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[jamesbrown]

So sorry to hear that. ...

[jamesbrown]

Quite possibly, although I'd bear in mind that Chapter 10 will have been in force for two tax years and any investigations under Chapter 10 will be live through 2027, ordinarily, and these might in turn generate some interesting follow-up cases under the post 2023 (aka back to the future, presumably...

[jamesbrown]

It's great, an instant tax cut . Compared to the snoozefest of the CT freeze, that is proper money ...

[jamesbrown]

What was that election promise again? Hit the pound running or something...

[jamesbrown]

That sounds like a recipe for.... not small gov't.

That said, perhaps they will introduce strict deeming criteria and be done with it. No contracts longer than 6 months. No contracts fulfilling a role that permies fulfill simultaneously (including temps, interims etc.). Obviously,...

[jamesbrown]

Just bear in mind that HMRC has a clear hook for your change in status and that you don't really want an investigation, even if you ultimately win. On the upside, there will probably be thousands of contractors thinking the same thing, so you may be lucky or it may take several years to find that you...

[jamesbrown]

Double bubble....

[jamesbrown]

Which spells a lot of trouble for any contractors accepting such gigs in a few years time...

The only thing they could've done that wouldn't have caused renewed chaos in the sector is to repeal it altogether. I expect these changes will be met with overwhelming support from the contracting...

[jamesbrown]

If they were serious about reducing the tax burden on middle incomes, they'd certainly increase the thresholds. By focusing on income tax rates, that suggests they're as much or more interested in the visibility as the impact....

[jamesbrown]

If you're inside, it doesn't (and won't) make much sense to use a company, rather an umbrella, unless you plan to do a mix of inside and outside work. As speculation elsewhere indicates, this is going to be a target rich environment for HMRC when contractors move from inside to outside on the same contract,...

[jamesbrown]

Agree. No, nothing....

[jamesbrown]

It's actually the reverse of that. It's far easier for HMRC to go after clients. As soon as compliance/legal becomes involved, they will likely fold, not least because HMRC recommends that the contractor should be pursued for any shortfall, and the contract most likely allows it....

[jamesbrown]

We'll see. This is a pretty big experiment, and the Tories will have been in power for 14 years by 2024. I wouldn't bank on a hung Parliament after this (and the cost of living) plays out. Regardless, it is stated Labour policy to make taxes more similar ("fairer") across different forms of...

[jamesbrown]

Absolutely. This is another moment of carnage waiting to happen, no doubt about it. ...

[jamesbrown]

Nope. It's in the TAAR, so it's about the capital distribution not the additional saving through ER/BADR....

[jamesbrown]

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,...

[jamesbrown]

The two years begins from each distribution....

[jamesbrown]

Indeed. Much gnashing of teeth and wailing to follow....

[jamesbrown]

Yes, Chapter 10 gone, it sounds like.

[jamesbrown]

OK, well that was unexpected, Chapter 10 ITEPA (aka "new IR35") to be repealed, it sounds like, both the public and private sector reforms.