Orange Genie News

Making Tax Digital

Making Tax Digital (MTD) for VAT will come into force in April 2019, and will mark the end of the first stage in the government’s quest to digitise the UK tax system. HMRC boldly state their ambition to become “one of the most digitally advanced tax administrations in the world” as well as their belief that their planned reforms of the UK tax system will make it more effective, more efficient, and easier for taxpayers to get their tax right. For now, the changes are limited to VAT, but expect income tax and corporation tax to follow in the next few years.

Limited Company

You might be forgiven for thinking that running a Limited company is not as attractive as it once was, with Public Sector contractors already hit with IR35 reform and the Chancellor announcing  changes will come into the Private Sector from April 2020.

But despite this, running a Limited Company still has significant advantages against being self employed in the right circumstances.  Here, we highlight 6 of the biggest benefits a limited company can give you over working as self-employed;
 

IR35

Using a preferred supplier list (PSL) is a tried and tested way of maintaining control of your supply chain, which is vital for recruiters in today’s contractor market. With private-sector IR35 reform coming in 2020, it’s also vital to include compliance experts in your PSL.

As IR35 reform approaches, you will need to access specialist expertise, both for your own operations and to help your clients with theirs. Including experts in your PSL will give you exactly the kind of close working relationship you’ll need.

IR35

On 29th October, Philip Hammond announced that the long-expected reform of IR35 in the private sector will go ahead in April 2020. This has created a significant challenge for any business who hires contractors: How will they attract and retain high quality contractors without allowing their costs to spiral?

Contractor

Recognising the pressures on mental health in the wider community, contractor management company Orange Genie have chosen Buckinghamshire Mind as the group’s charity partner for 2018/19. They were delighted to welcome Andrea McCubbin, CEO of Buckinghamshire Mind to visit their office last week. Andrea spent time meeting with Group CEO Graham Fisher and the Corporate Social Responsibility team.

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