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- Fresh Post January 4 Huge Increases in Travel Costs for Commuters
- Fresh Post November 29 Prime Minister Praises Thriving Freelance Industry
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IT contractor tax
- Fresh Post March 2 HMRC Increase Working From Home Allowance
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- Fresh Post April 5 Contracting news: Broadband now 'vital'
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Contractor vetting
- Fresh Post October 19 Security Clearance Discrimination
- Fresh Post March 16 Health and safety should still be 'top priority' for contractors
- Fresh Post September 13 IT contractors 'not making the most of their skills'
- Fresh Post September 10 IT suppliers meet with gov't to discuss cuts
IR35
- Fresh Post February 16 Civil Servants' Salaries Paid Direct to Ltd Companies.
- Fresh Post September 26 Dramatic decrease in IR35 Reviews
- Fresh Post March 29 IR35 announcement 'unsurprising'
- Fresh Post March 28 MacIntyre Hudson slams govt's IR35 position
IT contractors 'may need to top up their pensions'
IT contractors are facing a desperate rush to top up their pensions before allowances are slashed, it has been claimed.
According to Contractor Calculator, IT contractors who chose a pension system that mirror the tax year have just a few months to add something extra to their plans before new legislation comes in April 2011.
From this point, the tax-free pension contribution allowances will be cut, meaning that IT contractors could incur additional tax liabilities after this date.
Specialist independent financial adviser Tony Harris of Contractor Financials told the website that so much came out of the Comprehensive Spending Review, it is only now that the impact of this legislative change has become apparent.
"Those contractors at an age where they are a long way from retirement may suffer from the lifetime cap of £1.5m and may wish to consider additional financial arrangements for retirement," he added.
The Department for Work and Pensions announced last week that all companies will need to provide a pension scheme for their employees - even if there is only one employee.
According to Contractor Calculator, IT contractors who chose a pension system that mirror the tax year have just a few months to add something extra to their plans before new legislation comes in April 2011.
From this point, the tax-free pension contribution allowances will be cut, meaning that IT contractors could incur additional tax liabilities after this date.
Specialist independent financial adviser Tony Harris of Contractor Financials told the website that so much came out of the Comprehensive Spending Review, it is only now that the impact of this legislative change has become apparent.
"Those contractors at an age where they are a long way from retirement may suffer from the lifetime cap of £1.5m and may wish to consider additional financial arrangements for retirement," he added.
The Department for Work and Pensions announced last week that all companies will need to provide a pension scheme for their employees - even if there is only one employee.
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