The controversial IR35 tax is barely paying its way, and has raised just £9.2
million between the 2002/03 and 2007/08 financial years.
The employment tax was introduced as a means of treating certain contractors
as though they were employees of their clients.
Contractors who pay the tax have found that it reduces their take-home pay by
up to 25%.
The Professional Contractors Group obtained the figures from HMRC under the
Freedom of Information Act. The government has earlier declined to answer
questions raised in Parliament as to how much revenue it earned from IR35.
MTD represents 'the single most significant change to the UK’s system of taxation in recent times', says Knill James partner Nick Rawson. So, how prepared are SMEs for digital tax reporting?
Legislation on the NICs changes to be brought forward in the autumn following publication of 'the full effects of the changes to Class 2 and Class 4' in the summer
The SME community voices concern about the chancellor's measures in the Spring Budget
Following chancellor Philip Hammond’s Spring Budget speech, we explore the key takeaways for businesses and individuals