PSC definition

[Ardesco]

As far as I'm aware, legally there is not such thing as a PSC, it's something El Gordo stared throwing around a few years back.

Most likely it is an attempt to get contractors to start calling themselves PSC's so that he can create tax legislation that has a detrimental effect on PSC's but not other LTD companies.

I will not be classifying myself as a PSC until i'm forced to by law.

[SueEllen]

"4.29 Two additional questions will also be asked on the Income Tax Self Assessment
(ITSA) return asking if any income (of whatever nature) in the return is derived from the
taxpayer’s provision of their services via a service company and, if so, the amount.
These changes will be introduced to the ITSA return form for 2007-08."

http://forums.contractoruk.com/accou...ssessment+form

[SueEllen]

OK - I can remember SOMEONE posted a link to the new question about PSCs on self assessment - and there was a link from there through to the hmrc notes defining a PSC - but can I find it
I can remember it had about three separate parts to it....
Please can someone take pity on me and find the link to the post!


And, yes I know there's still the argument over whether or not we are PSCs - but I don't want to set that one off again.

I think I know what you mean but the form was for companies with one or a small number of shareholders

The HMRC doesn't define PSCs as it makes it easier to screw people. http://www.hmrc.gov.uk/ir35/faq_qanda/general_q3.htm

[dmini]

OK - I can remember SOMEONE posted a link to the new question about PSCs on self assessment - and there was a link from there through to the hmrc notes defining a PSC - but can I find it
I can remember it had about three separate parts to it....
Please can someone take pity on me and find the link to the post!


And, yes I know there's still the argument over whether or not we are PSCs - but I don't want to set that one off again.