Tax Rules Changes
The Government has issued a number of tax rules changes related to IT Contractors.
The good news is that the changes are mainly for the better.
The Government has shaken up the corporate laws. Most of them, however, affect accountants and auditors rather than contractors but there are a few that will make a difference.
Directors can have their home addresses withheld
from public disclosure at Companies House. This change comes about due to the problems that Animal Rights protesters have caused for bioscience laboratory directors. However, contractors can use it too.
Directors must take employees, consumers, the environment and suppliers into consideration
This seems a bit vague, but from IT contractors point of view this must encompass their agent and their client. How they would take them into consideration isn‘t clear. Most contractors don’t have employees but they do have consumers – their clients.
Small business will no longer be required to have a company secretary
This is a good one. It was a bit of a pain in the butt having to have your partner, or someone else if you have no partner, as company secretary. It meant, alos, that they were privy to all your business secrets. There was never any need to have one and it was just a piece of beurocracy.
Annual meetings for small businesses will now become optional
So, this is a good one for us to. Let‘s face it who, except the overly officious, ever had them. However, it was all a bit of a worry that you might be breaking some law and that it could come back on you.
The changes don‘t amount to much, but it helps cut some of the red tape away from the process, and some of the irritation.
These tax rules changes are broadly positive for contractors.