As many aspects of society continue to evolve with the digital era, business owners face new challenges in keeping up to date with the complexities of changing regulations, processes and digital reporting requirements.
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Contractors who work through their own personal service company need to assess each of their contracts against the IR35 tests. If the contract falls within IR35, the net income, after deducting a 5% allowance, should be paid out of the company, with PAYE deducted. Otherwise, a deemed salary calculation must be performed at the end of the tax year, on which PAYE must be paid.
Below are the main Budget 2017 highlights. If you wish to discuss any aspects, please contact GMcG’s Tax Team. Tomorrow our website will have further detailed analysis of the Chancellor’s Statement and related measures.
