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Coming over the horizon is a four-pronged attack...
** A review of how to improve effectiveness of IR35 as it was estimated that non-compliance in this area costs over £400 million a year;
** Contractors who remunerate themselves via the dividend route are likely to be affected by the Chancellor's announcement of 'a major and long overdue reform to simplify the taxation of dividends', which signaled that the Dividend Tax Credit would be replaced with a Dividend Tax Allowance of £5,000 and setting new dividends tax rates;
** The Government has indicated in a consultation document that it intends to remove tax relief for the home-to-work commuting of umbrella workers and directors of their own limited companies (Personal Service Companies);
** Employment Allowance, designed to help businesses who employ staff to reduce their national insurance bill, will be increased. The bad news was that it will no longer apply to sole directors, that is many contractors working through their own limited companies.
Full coverage of these issues and others from the Summer Budget affecting small businesses and freelancers - and experts reactions to them - is available in the Political News section of Shout99.
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Letters from Freelancers opens up discussions on a number of subjects of interest to freelancers.
The Clubhouse is an area for 'off-topic' discussions.
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Please forward this newsletter to any other freelancer or small businesses who may be interested in news and information related to running a small business. You can subscribe to receive your own free copy of this newsletter on the home page of Shout99.
Susie Hughes, Editor
Newsletter 435
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