Mini Budget aka Fiscal Statement

[tazdevil]

Across the country tens of thousands of contractors will be re-hiring their spouse/partner to do **** all.

Did they ever sack them as they're all Directors My human resources / financial / administrative Director has been very gainfully employed for the last 38 years.

I'm liking this Kwasi

[SimonMac]

Got the link to that so I can share it with some people

[mudskipper]

IPSE have had a sympathetic ear from Liz Truss on this for some time - perhaps tea and biscuits has finally paid off!

[mattster]

Removal of the 45% additional tax band to 'simply the tax system' but no word of the effective 60% tax band over 100k..

I wasn't actually listening, but any word at all on unfreezing tax bands? This is a far more pernicious and costly thing than the odd pence off the base rate, and at current rates of inlfation is going to end up costing thousands to the squeezed middle! Scrapping higher rate to benefit of just over half a million payers rather bold - can't see that being popular.

[Bluenose]

Got the link to that so I can share it with some people

https://assets.publishing.service.go...Accessible.pdf

[vetran]

Rishi's father in law is going to be pissed.

Why? this will allow his mates at HMRC to persecute small contractors at will instead of the embarrassing situation of taxing government departments who used HMRC's check and got it wrong. - Better optics and more uncertainty. Kerching!

If I were IPSE I would be pointing out that loads of government departments couldn't get it right with a huge HR department so how do you expect small business to do it right?

[saptastic]

The 2017and 2021 reforms to the off-payroll working rules (also known as IR35) will be repealed from
6 April 2023. From this date, workers providing their services via an intermediary will once again
be responsible for determining their employment status and paying the appropriate amount of tax and National Insurance contributions. This will free up time and money for businesses that engage contractors, that could be put towards other priorities. The reform also minimises the risk that genuinely self-employed workers are impacted by the underlying off-payroll rules


from the growth report

[Bluenose]

3.23 In addition, the government will reverse the 1.25 percentage point increase in dividend tax rates from April 2023. This will benefit 2.6 million dividend taxpayers with an average saving of £345 in 2023-24 and additional rate taxpayers will further benefit from the abolition of the additional rate of dividend tax. This will support entrepreneurs and investors across the UK to drive economic growth.

[jamesbrown]

IPSE have had a sympathetic ear from Liz Truss on this for some time - perhaps tea and biscuits has finally paid off!

I think it's more likely that their thinking was aligned. The idea that IPSE actually influences policy in any meaningful way is a bit, er, optimistic.

Before the celebrations are overdone, I'd bear in mind that this will last for approximately one year before Labour gets in, most likely, at which point taxation on company profits, dividends and capital gains will rise massively, effectively rendering IR35 moot.

[mallisarealperson]

No one will win the next election.