ARTICLE HAS BEEN UPDATED ON 08.04.25 to reflect the new company size thresholds and start dates If you’re an off-payroll contractor operating through a personal service company (PSC), there are some important changes coming your way. The government has updated the financial thresholds that determine whether a company is considered micro, small, medium, or large. […]

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HMRC has decided to be a little bit nicer and cut the interest rate they charge on late tax payments. This comes after the Bank of England snipped the base rate down a tad, from 4.75% to 4.5%. From the 17th of February, if you’re late paying your taxes, you’ll be charged 7% interest instead […]

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With the January 31st self-assessment deadline looming, HMRC has issued a warning to the UK’s self-employed workforce: be on your guard against a rising tide of tax scams New figures reveal a worrying 16.7% surge in reported scams targeting taxpayers, with almost 150,000 cases flooding into HMRC over the past year. Fraudsters are employing increasingly […]

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HMRC’s reduced interest on late payments hides the refunds “elephant in the room” says one contractor sector specialist The UK tax authority, HMRC, recently announced a reduction in the interest rate charged on late tax payments, effective from the 18th of November. This change, from 7.5% to 7.25%, follows the Bank of England’s decision to lower […]

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Many freelancers are already feeling stressed about “painful” surprises that could be announced in the Labour Party’s Autumn Budget. That is why freelancers should aim to get their tax returns sorted now, rather than when the annual January Blues hit. Early birds get refunds quicker While 31 January is the final deadline for online tax […]

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