Dividends beyond £5k taxed wef 2016!!

[DimPrawn]

I'd be happy to pay more tax and have IR35 properly clarified or binned.

You clearly haven't read this then?

Summer Budget 2015 hits PSC contractors, hard :: Contractor UK

Unpaid IR35 enforcer’

And umbrellas might not be alone in having to police tax rules - as IR35, the other measure IPSE raised yesterday, may soon be a client’s responsibility, warns WTT’s Graham Webber:

“To make IR35 ‘more effective’ there is a promised consultation due soon as well as talks with employers. The thrust is clear – to force employers to recognise as employees, more people. The employer can then act as unpaid enforcer of tax rules and unpaid collector of tax.”

Mr Webber’s analysis - which implies a sea change for IR35 - was accompanied by his call to action. “The [IR35] consultation will need to be carefully examined [by]…a full blown campaign.

“[This is] to ensure that it produces a fair and balanced position,” he said. “This will require input not just from contractors and all those who advise them, but also those who engage their services. This is not the time to be in silos”.


In other words, hire a bob (simple phone call, govt backed scheme) or hire a contractor and have HMR&C crawling all over the place hammering the client that is not "outing" IR35 contractors....

[AtW]

Also don't quite understand the impact on the BtL changes.

In terms that you would understand - George took the bakon out of your BLT.

[DimPrawn]

In terms that you would understand - George took the bakon out of your BLT.

And replaced it with a dog turd. Bon appetit!

[ZARDOZ]

Tempted to go down MVL route the writing is on the wall UK contracting is going to be royally f#cked. Options are going to be severely limited tax takes will rise and IR35 will become even more of a headache not to mention all the other red tape. Pensions seems a good idea but the rules will be changed, so too much of a risk unless near 55. I suppose this is what you get having a chancellor whose main qualification is a degree in modern history.

[unixman]

You clearly haven't read this then?

Summer Budget 2015 hits PSC contractors, hard :: Contractor UK

Calm down dears. That article is mainly conjecture about what could happen in the future, not what happened yesterday. Regarding yesterday, it says the budget will leave a 150k contractor £3,164 worse off, and a 50k contractor £1,062 worse off. Hardly Armageddon. I actually calculate more than that.

Unscrupulous contractors and accountants may wish to exaggerate the effects to angle for higher rates.

[DimPrawn]

Unscrupulous contractors and accountants may wish to exaggerate the effects to angle for higher rates.

This is the best defence, everyone ups their rates to compensate. Unless you want to take home less than a permie and have all the hassles.

[unixman]

S'cuse me Mr Client, but as my business model has been nuked from orbit, the rate is going up er, 7.5% should do it.

[smalldog]

Permie economics

I do hope loads of contractors go Permie now, the natural economics of supply and demand will return us to the heady days of silly rates and offset the tax increases!

[d000hg]

S'cuse me Mr Client, but as my business model has been nuked from orbit, the rate is going up er, 7.5% should do it.

I suppose you could be that unprofessional about it.

[DimPrawn]

S'cuse me Mr Client, but as my business model has been nuked from orbit, the rate is going up er, 7.5% should do it.

"Market forces".

Same as the 20% rate cuts banks force on contractors every six months for the last 5 years.