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Tag Archives for: "reporting"
 Will HMRC put back quarterly reporting by another year?
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By Michael
In Business
Posted June 15, 2016

Will HMRC put back quarterly reporting by another year?

It was announced a couple of weeks ago that the publication of crucial consultation documents on the Making Tax Digital project would be delayed until after the now-looming EU referendum. The [...]

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Assumptions

  • Based on a contractor working 37.5 hours per week.
  • Full employee personal tax allowance of £11,000 per year (tax code 1100L).
  • Contractor has no additional income during the tax year.
  • Subsistence based on the HMRC’s benchmark scale rates model.
  • Annual business mileage calculated at 45p/mile for the first 10,000 miles and at 25p/mile thereafter.
  • Expenses calculated between £3.16 and £355 and is restricted by allowable expenses and expenses reasonably incurred by an employee working and staying away from home.
  • Weekly calculation based on 52 weeks per full tax year.
  • Monthly calculation based on 12 months per full tax year.
  • All Tax, NIC’s and employers NIC’s based on 16/17 tax year.

Additional assumptions for Crystal calculation

  • SDC (Supervision, Direction or Control) does not apply during any contract assignment throughout the tax year.
  • All legitimate business expenses incurred during each assignment will be paid as part of your regular Crystal payment package. Any incurred expenses over the pre-agreed amount can be received as a tax refund from HMRC after the tax year-end on 5th April.
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Additional assumptions for Pocked Accounts calculation

  • All assignments fall outside the scope of IR35.
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