Archive for March, 2011

Budget 2011 – An Overview for Limited Company Contractors

Budget 2011 – A General Overview Earlier today Chancellor George Osborne delivered his second Budget since the election of the coalition government in 2010. Addressing MPs, Mr Osborne said he did not need to ask the public for more taxes or more spending cuts.”This is not a tax-raising Budget, nor can we afford a give-away,” […]

IR35 Interim Report – Office of Tax Simplification (OTS)

IR35 Interim Report – Office of Tax Simplification (OTS) Today was the long awaited day that the OTS provided its interim report to the Government on its recommendations for the future of IR35 and it offers two main options; –       Suspend IR35 moving to complete abolition –        Keep IR35 legislation unchanged, but improve the way […]

Profit Extraction – 6th April 2011

Tax Planning – Maximum Profit Extraction Increases in the NI threshold from 6th April 2011 will increase the optimum annual salary for Directors. The point at which salaries become chargeable to NI will rise from £5,720 per year to £7,228 for employees and £7,072 for employers with effect from 6th April 2011. However, the increase […]