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New Tax Code

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    New Tax Code

    I am a contractor. I have been caught by IR35 for my PSC client as of 5th April.

    I have just received this letter....
    Of the 2 lines I (blanked) out, the top one is my company name. and the bottom one is my agency.

    Does anyone understand this? I have no idea where £251250 came from or £18743.01. WTF?


    #2
    Have you asked your employer?

    Numbers seem to be in line with these articles..

    http://www.icalculator.info/salary-i...on/251250.html
    'CUK forum personality of 2011 - Winner - Yes really!!!!

    Comment


      #3
      Originally posted by northernladuk View Post
      Have you asked your employer?
      You taking the piss?
      I might be inside IR35 but MY COMPANY is still my employer. You mean the agency?

      I just received this letter as I got home tonight. I have emailed it to my accountant, but looks like they won't get back to me until Monday. It would appear HMRC think I a. earn a lot more than i do, and b. a still earning my "contractor income" on top of working for the PSC.

      Looks like more IR35 bollocks.

      Comment


        #4
        Originally posted by NetContractor View Post
        You taking the piss?
        I might be inside IR35 but MY COMPANY is still my employer.
        Hee hee... but you aren't employed by your company... but that's another matter. Can't find anything but those pages that relate to that figure.
        'CUK forum personality of 2011 - Winner - Yes really!!!!

        Comment


          #5
          I had one like that. Nothing to do with IR35 as far as I know. When I phoned they told me they'd estimated I was going to earn £120K in the remaining 4 months of the tax year. I told them I really really wasn't and it was sorted out.

          There's an online form you can fill out rather than phoning.
          Will work inside IR35. Or for food.

          Comment


            #6
            It's frustrating nonsense.

            I know it causes worry, but either call them or get your accountant to, and get it changed.

            But long story short, don't worry about it. The Self Assessment when submitted overrides this. Even if you are not in SA you can still do the calculation and submit a return if necessary.

            Breath, and try not to worry about it.

            Comment

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