tax rules Archives - WRLO Accountants https://www.wrloaccountants.co.uk/tag/tax-rules/ Chartered Accountants & Business Advisors Fri, 15 Nov 2024 21:09:28 +0000 en-GB hourly 1 https://wordpress.org/?v=7.0 https://www.wrloaccountants.co.uk/wp-content/uploads/2018/01/cropped-WRLO-logo-big-32x32.jpg tax rules Archives - WRLO Accountants https://www.wrloaccountants.co.uk/tag/tax-rules/ 32 32 HMRC urged to take action to defuse side hustle time bomb https://www.wrloaccountants.co.uk/hmrc-urged-to-take-action-to-defuse-side-hustle-time-bomb/ Fri, 04 Oct 2024 19:25:33 +0000 https://www.wrloaccountants.co.uk/?p=4185 HMRC has been urged to defuse a tax bombshell threatening online traders, by the Low Incomes Tax Reform Group (LITRG). The LITRG, which is part of the Chartered Institute of Taxation (CIOT), says the tax authority must take action in order to make sellers aware of the fact that they may need to file a tax return and pay tax on their online trading income. The group said that although there is no change to existing tax rules, HMRC will have more information on who is earning income via online platforms and will be more able to find out who owes tax on their earnings. The LITRG argues that the new reporting rules could ’cause chaos’ for taxpayers when the first reports are sent to HMRC and sellers in early 2025. It has called on HMRC to strengthen its guidance for sellers using online platforms and standardise information so that users can easily understand it and report earnings by tax year. Claire Thackaberry, Technical Officer at the LITRG, said: ‘There are just over three months to go until HMRC starts getting information about the income and activities of people who use online platforms to make money. We are concerned that […]

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]]> IR35 reforms taking their toll on skilled contractors https://www.wrloaccountants.co.uk/ir35-reforms-taking-their-toll-on-skilled-contractors/ Fri, 03 May 2024 08:46:41 +0000 https://www.wrloaccountants.co.uk/?p=4056 One in ten highly skilled freelancers are currently out of work due to the impact of reforms to IR35 tax legislation, according to research published by the Association of Independent Professionals and the Self-Employed (IPSE). IPSE’s survey of more than 1,300 contractors in highly skilled roles found that 21% are not currently working, with half of them attributing this to the impact of reforms to IR35 tax rules. Meanwhile, 55% of contractors said they had rejected an offer of work in the past 12 months due to it being deemed ‘inside IR35’ by the client. Furthermore, 24% said they intend to seek contracts overseas this year to escape the rules. Andy Chamberlain, IPSE’s Policy Director, said: ‘Three years later, the off-payroll rules are still keeping thousands of highly skilled individuals out of work. It’s staggering that the Chancellor is happy for this to continue at a time when economic inactivity is one of his biggest concerns. ‘Our findings show that contractors want to prioritise clients who are willing to hire them on a freelance basis, and happy to walk away from those who won’t – even if this means not working at all. ‘The blame for this impasse doesn’t rest with […]

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