Although the new tax changes to dividends and travel expenses have been seen by self-employed contractors as a bad thing, not everyone was unhappy to see the April tax change come into effect.
Reaction to recent press coverage has varied depending on whether those losing out are only marginally affected to those whose income relies heavily on dividends.…
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As of April 6, 2016, new HMRC rules have changed tax on dividends. Dividends payable by personal service companies, where a contractor is their own managing director, will be taxed in a different way.
From April 6th 2016, around 430,000 contractors will no longer be able to claim for travel and subsistence costs. For some contractors this will be a major blow, and could affect their ability to win contracts.
Being able to claim travel expenses as a self-employed person is often vital to making a contract cost-effective.…
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Contractors face two major changes to tax rules in the financial new year, with new rules applying to dividends and expenses. As ever there will be winners and losers as a result of the tax on dividends on April 6, while the new restrictions on travel and subsistence expenses will affect anyone caught in the IR35 net.…
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