Originally posted by cojak
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IR35 letters going out to GlaxoSmithKline contractors
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Will HMRC pay back the Corp. tax to the contractor and VAT to the client if the contractor is deemed to actually have been inside IR35?
If not, would that be fraud by HMRC?
In some cases, HMRC may actually be worse offComment
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Originally posted by NotReallyHere View PostWill HMRC pay back the Corp. tax to the contractor and VAT to the client if the contractor is deemed to actually have been inside IR35?
If not, would that be fraud by HMRC?
In some cases, HMRC may actually be worse offComment
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Originally posted by NotReallyHere View PostWill HMRC pay back the Corp. tax to the contractor and VAT to the client if the contractor is deemed to actually have been inside IR35?
If not, would that be fraud by HMRC?
In some cases, HMRC may actually be worse off
Corrective accounting will sort it out so any payments already made will be factored into what is still owed.Maybe tomorrow, I'll want to settle down. Until tomorrow, I'll just keep moving on.Comment
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External GSK IT consultant with a £1.15 million house in Ascot in news today
An external IT Consultant who has been working at GSK for 20 years and lives in a £1.15million five-bed detached house in Ascot has made the news today:
'Boozed-up' IT consultant 'racially abused British Airways stewardess' court hears | Daily Mail Online
Perhaps all GSK IT Consultants should lie low and behave themselves in order to avoid any unwelcome publicity in case HMRC happen to read Daily Mail and other news media.Comment
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Originally posted by Hobosapien View PostCorrective accounting will sort it out so any payments already made will be factored into what is still owed.Comment
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Originally posted by Liberator View PostIs this true? Would amounts paid in Corporation Tax be deducted from any Tax bill for someone who HMRC had found had incorrectly assigned themselves as being outside IR35?Comment
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Originally posted by jamesbrown View PostNo, not necessarily. The time limits for IR35 investigations are completely different than those for tax refunds. A settlement would be needed.
So anyone worried about how to handle this, seek advice from an accountant who should be able to summarise the actual process and figures involved to satisfy HMRC, if you're looking at being caught inside IR35 and need to pay the tax HMRC is now expecting. First make sure you are in fact caught inside IR35 or have sufficient evidence to argue your case against it. No need to pay more tax than is due once the situation is clear.Maybe tomorrow, I'll want to settle down. Until tomorrow, I'll just keep moving on.Comment
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Originally posted by Hobosapien View PostI'm sure it's been covered in more detail previously on here for those nervous about it, but in the context of the GSK situation where HMRC are currently only targeting recent or upcoming tax years then in simple terms HMRC will say x is due and y has been received so z is outstanding to settle the bill for that tax year. There should be no double taxation in play on the same amount received from a client if the situation is handled correctly.
So anyone worried about how to handle this, seek advice from an accountant who should be able to summarise the actual process and figures involved to satisfy HMRC, if you're looking at being caught inside IR35 and need to pay the tax HMRC is now expecting. First make sure you are in fact caught inside IR35 or have sufficient evidence to argue your case against it. No need to pay more tax than is due once the situation is clear.
The determinations under appeal cover tax years 2008–09 to 2012–13. The decision notices under appeal cover tax years 2006–07 to 2012–13. Together they total some £419,151 and were issued between March 2013 and October 2014. The extent to which there should be a set off of corporation tax paid by CAM Ltd and tax paid on dividends from CAM Ltd to Ms Ackroyd has not been agreed. Ms Ackroyd contends that the liability to tax and national insurance even if the appeal is not successful is approximately £207,000. At the invitation of the parties this decision will deal with the appeals in principle. The question of quantum may be referred back to the tribunal if necessary.Comment
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