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Big Picture - June 2018

Paul Malley

Paul Malley | Managing Director

Monday 18th Jun, 2018

Last month the Government announced that they had opened a consultation on off payroll working in the private sector. The suggestion is that there has been no material impact in the public sector since the changes were introduced and that the changes have been a success. Our experience of this is somewhat different and this is what we will be feeding back in our submission to the consultation. We will keep you updated as and when this progresses.

In this month's newsletter we also share with you the benefits in registering for your Personal Tax Account (PTA). The PTA is a HMRC system that brings all of your personal tax details into one place. It is a safe and secure way to manage your tax affairs online and could save you precious time when dealing with HMRC.

We are also introducing the latest addition to our suite of limited company services, My PSC Exec, a service that is aimed at providing an enhanced accountancy package as well as personal financial planning advice for contractors and their family members.

And finally when working as a limited company contractor you are required to complete not only a corporation tax return but also a self-assessment tax return. And many taxpayers in self-assessment will be due to pay their second Payment on Account towards their 2018/19 Personal Tax liability soon, but do they need to? This month's newsletter shares with you the circumstances where you may not have anything to pay at all.