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The recent Budget received a modest welcome from the small business section but was more about missed opportunities than anything substantial.
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The Government's stated intention is to focus on five areas: reducing debt; cutting tax and rewarding hard work; backing British business; building domestic and sustainable energy; and delivering world-class education.
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Representative group, IPSE has given its views on some of the measures in the Spring Budget which will affect freelancers and the self employed.
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Budget proposals to change pension allowances to encourage early retirees back into work could benefit older contractors thinking of returning to the work-place.
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Although the Budget promoted 'Back to Work' measures for many sections of the workforce, including the older 'returners' and young parents, the Government has been accused of missing an opportunity to target the self-employed sector.
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Chancellor Jeremy Hunt's first Budget was aimed at encouraging people to return to work. Here are the key measures aimed at that - and other annoucements.
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Since IR35 metamorphosed into the 'off payroll' rules, the ongoing criticism of poorly drafted legislation and confusing outcomes has taken on new levels.
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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.
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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.
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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.
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