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New online tax liability calculator for contractors

June 13th, 2009 Comments off

The Contract services firm of Hudson Contract has launched an online calculator that enables contractors to weigh the risks of an HMRC status inspection going against them.

The new online Construction Industry Scheme (CIS) calculator allows firms to check if their contracts for self employed subbies will meet HMRC requirements. Firms will be able to input their data into Hudson Contract’s liability calculator available on the website www.hudsoncontract.co.uk

Hudson Contract bosses said a firm that has been using three labour-only subbies for the past two years, on an average of £500 a week gross pay, could face a total tax liability of £88,552.32, should their contracts fail to survive HMRC scrutiny.

Their Managing director David Jackson said: “The liability calculator enables contractors to number crunch without the need to give any personal or contact details.

“We hope it will encourage users not to bury their heads in the sand, and face up to the possible financial consequences of an HMRC status inspection.”

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