The contractor gets hammered again - (the Budget and more)

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DodgyAgent replied

14 July 2015, 09:12
Originally posted by nickersan View Post

I'd not paid much attention to the budget, assuming it was the usual tinkering here and there without much substantial change.

Listening to this weeks BBC Radio 4 - Money Box, Small Businesses Hit By Budget I couldn't have been wrong - it appears this was a budget to (and I believe this is the correct phrase) shaft contractors good and proper.

The headlines are:

Dividends of £5k or more taxed at 7.5%, 32.5% (currently 25%) and 38.1 (currently 30.5%).

No NIC employment allowance for 1 person companies

There's also consultation document (the thing that get published prior to discenting responses being ignored and its contents becoming law) that's looking to clamp down on travel and subsistence expenses and toughening up IR35.

There's more on all this in the article Summer Budget 2015 hits PSC contractors, hard on this very site.

It certainly seems that the war against contracting is being stepped up a gear, which can only serve to see more and more work being pushed off-shore - a loss to the UK as a whole.

And I am not gloating
Leave a comment:
TheLordDave replied

14 July 2015, 09:08
Wait! What! When was this! Oh last week...
Leave a comment:
DimPrawn replied

14 July 2015, 08:18
Originally posted by nickersan View Post

Doh - sorry, had scanned through - must look more closely...

He must think we all live under a rock and spend all day talking irrelevant bollox to each other......
Leave a comment:
SimonMac replied

14 July 2015, 08:17
Oh tulip, why did no one tell us this before!
Leave a comment:
d000hg replied

14 July 2015, 08:17
There is no war against contractors, you're not that important. They simply found a segment of the working population who were amongst the highest earners and paying less tax, and moved to 'correct' that. It will play well in PR terms to talk about "preventing people earning £100k avoiding tax by working through a personal service company" and we are the collateral.
Leave a comment:
DaveB replied

14 July 2015, 08:16
Originally posted by DimPrawn View Post

And Wham! split up.

What?! When?!
Leave a comment:
nickersan replied

14 July 2015, 08:15
Originally posted by DaveB View Post

You're a bit late to the party I'm afraid.

Go have a read of the threads in Accounting/Legal. Been discussed at length from the minute it was announced in the budget speech.

Doh - sorry, had scanned through - must look more closely...
Leave a comment:
DimPrawn replied

14 July 2015, 08:13
And Wham! split up.
Leave a comment:
DaveB replied

14 July 2015, 08:10
You're a bit late to the party I'm afraid.

Go have a read of the threads in Accounting/Legal. Been discussed at length from the minute it was announced in the budget speech.
Leave a comment:
nickersan started a topic The contractor gets hammered again - (the Budget and more)

14 July 2015, 08:06
The contractor gets hammered again - (the Budget and more)
I'd not paid much attention to the budget, assuming it was the usual tinkering here and there without much substantial change.

Listening to this weeks BBC Radio 4 - Money Box, Small Businesses Hit By Budget I couldn't have been wrong - it appears this was a budget to (and I believe this is the correct phrase) shaft contractors good and proper.

The headlines are:

Dividends of £5k or more taxed at 7.5%, 32.5% (currently 25%) and 38.1 (currently 30.5%).

No NIC employment allowance for 1 person companies

There's also consultation document (the thing that get published prior to discenting responses being ignored and its contents becoming law) that's looking to clamp down on travel and subsistence expenses and toughening up IR35.

There's more on all this in the article Summer Budget 2015 hits PSC contractors, hard on this very site.

It certainly seems that the war against contracting is being stepped up a gear, which can only serve to see more and more work being pushed off-shore - a loss to the UK as a whole.
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