HMRC have recently won a landmark tax ruling that means your self employed status is uncertain.  Working through your own company is now at high risk from HMRC attack. Umbrella companies may be less so but there could be a sting in the tail for them too.

What could this mean:

1.      The benefits you have had by paying yourself, and your wife, a salary plus dividends, thereby saving income tax and National Insurance, could be gone.

2.      You could be ‘deemed’ to be employed and the directors/shareholders of the your company could be liable for the extra tax – backdated

3.      You, personally, could be liable for back dated, unpaid National Insurance

Contractors with sub-contactors operating out of their own companies could be at risk to pay the tax these sub-contractors haven’t!

We at Upminster Accountants believe we could have a solution to this.

Please contact Daniel Gricks at Upminster Accountants for a preliminary discussion to see how we can help.