If you are due to file your annual company accounts on or after the 1st February 2009, PayStream would like to make you aware that the penalties for late filing are increasing. Section 441 of the Companies Act 2006 requires all companies to deliver annual accounts by the due date. Section 453 states...

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The introduction of the Managed Service Company (MSC) legislation from April 2007 had a significant impact on the contracting industry. In this article, we explain why the safest way to work is with PayStream’s support and expert advice.   Overview The introduction of the Managed Service ...

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Everybody knows the pressure and stress that having to get their tax return completed by 31 January can bring.  That desperate hunting through piles of paperwork or filing cabinets to try and find just what you did with your P60.  Then when you find them you realise you have to do the same...

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Case Study: Dragonfly Consultancy Ltd lost its appeal to the High Court leaving its co-owner Mr Charles Bessell, a highly skilled IT system tester, facing a tax bill of £99,000. The case was heard before the Special Commissioner in September 2007 who concluded that Mr Bessell would have been a...

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The Service Providers Association (SPA), an independent organisation that campaigns on behalf of contractors, will take a central role in working with Government during the consultation period on travel expenses for contractors working under overarching contracts.   The consultation was annou...

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The contracting market faces another storm as the Government this week issued a consultation paper which considers whether to withdraw the tax relief available to temporary workers who incur travel and subsistence expenses. Workers ‘genuinely in business on their own account’ and working through a P...

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Although yesterday’s Budget speech may have been short on detail, HMRC’s website contained 107 Budget Notes amounting to 270 pages. Amongst the detailed technical material there was surprisingly no reference to the final version of the income shifting legislation which had been widely anticipated. T...

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PayStream, one of the UK’s leading accountancy service providers has today purchased the Glasgow-based umbrella service provider Mimax Mosaic Ltd for an undisclosed sum. By acquiring Mimax Mosaic, PayStream increases its presence in Scotland, continuing its strategy to broaden its customer base in...

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In the last few days, HM Treasury have published a consultation on proposed legislation on how to stop a tax advantage being gained by individuals who are using incorporated and partnership structures as vehicle to provide work/services and then to subsequently  “shift income” from one individu...

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HMRC have released their latest news on the MSC legislation and its effects upon recruitment agencies: http://www.hmrc.gov.uk/employment-status/monitoring-legislation.htm HMRC make it clear that: Using a PSC is a legitimate way to operate; It is not correct that agencies should only refer to ...

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No, if you are working through an Umbrella or other structure such as My PAYEsafe where all your income is taxed under PAYE.  Maybe, if you are providing your services through a Personal Service Company (PSC) and you receive part of your income as a dividend.   As a quick check, if you c...

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