look at where this leaves you as a contractor, and what you can do about it.
If you’ve been paying attention to news stories coming out of the contracting world, you will be used to seeing headlines about big businesses announcing new off payroll policies in response to the approaching IR35 reforms. Every day, it seems, another corporate giant states their intention to stop engaging with PSCs, or even stop using contractors all together. Many are worried that opportunities for genuinely independent contractors will be in short supply following the reform, but is this really the case?
