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In the information released after the Chancellor's Pre Budget Report in December 2003 was paragraph 5.91 of a Treasury Report. It alluded to proposals to be brought forward in the 2004 Budget to ensure owner/managers paid 'the right amount of tax'.
This has been described as a tax 'time bomb' for small businesses. Shout99 will be keeping freelancers up-to-date with all developments in this area of the site 'News on IR5.91'.
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There has been much speculation but little hard information about how the Chancellor intends to ensure that small, owner-managed companies pay 'the right amount of tax' in his Budget announcement on 17 March 2004. Now you can find out exactly what it will mean to your business and your future.
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Speculation is increasing about what the Chancellor will do in the Budget to ensure small companies 'pay the right amount of tax'. One firm of accountants has provided a calculator to show company owners what the cost cost be under a range of options the Chancellor may impose.
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Shout99 and freelancer tax specialists Qdos Consulting are plannning a series of seminars to explain what IR591 means to freelancers and how you can plan ahead. These will be held in the weeks after the Budget when the Chancellor is expected to announce the details of the new tax on small businesses.
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The Revenue met last week with representatives of various professional bodies, such as the Chartered Institute of Taxation and the Institute of Chartered Accountants in England and Wales, and the topic of IR591 was raised again.
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Freelancers have been contacting their MPs to encourage them to sign the Parliamentary petition calling for a rethink on IR591 - the next tax the Government has planned for small businesses. This week the number of MPs who have signed reached 74 (48 last week.) Has your MP signed?. See the list below for details and how to encourage him or her to add their name.
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There has been a good deal written in recent weeks concerning the Chancellor's pre budget statement concerning his proposals for company dividends.
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A few weeks ago, Shout99 announced that there was a Parliamentary petition to encourage the Government to think again about IR591, the proposal due to be announced in the Budget, to ensure owner-managed companies pay the right amount of tax. We asked members of the Shout99 network to contact their MPs to encourage support. Is your MP on the list yet?
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Shadow Paymaster General, Mark Prisk MP, is asking all MPs to support his call to ask the Chancellor to consult small business groups about IR591, the as yet unknown proposal to ensure freelancers and small businesses 'pay the right amount of tax'. Has your MP signed yet and represented your views?
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The Institute of Fiscal Studies (IFS) has suggested that if the Chancellor wants to remove the differential between small businesses and self-employed, rather than increasing dividend taxation, a simpler solution, would be to remove the zero per cent corporation tax rate 'if there is a concern over tax avoidance'.
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The Federation of Small Businesses (FSB) has called on the Government to postpone plans to implement IR591 so that the Treasury can hear the views of businesses, accountants and tax advisors.
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