Contractors, whether new to contracting or experienced hands, will often be approached by salesmen for tax-efficient pay structures. “Great – where do I sign?” might be your first thought. However, you might want to reflect and find out a few things before committing yourself.

Many business people have tax policy high up on the shopping list when it comes to casting their vote in a general election. So, as there has been, in effect, no result, does that mean that there will be no change in tax policies?

The Companies Act 2006 was introduced on 1st October 2009 as a way of bringing UK companies into the 21st century. It consists of 1300 sections and is the single largest piece of legislation ever made.

HMRC have just announced a new penalty regime for the late payment of monthly PAYE & NIC, to come into effect from May 2010. This appears to be another attempt to collect more revenue without increasing any tax rates and is likely to affect small employers much more than large employers, who will have a whole payroll department to be able to deal with it.