Official Contractor UK Budget Thread 2017

[poorautojobber]

This. It feels like the door has been shut on him but we don't know whether he'll walk away from it or knock again. The more bad news about its impact on the Public Sector side, the better.

This is why people like IPSE need the bad news stories from the Public sector. I know people on here don't seem to like IPSE but all the publicity on this has come from them.
Well done to them and all the people out their putting them putting the message out.

[Swamp Thing]

Good job well done to everyone that wrote to their MP's, pushed stuff on social media and what-not! Seems like we've managed to narrowly escape for now.

I'm still going ahead with the meeting with my (Conservative) MP this week. Gonna rip him a new one, let him know we'll all be ready for Round 2.

[AtW]

"3.71 Disguised remuneration
– The government will tackle disguised remuneration
avoidance schemes used by close companies – companies with fve or fewer participators – by
introducing the close companies’ gateway, revised following consultation, and measures to
ensure liabilities from the new loan charge are collected from the appropriate person. "

[billybiro]

"3.71 Disguised remuneration
– The government will tackle disguised remuneration
avoidance schemes used by close companies – companies with fve or fewer participators – by
introducing the close companies’ gateway, revised following consultation, and measures to
ensure liabilities from the new loan charge are collected from the appropriate person. "

I have 2 dogs and 3 cats. Can I legally make them directors/employees of my company, thereby avoiding these "measures" entirely? If I were in Texas, USA, I'd bet I could.

[Platypus]

EDIT: note to self, KUATB

[bobspud]

"3.71 Disguised remuneration
– The government will tackle disguised remuneration
avoidance schemes used by close companies – companies with fve or fewer participators – by
introducing the close companies’ gateway, revised following consultation, and measures to
ensure liabilities from the new loan charge are collected from the appropriate person. "

https://home.kpmg.com/uk/en/home/ins...reporting.html

I think someone’s going to get their piggy bank raided!

[Guvernator]

Divi allowance reduced to £2k

Yes but softened somewhat by the reduction in Corp Tax, the increase in personal allowance and the higher rate threshold so we are pretty much evens.

[bobspud]

I'm still going ahead with the meeting with my (Conservative) MP this week. Gonna rip him a new one, let him know we'll all be ready for Round 2.

I honestly think this is the wrong way to play the game. As I have stated in other threads here what we are looking for is simply a clarification of our tax status. The dividend taxes have more or less wiped out any benefits in taking large dividends over normal renumeration.

But the way the market is set up today we are swallowing the risk of investigations.

I think we need to revisit the need for a reintroduction expenses so that being inscope does not stop traveling to non local gigs and a plan for a better freelance business vehicle that provides a pretax method of saving for contingency time off.

And I think some time to help clear the decks of those most likely to fall foul of investigations would be a good step in the right direction.

At the end of the day being in denial of your IR35 state is not a long term tax plan.

[AtW]

I believe that a consultation is the norm these days as a means to reduce or eliminate the effect of any legal challenge. I imagine the Treasury know what they are aiming for and expect changes to be announced in the 2018 Budget, taking effect from April 2019.

The Red Book also mentions some simplification of employee claimed expenses but I would suspect that this will be closed off to one man band contractors.

Are you happy with Tory Govt yet?

[BrilloPad]

"3.71 Disguised remuneration
– The government will tackle disguised remuneration
avoidance schemes used by close companies – companies with fve or fewer participators – by
introducing the close companies’ gateway, revised following consultation, and measures to
ensure liabilities from the new loan charge are collected from the appropriate person. "

Lets hope HMRC will focus on the low hanging fruit first. The ultra rich and large companies.

Vince Cable has the right idea.