Category Archives: Personal Tax

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What is IR35

IR35 was first propsed in 1999 and was introduced into UK legislation in 2000. The primary aim has been to prevent the avoidance of tax and national insurance by trading through an intermediary (commonly a limited company) rather than being an employee.

Prior to IR35, individuals could form a limited company and invoice their “client”/”employer” and then have their own limited company pay them a minimum salary and take the remainder as dividends. This avoided national insurance and tax through PAYE on the dividend element.

Self Assessment Filing Deadline

For anyone who has a self-assessment tax return due.  Remember that the final deadline for both on-line filing of your return and payment of your 2006-07 tax liability is 31 January 2008.  You may also have a payment on account to make by the same date.

There is an automatic fixed penalty of £100 for late submission of a self-assessment tax return.