Companies House has seen an unprecedented number of new companies registering in the past two months. More than double the normal number of registrations have been received, coinciding with the new tax rules which come into force next month closing a loophole used by approximately 250000 taxpayers who are paid through managed service companies. This loophole has allowed all kinds of normal workers from nurses through engineers, teachers, builders and IT specialists to take most of their pay in the forms of dividends and expenses, thus minimising their income tax and national insurance contributions. At present this can be saving individuals up to 30% on their tax bills.
There will still be a few problems for the Treasury as it is believed that being a director of their own Personal Service Company will allow them the same freedoms as before although this is denied by the treasury. The problem for the treasury, if this is not the case, will be clamping down on another 200000 personal service companies which will suddenly appear on the Companies House registers. Whatever the scenario it will take HMRC a lot longer than anticipated to gain significant new income, it was expected to raise £1billion over the next three years, from the new laws. Companies House can also expect a significant upturn in business as the new laws loom ever closer.
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