The Chancellor announced in yesterday’s Autumn Statement the measures he will be bringing in to bridge the £60bn gap in the UK’s finances. The run up in the weeks before the announcement focused in on measures that would affect all UK tax payers and households, and was widely believed would involve a freeze of the tax allowances and a lowering of the upper rate tax threshold.…READ MORE
In an unexpected U-Turn the new Chancellor of the Exchequer, Kwasi Kwarteng, announced today in his mini budget that the Off-Payroll changes brought into the Public Sector in 2017 and later to the Private Sector in 2021 will be scrapped.
The unpopular off-payroll changes forced thousands of contractors to reconsider their future, placing the determination of their contract’s status in the hands of British Business and public sector organisations.…READ MORE
In the government’s first budget since re-election and leaving the EU, newly appointed Chancellor Rishi Sunak delivered a budget for “challenging times”. Amidst widespread political and social uncertainty, Sunak addressed the need for the budget 2020 to deliver immediate security for today while also laying the foundation for future prosperity.…READ MORE
Although the Conservatives were somewhat reluctant to join the other political parties in promising an IR35 review, their win will at least remove some of the uncertainty surrounding the off-payroll reforms for contractors in April next year. The landslide vote looks likely to bolster the party’s belief in its own policies, and with the new legislation ready to go, it’s unlikely that a review will bring about major changes.…READ MORE
The government has confirmed that they remain committed to introducing IR35 reforms to the private sector in April 2020. While many people had hoped that the delayed budget and impending December election might stall the roll-out, HMRC are holding firm to their plans.…READ MORE
The Chancellor’s budget announced that off-payroll rules will hit the private sector in 2020. Amidst uncertainty over Brexit, there are widespread concerns that the reforms will damage business and weaken the economy at a critical time. ContractingWise takes an overview of the off-payroll developments to date.…READ MORE
Chancellor’s Spring Statement is welcome news for contractors
The Chancellor Philip Hammond’s decision to not add to the tax burden for UK contractors is one to be welcomed.
This is particularly the case after previous Budget announcements increased tax levels and saw a dividend allowance being introduced in 2016, which has led to a contractor’s dividend income above the £5,000 threshold being taxed.…READ MORE
Chancellor Philip Hammond’s eagerly anticipated first and last Spring Budget has already come and gone and whilst we were expecting most of the changes, there were a few announcements which will be affecting the self-employed. A rise in National Insurance Contributions was announced, which controversially breaks a key pledge made in the Conservative manifesto.…READ MORE