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New research suggesting the self-employed sector’s contribution to the UK economy fell by an estimated £25bn in 2022 is a 'wake up call' for government to change course on its agenda for the nation’s smallest businesses, according to IPSE, the UK’s freelancer trade body.
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’.
It has been a confusing time for contractors and businesses that use their services, as the regulations and the political powers-that-be who administer them have operated a policy which has been a mixture of revolving doors and U-turns.
If the Government is serious about ‘embedding simplification’ in the UK’s tax policy-making process it should retain the Office of Tax Simplification (OTS) and consider strengthening it, the Chartered Institute of Taxation (CIOT) has told the Chancellor.
New research shows that freelancers’ confidence in the UK economy for the next 12 months has fallen sharply from -27.4 in Q1 2022 to -56.7 this quarter. This represents the lowest level of freelancer confidence in the economy since the early days of the pandemic in Q1 2020.