About us Your Options Important Updates Expenses Information Centre News Portal Login Contact us Factsheets Access a library of factsheets to summarise many of the key issues that affect contractors. CALL 0161 703 2549 OR EMAIL INFO@CHAMPIONCONTRACTORS.CO.UK Information Centre There are many complicated items of legislation, terminology and concepts for freelance contractors to consider. To help contractors obtain and understanding of information that may be important to them, the following factsheet material is provided as a guide source. IMPORTANT COVID-19 ANNOUNCEMENT Your safety at work is our priority. We continue to monitor the spread of COVID-19 closely. IR35 UPDATE Who will be responsible for determining IR35 status? Will this lead to blanket inside IR35 decisions by the end user? ...and more. WORKING FROM HOME ALLOWANCES It may be possible to offset certain expenses when providing services from a home office base. GENERAL DATA PROTECTION REGULATION (GDPR) On the 25th May 2018, the law around General Data Protection Regulation (GDPR) changes. THE CRIMINAL FINANCES ACT 2017 The Criminal Finances Act 2017 (CFA) came into force on 30 September 2017. THE CONDUCT OF EMPLOYMENT AGENCIES AND EMPLOYMENT BUSINESSES REGULATIONS 2003 Introduced by the Department of Business, Innovation and Skill (BIS) in April 2004, regulations detail the minimum standards that work-seekers and hirers are entitled to expect. AGENCY WORKERS REGULATIONS 2010 The Agency Workers Directive was implemented in the UK on 01 October 2011 via the Agency Workers Regulations 2010. BUSINESS INSURANCE It is now a general requirement that freelance workers who own/operate Personal Service Companies (PSC) will hold some form of business insurance. COMPANY CAR TAX If a company car is supplied as part of your employment, and if you are able to use it for personal transport outside of work, then it becomes a taxable perk. COMPANY CLOSURE Many freelance contractors have, over the years, built up real value in their limited companies. Some will sell their businesses but many will simply close their companies down and distribute what monies are left in the company to its shareholders. COMPANY PENSION Guidance note to contractors who own personal service companies DIVIDEND TAXATION During the Budget in November 2017, the Chancellor confirmed that the method for calculating dividend tax will change. FLAT RATE VAT SCHEME The Flat Rate VAT scheme was introduced in 2002 and is available to all small businesses or sole proprietorships. The FRS differs from standard VAT accounting as you pay a percentage of turnover rather than paying VAT on the difference between sales and purchases. PENSIONS ACT 2012 - WORKPLACE PENSION SCHEME To enable people to save more towards their retirement, The Pensions Act 2012 requires employers to enrol their workers into a Workplace Pension Scheme. IR35 LEGISLATION SUMMARY Commonly referred to as IR35, Intermediaries legislation was introduced on 06 April 2000. MANAGED SERVICE COMPANY LEGISLATION A summary of Managed Service Company Legislation. VAT REGISTRATION A limited company will be required to register for VAT if it meets certain criteria. It can also be beneficial for many limited companies to register for VAT even if they are not mandatorily required to. TAX TIPS Guidance and Support tailored to committed/lifestyle contractors who undertake professional freelance assignments. NATIONAL MINIMUM WAGE The National Minimum Wage rate scale confirms the minimum hourly rates that a worker is entitled to be paid in the United Kingdom. OFFSHORE EMPLOYMENT INTERMEDIARIES LEGISLATION In April 2014, the Government brought in new legislation entitled Offshore Employment Intermediaries. STATUTORY PAYMENTS Paternity Pay, Maternity Pay and Directors Salary. ONSHORE EMPLOYMENT INTERMEDIARIES LEGISLATION In April 2014, the Government brought in new legislation entitled Onshore Employment Intermediaries: False Self-Employment. THE 183 DAY RULE In most countries, if you stay more than 183 days, then you will considered tax-resident and liable for tax on your worldwide income and gains. THE APPRENTICESHIP LEVY In the 2016 Budget, George Osborne confirmed that an Apprenticeship Levy will come into effect in April 2017. TRAVEL & SUBSISTENCE Changes to Travel & Subsistence Rule SECTION 660 Section 660 is commonly known as Settlements Legislation. RIGHT TO WORK GUIDANCE A summary of acceptable documentation required by the UK Border Agency to verify an individuals’ eligibility to work in the UK. WHAT IS SETTLED STATUS AND HOW TO APPLY It is now more important than ever for EU (European Union), EEA (European Economic Area) and Swiss citizens to ensure they have applied for settled status. ANNUAL OFFICE PARTIES It is getting to that time of year where contractors start to consider ‘office parties’ and what can be legitimately claimed as a business expense. BUY-TO-LET PROPERTIES Statistical analysis shows higher and additional rate tax payers who invest in a buy-to-let property could potentially benefit by holding the property and the rental income in a limited company. For more information and advice simply request a call back or contact one of our advisors on 0161 703 2549. Alternatively please email us on info@championcontractors.co.uk. Champion Accountants We are a leading accountancy group who specialise in the SME sector and provide a range of services throughout the North West which enables businesses to grow and create wealth for their owners. Visit Website Latest news 08 Nov 2021 Chancellor delivers Budget to lay foundation for a strong economy 08 Nov 2021 Business groups give mixed response to Budget 08 Nov 2021 IFS predicts millions to be worse off next year due to tax rises Contact Details Please call: 0161 703 2549 Or email us: info@championcontractors.co.uk Champion Contractors, 1 Worsley Court, High Street, Worsley, Manchester M28 3NJ Home | Contact us | Site map | Accessibility | Help | Search | Slavery and Human Trafficking Statement | Gender Pay Gap Report 2020/21 | Privacy Notice | Website Terms and Conditions | © 2021 Champion Accountants LLP. All rights reserved. powered by totalSOLUTION We use cookies on this website, you can find more information about cookies here.