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Government U-turn on NI hike for self-employed workers

Plans to increase Class 4 National Insurance contribution levels for self-employed people have been dropped. In the Budget statement on 8 March, Chancellor Philip Hammond said a fair tax system should ensure that, “people doing similar work for similar wages and enjoying similar state benefits pay similar levels of tax”. He highlighted the gap between the amount of NICs paid

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Business losses from employee fraud doubles

Reported business losses from employee fraud have doubled in the last year. New data obtained by RSM under the freedom of information act has found that, obtained from ActionFraud, the UK’s national fraud and cyber-crime reporting centre, reveal that businesses reported £88m in losses from employee fraud in 2017-18, more than double the reported £40m lost in 2016-17. In total,

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Surge in self-employment ‘is stoking pension crisis’

Self-employed workers are heading towards a pension crisis as they cannot afford to save for their retirement, new research from Prudential shows. Its nationwide study found more than two-fifths (43%) of those working for themselves admit they do not have a pension, compared with just 4% of those in employment. A key reason is that 36% of the self-employed say

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Insolvency overhaul to tackle ‘phoenixing’

The government is aiming to shake-up the insolvency regime, including hefty fines or disqualifications for directors who dissolve companies to avoid paying workers or pensions. The proposals come in response to a consultation on corporate governance within companies that are in or are approaching insolvency. The consultation, which ran from March to June this year, heard from 93 organisations, and

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HMRC advisory fuel rates for company car users from 1 September

HMRC has published the latest advisory fuel rates (AFR) for company car users, effective from 1 September 2018 introducing a 4p advisory electricity rate for fully electric cars. The advisory electricity rate for fully electric cars is 4p per mile. Electricity is not a fuel for car fuel benefit purposes. The advisory fuel rates apply from 1 September 2018 and

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Data protection complaints double

Complaints to the Information Commissioner’s Office (ICO) about potential data breaches have more than doubled since the General Data Protection Regulation (GDPR) came into effect, with financial services companies in the firing line for potential large fines, according to research by law firm EMW. Its freedom of information request to the ICO has revealed there were 6,281 complaints between 25

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Call to scrap ‘ineffective’ entrepreneurs’ relief

Entrepreneurs’ relief should be scrapped as an expensive, ineffective and regressive option, with the £2.7bn saved used by the government towards funding its £20bn NHS pledge, according to claims by the Resolution Foundation. The think tank says that when first announced in 2008 entrepreneurs’ relief was expected to cost £200m a year. Because of changes to the rules and greater

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IR35: could self-employed taxpayers be eligible for reassessment?

In July, HMRC published a paper confirming that it doesn’t recognise a complex piece of case law in its Check Employment Status for Tax (CEST) tool. But experts say this shows that HMRC doesn’t understand what’s required to prove or disprove an employment relationship. If HMRC say they got it wrong, more than 750,000 contractors could ask for their results

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HMRC consults on raising AML fees

HMRC is considering raising the fees it charges the businesses it supervises under money laundering regulations by 80%–100%. The Revenue has opened a consultation on the proposals, which it says are necessary to cover the costs of a significant number of new staff. HMRC act as the supervisors of around 27,000 businesses in seven business sectors. These include accountancy service

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