A warm welcome from me; Andrew Potts and the whole team at KP Simpson certified public accountants.
Taxing can be confusing as it is and with changes in regulations and laws it can be easy to misunderstand where you stand with your taxes.
This is especially relevant with contractors, as HMRC turn their sights on them as a way to bring in more funds to the public purse. The way they’re doing this? Looking at employment status and IR35.
But thanks to the team at KP Simpson’s new partnership with Qdos insurance, one of your headaches may be cured before it’s even started.
Under IR35, if you are found to be inside the regulations and deemed to be an employee rather than a bona fide contractor, HMRC will recalculate any taxes owed on this basis and will penalise the contractor for this. For those unfortunate enough to be charged, the amount can run into the thousands.
Now though, courtesy of Qdos and KP Simpson’s agreement, assistance and peace of mind can be achieved.
So long as your contract and working practices fall outside of IR35 on contract check by Qdos, they offer an insurance against a successful challenge from HMRC, and will cover all backdated taxes that are to be calculated.
In addition to this, KP Simpson will examine your travel from and to main sites to see if you are eligible to claim a tax deduction. Let’s say for example you work from a base site, but need to travel to a different work site. This travel would be allowable for a tax break.
However if you work on a site for a client, this would be considered your main base and you would not be able to claim travel and subsistence. You may still be eligible for the two however if you work for many clients at more than one site and also do a portion of work from home.
Your eligibility can be worked out via the questionnaire on our website and we advise you to carry it out if you feel you may be eligible.
There are only two things certain in life – death and taxes, so why pay more than you have to? With KP Simpson and Qdos insurance you needn’t fall foul of IR35 regulations.
