Freelancers' Shop

Newsletter 279: How the new MSC changes affect freelancers

by Newsletter Editor at 10:15 05/04/07 ( Shout99 Newsletter)

Freelancers, advisers and providers continued to comb over the Treasury documentation on Managed Services Companies (MSCs) which come into effect on April 6. The last minute changes broaden the scope of the measures to target MSC Providers who are 'involved' with the company. As a result, some of the largest providers of services to small businesses are changing or reviewing the services they offer to freelancers.

Speculation continues as to the extent of the measures, leaving freelancers who 'get it wrong' with the possibility of large tax and NICs bills. Shout99 has spoken to the Treasury to clarify some of the opinions - and also keeps freelancers up-to-date with the latest views from the market place. *********************** News from Shout99 *********************** MSCs: Treasury clarifies the position MSCs: Definition published in Finance Bill Does having tax loss insurance make you an MSC? Budget (8): Agents reaction to debt transfer delay Why doesn't Mr Brown like small firms? Tories oppose Budget proposals for small firms Blair and Brown snub freelancers Tory pledge tax cut for small firms The lap dancer and the VAT man ************************************************ Advertisement - Freelancers Outside IR35 ************************************************ Advertisement If you are running your own small business, Freelancers Outside IR35 (FO35) is a complete operating system. It provides representation from Qdos in the event of a Revenue dispute (tax, VAT, IR35, Section 660); draft model contracts; a manual with guidance and advice; a helpline and insurance against penalties. FO35 costs £97 (plus £7.50 p&p) for a year's complete system and is available exclusively through Shout99 and Qdos Consulting. It is available online for immediate cover: Click to purchase: Freelancers Outside IR35 or phone Qdos on 01455 850000 ************************************* Special offers small businesses ************************************ Shout99 has a range of special offers specifically designed for freelancers and small businesses. The online shop for you and your business includes: * Special rates for freelancers' PI insurance - from £165 a year; * BUPA offer for Shout99 readers; * Mortgages and pensions; * Banking; * Contract reviews - £75 + VAT * Accountancy and financial planning; * 'Return to invoice' car insurance. For more information about these and other offers for your business, see the Freelancers' Shop. ********************* Also in Shout99.... ********************* The latest Letters from Freelancers opens up discussions on a number of subjects, including the taxation; MSCs; Revenue errors; and P35s. In Ask An Expert, the professionals answer your latest questions including liquidation; working out of the country; dividend tax thresholds and time sheets. In Jobs/contracts: Shout99 has a free jobs/contracts board for its members to use to find a substitute or build a team or find someone with suitable skills for a position. The Clubhouse is an off-topic chat room for freelancers. ************************ Shout99 - Newsletter ************************ Please feel free to forward this newsletter to any other freelancer or small businesses who may be interested in news and information related to running a small business. You can subscribe to receive your own free copy of this newsletter on the home page of Shout99. ************* Hardhatter ************* Shout99 has a sister site, Hardhatter for small firms - and those who work with them - in the construction industry. It's free to register and contains news and information, including the new Construction Industry Scheme (CIS). www.hardhatter.com -- Susie Hughes, Editor Newsletter 279 Shout99 - the network for freelancers www.shout99.com

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