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It is a time when trade bodies, industry groups and interested parties lay out their equivalent of 'letters to Santa' in the form of a wish-list to the Chancellor.
However, the Chancellor doesn't always deliver what is wished for and sometimes the request is just to 'do nothing'. So contractors, sole traders, umbrella companies and agencies might be happy to be left out of the detail of the Statement.
Specialist accountant and service providers to contractors, Brookson, have been considering their wishes to the Chancellor.
Chief Executive Martin Hesketh said: "It’s going to be an interesting balancing act for the Chancellor. His tax revenues are coming in below forecast and, according to the Financial Times, he needs around £48 billion in public savings per year – so he doesn’t have much room for giveaways. On the other hand, he will need to show some ‘Conservative behaviour’ as this is a pre-election Autumn Statement.
"The Prime Minister has talked about raising the inheritance tax threshold, which would be popular with Conservative supporters. Where income tax is concerned, I can’t see much room for give always but this would be popular too. Perhaps he will do something more about business rates?"
Ideas
Recently, the Chancellor asked interested parties to submit ideas and views on issues they would like to be included or considered. The Government said that it would consider ideas that are original and innovative and that these suggestions must be backed up by evidence.
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IPSE suggested tax changes to try to reduce the regulatory confusion that many independent workers face. It suggested that the Government introduce an optional ‘freelance limited company’ tax structure as a means of providing clarity of employment status. (See: Call for policies for self-employed - Nov 2014, Shout99).
However, Brookson argued that there was a case for stablity rather than change.
Mr Hesketh said: "I think that what we really need is ongoing stability where legislation is concerned. We are coming out of the recession, generating economic growth very well and the flexible workforce plays a big part of that. After the introduction of Onshore Employment Intermediaries legislation and the removal of Business Entity Tests, I feel that the current regime is fit for purpose and we should let it continue as is.
"Earlier this week, the Government announced the appointment of David Morris as the the UK’s self-employed ambassador, whose job it will be to champion the rights of flexible workers, which is a landmark moment for the self-employed."
Autumn Statement
Chancellor George Osborne outlines his economic projections and fiscal policies for the coming 12 months in the Autumn Statement on Wednesday, December 3, 2014.
Shout99 will be reporting up-to-date news and expert analysis on all aspects with affect freelancers and small businesses in our Political News section.
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Susie Hughes © Shout99 2014
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