Whats your views on Budget 2015?

[Dan@OrangeGenie]

But honestly, if my accountant put up fees because of increasing complexity, I'd shrug and say, "Can't blame you." The service he provides me is worth more to me now than it was yesterday, it would be churlish of me to quibble over a couple hundred pounds a year extra, if that's what he does.

Wow, really, can I have you as my client!

[AtW]

And that was simplifying dividend taxation?

Just imagine what he'd do if he wanted to make it complicated!

[javadude]

Nice writeup:

Contractors are to pay an extra 7.5% tax on dividends from April 2016

And that was simplifying dividend taxation?

[Wijay@WISAccountancy]

Looking for the positive angles, nice work Wijay...

Got to look for that silver lining..:-). Thanks for your input into this threat - highly appreciated!

[Wijay@WISAccountancy]

National minimum wage does not apply to family members of the employer living in the employer’s home.

agreed if that the case Osbourne will argue employer allowance is not applicable...

[Sausage Surprise]

May be time to start looking at the alternatives to ltd company with min wage and split divis.
LLP?

[WordIsBond]

Brilliant, another threat/deterrent to my potential client base. We won't be charging our clients for the extra work either, same flat monthly fee as always.

How can we put our fees up/make more money when you guys will be earning less because of the treasury...we're in this together!

Yeah, I was talking about the complexity, not the tax increases.

The tax increases are bad for everyone, even those economic illiterates who don't know they are bad.

But honestly, if my accountant put up fees because of increasing complexity, I'd shrug and say, "Can't blame you." The service he provides me is worth more to me now than it was yesterday, it would be churlish of me to quibble over a couple hundred pounds a year extra, if that's what he does.

[jamesbrown]

To a small extent, yes...but the posters saying how they've been screwed and they'll stop contracting at the next opportunity, it does seem a bit toys out of pram.

Tax rules change, sometimes you're better off, sometimes you're not. Sometimes you can tweak how you do things to "get round it" (for want of a better phrase), other times you just have to suck it up. Chucking it all in is a bit drastic, especially given as some have pointed out there'll likely be two more "budgets" before these rules actually come into place, so plenty of time for the chancellor to backtrack.

Being honest from a tax perspective contractors have had it extremely good for quite a while now. The threat of IR35 seems to be a "bark worse than bite" scenario (though I appreciate horrible for anyone actually going through an enquiry). Contractors long in the tooth who do it not for the short term tax benefits but because it makes sense for them/their clients will no doubt continue as is, undeterred by the fact a handful of the late joiners to the contractor party might leave.

Also, whilst yes this will be bad for me personally, partly through possible loss of Maslins clients who return to permie, also due to my own profit extraction...every cloud, these changes in isolation seem to suggest more people might be looking at MVL Online as an option. No doubt that'll get stomped over in due course though!

Completely agree. This doesn't change the big picture. Those reviews of expenses and IR35 OTOH... Even then, it would take a lot to return to the dark side.

[Maslins]

Coupled with the additional complexity, any SME accountants that operate in a similar way to contractors will be double fecked.

To a small extent, yes...but the posters saying how they've been screwed and they'll stop contracting at the next opportunity, it does seem a bit toys out of pram.

Tax rules change, sometimes you're better off, sometimes you're not. Sometimes you can tweak how you do things to "get round it" (for want of a better phrase), other times you just have to suck it up. Chucking it all in is a bit drastic, especially given as some have pointed out there'll likely be two more "budgets" before these rules actually come into place, so plenty of time for the chancellor to backtrack.

Being honest from a tax perspective contractors have had it extremely good for quite a while now. The threat of IR35 seems to be a "bark worse than bite" scenario (though I appreciate horrible for anyone actually going through an enquiry). Contractors long in the tooth who do it not for the short term tax benefits but because it makes sense for them/their clients will no doubt continue as is, undeterred by the fact a handful of the late joiners to the contractor party might leave.

Also, whilst yes this will be bad for me personally, partly through possible loss of Maslins clients who return to permie, also due to my own profit extraction...every cloud, these changes in isolation seem to suggest more people might be looking at MVL Online as an option. No doubt that'll get stomped over in due course though!

[Snarf]

You can't pay £1 per hour - remember the national minimum living wage will be £9...heheheeee

National minimum wage does not apply to family members of the employer living in the employer’s home.