HMRC has added umbrella company, Charteris Management Ltd (CML) to its list of tax avoidance schemes. However, the move has been described by one expert as ‘not going far enough’, with another urging the tax office to start calling out ‘the big players’.
The hidden misery for contractors and freelancers in the Autumn Statement was the announcement that the dividend tax thresholds will be reduced from £2,000 to £1,000 in April 2023, before halving again, to £500 in April 2024.
A professional tax body claims that the announcement in the Autumn Statement that the Government will freeze the VAT registration threshold of £85,000 until at least March 2026 will put more pressure on small businesses.
Some self-employed universal credit claimants may not see the full value of the Government's rise in benefits because the artificial minimum income floor that is applied to some low paid self-employed claimants in universal credit is directly linked to the minimum wage which will also rise from 1 April 2023.