Orange Genie News

Reasonable Excuses for Late Filing

As the 31ST of January rapidly approaches, thousands of tax payers are yet to file their Self Assessments with HMRC and risk facing late filing penalties.  File after the January deadline and HMRC will automatically raise a £100 late filing penalty, whether you owe any tax or not.             

Why should compliance be important to contractors? In these difficult times it’s easy to understand the desire to maximise your hard-earned income, but no-one has a magic accounting trick that will legitimately increase your take home pay.  

If it looks like someone has, it’s because they’re breaking the rules. Even so, when non-compliant companies promise you can take home over 90% of your contract rate, you might be forgiven for asking why you should care about compliance.

 

Umbrella Pay Calculators

If you’re new to contracting and you’re conducting research online, you’ll no doubt have come across several umbrella pay calculators, like the one on Orange Genie’s homepage.

If you’re new to contracting you may have been offered a choice between umbrella employment, and being paid directly by your agency. It should be a straightforward choice but there are some details that are often misunderstood. In this guide we’ll lay out how the supply chain works, so you’ll better understand what you’re choosing between.

As comforting as it may be to see the fruits of your labour generating large cash reserves in your company, is this a wise move?  Do you have a plan as to what you want to do with the funds? Are your savings actually costing you money?

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