After IR35 Brown squaring up to close the Umbrella loophole.

[BobTheCrate]

Composite companies

Buried in the small print are the first salvoes of an attack on composite or umbrella companies.

These companies are widely used to supply individual contractors to big companies in the UK.

HM Revenue & Customs is concerned that these companies are avoiding - or evading - income tax and National Insurance Contributions (NICs), and has announced that it is consulting on new rules to prevent this.

My guess and hope is this will lead to many or hopefully most umbrella contractors to incorporate and resist. Thereby generating even less tax for this greedy, arrogant & deceitful Chancellor; who himself will be hoping such contractors will just roll over and cough up.

[madhippy]

'scuse the newbness ... not all umbrella's are composites tho are they ???

it's only if you have salary + dividend that makes it a composite ... ie a regular umbrella that just does salary wouldn't make any difference cos you're paying all taxes etc ??

[Underscore2]

Umbrella's are fine as you are already paying way to much tax. They are after the rest of us that try to avoid paying too much tax.

[Fleetwood]

Umbrella's are fine as you are already paying way to much tax

Umbrellas are fine as you are already paying way too much tax

[bogeyman]

Umbrellas are fine as you are already paying way too much tax

Nice to see someone keeping up standards around here - you crazy Walloon.

[thunderlizard]

umbrellae