Not a good day for Ltd Co #contractors. Having seen the message get through to Gov on #IR35, and welcoming a repeal of #offpayroll rules, that repeal has been dumped, #corporationtax is going up, dividend #tax is staying up, & at home the energy price cap might go in the spring
Confirmed by #primeminister that #corporationtax going up as originally planned by Rishi Sunak, in April 2023. This actually means a marginal rate of 26.5% for smaller businesses as their profits grow between £50k and £250k.
This makes sense, as the SDS requirement is in the bit of law that is being repealed (chapter 10) not the old bit that will remain (chapter 8). #IR35#Contractors
Nasty #budget sting in the tail for #contractors - an effective marginal rate of corporation #tax of 26.5% will apply from just £50k of taxable profits. Effective 2023 - more pain for PSCs. Get some tailored help from your accountant to mitigate... www-contractoruk-com.cdn.amp…
.@CarringtonAcc @jsa_chris @JSAServices big thanks for sharing your insights and experience today - Practice Talk will be on demand @AccountingWEBuk soon.
So much not covered- challenge of getting every self employed person on MTD, personal financial planning, loan charge..1/2
Politically very hard for Gov to backtrack on this so late - but that doesn't mean they shouldn't. The #selfemployed won't forget this latest installment in a long line of decisions and policy that feel very anti #freelancer and anti #contractor.
"The drop in the number of #selfemployed shows the glaring gaps in support are leading to long-term, avoidable decline in the sector. This is concerning not only for the self-employed, but also for the UK’s prospects in the coming recession." ipse.co.uk/ipse-news/news-li…
Challenging times always require us to take a moment & pause for thought in order to learn from the past.
This episode will help you take that moment & learn from the testimonies of two #accounting professionals that deal with your same daily challenges. bit.ly/3p3unGG
Next Practice Talk coming soon - this time with two very different takes on a similar client type.
@jsa_chris and Nicky Owen from @CarringtonAcc share their journeys into the profession and just how they build their process and services for contractors
accountingweb.co.uk/practice…
Interesting technical discussion here with lots of focus on the #gigeconomy . Painful, but inevitable question posed - what kind of tax rises would be best for the #selfemployed in the future? @IPSEwestminster sensibly not agreeing to any as a 'good' option right now. #ir35 too.
FCSA CEO Phil Pluck and Chair @jsa_chris today had a "very positive and constructive meeting" with @HMRCgovuk regarding recent issues emerging out of off-payroll reforms and "are confident the matter will be resolved" in advance of April fcsa.org.uk/fcsa-and-other-i…
We are extremely pleased to have been shortlisted for two awards at the 2020 Contracting Awards this year! Best Umbrella Company and Best Contractor Accountancy. #teamjsa
Congratulations to the other companies that have also been shortlisted
#contractors#contractorawards
Interesting speakers at the Office of Tax Simplification 10th anniversary event today. Hope they get to spend more time on the #gigeconomy and employment status - that needs more simplification! #ir35#OTS10
It does seem a weak excuse when #selfemployed individuals support is being cross-checked to personal tax returns. Same could be done for most Ltd Co. #directors. Avoiding 'administrative complexity'? What about the 'Mon - Weds only ' Eat Out to Help Out' Scheme? @ForgottenLtd
HMRC amends the flat rate percentages for catering, accommodation and pubs so they can benefit from the temporary reduced rate of VAT #awesomeindirecttax#VATlnkd.in/dVkeuAv