Budget highlights for contractors and freelancers

On Wednesday, the 2016 Budget was presented to MPs in the House of Commons. This year’s Budget has reiterated the government’s intention to clamp down on those they perceive to be avoiding taxes. We are yet to receive definitive information on many of the topics relating to contractors and the self-employed; however, the imminent release…

The Autumn Statement – how are contractors affected?

Despite much speculation, there was little detail regarding the restriction on travel and subsistence expenses, and a revision of IR35 in Wednesday’s Autumn Statement – the government will release more information on 9 December. All we know, is that changes on 6 April 2016 will affect workers engaged through an umbrella company, and individuals working…

The Autumn 2015 Statement – speculation is rife!

On the 25th November 2015, George Osborne will present the first ‘all Conservative’ Autumn Statement to the House of Commons. The Autumn Statement is similar to the yearly Budget – announced in July, but contains less important economic policies. Last year’s Autumn Statement took roughly 55 minutes to be presented by Mr. Osborne and there…

What the Summer Budget means for you as a contractor

Let’s start with some good news… The following rates will not increase for the lifetime of this parliament: Basic rate of income tax – 20% Standard rate of VAT – 20% Employers’ Class 1 NIC – 13.8% Employees’ Class 1 NIC – 12% Now let’s take a look at everything else…  Change in dividend tax and the abolition of 10% tax…

Autumn Statement 2014

We like to keep our clients informed of all updates and as this week was the Autumn Statement we thought we could share some of the salient features with you: – Personal allowance from 6/4/15 is now £10,600 instead of £10,500 as announced before. What does this mean to contractors? For those who are using an…