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Raising threshold to £500,000 would cost £1.4bn a year in lost tax

As the self-assessment tax return deadline looms within the next 100 days, a concerning revelation emerges: 75% of self-employed individuals lack clarity on the point at which higher rate tax obligations kick in. We need to remind our clients about the importance of gaining control over finances, including tax payment and budgeting, which can alleviate the strain associated with self-employment and make the process of preparing for the January 31 deadline less burdensome.

The OECD's newly established Crypto-Asset Reporting Framework (CARF) mandates that crypto platforms share taxpayer data with tax authorities, a practice they currently do not follow. The objective is to grant tax authorities access to cross-border information, aiding in the enforcement of tax compliance. The UK, foreseeing the potential recovery of substantial tax revenue through CARF implementation, has forged a historic agreement with 48 nations to combat criminal exploitation of cryptoassets for tax evasion.

As a self-employed Contractor working through a Personal Service Company (PSC) there are a few things to keep in mind when you put a Contract in place for the services you provide. If not done properly, your company could potentially be considered as trying to avoid paying correct tax and national insurance on your income. The best thing you can do for your work situation is to make sure that the contract you put in place doesn't make you look like a false self-employed contractor. To do this, get the help of an expert, who can ensure your contract follows the HMRC guidelines for what constitutes a genuine self-employed contractor. And here at Accounting Minds we can clarify all those important points for you and help you determine your correct status in relation to IR35.