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Cardwell Management Services UK Limited
Regency House, 45-51 Chorley New Road, Bolton, BL1 4QR
Cardwell Management Services UK Limited
Regency House, 45-51 Chorley New Road, Bolton, BL1 4QR
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Just4contractors.com > Help & Advice > IR591
IR591 - Not another one!
IR591 was introduced to ensure that the right amount of tax is paid by owner managers of small incorporated business. The Finance Act 2004, Part 3, Chapter 1 Section 26 introduced the higher rate of starting tax of 19%. The result is a large tax burden for all owners of small companies.
Contractors expressed concern about IR591 because it is assumed that the “right amount of tax” is more than what is paid currently, and this might represent an attack on small businesses, just like how it was with IR35. As a contractor, you are directly affected if you have your own personal limited company. Now if your company is jointly owned with a spouse or close family member, you could also face the implications of IR35.
PCG is lobbying against IR591 by launching a public campaign including a series of seminars around the country and engaging in a dialogue with the Government.
See Also
IR 35
HMRC Compliance
Taxation for Contractors
Choosing the Right Business Structure
Recommended Links
The HMRC Guide to IR 35
Professional Contractors Group (PCG)
IR591 was introduced to ensure that the right amount of tax is paid by owner managers of small incorporated business. The Finance Act 2004, Part 3, Chapter 1 Section 26 introduced the higher rate of starting tax of 19%. The result is a large tax burden for all owners of small companies.
Contractors expressed concern about IR591 because it is assumed that the “right amount of tax” is more than what is paid currently, and this might represent an attack on small businesses, just like how it was with IR35. As a contractor, you are directly affected if you have your own personal limited company. Now if your company is jointly owned with a spouse or close family member, you could also face the implications of IR35.
PCG is lobbying against IR591 by launching a public campaign including a series of seminars around the country and engaging in a dialogue with the Government.
See Also
IR 35
HMRC Compliance
Taxation for Contractors
Choosing the Right Business Structure
Recommended Links
The HMRC Guide to IR 35
Professional Contractors Group (PCG)