Budget (4): Reaction from freelancers' group

by Susie Hughes at 12:10 16/03/23 (Political News)

Representative group, IPSE has given its views on some of the measures in the Spring Budget which will affect freelancers and the self employed.

Criminal charges for tax avoidance promoters IPSE said: “IPSE has long called for tougher sanctions on the promoters of tax avoidance schemes. These schemes have not only taken money away from public services, but also left thousands with life-changing tax debts. Advertisement “We welcome the announcement that the Government is set to focus more of its efforts on the scheme promoters and we hope that that might enable greater leniency towards the individuals caught up in them.” Pension allowance changes “Increasing the pension annual allowance and abolishing the lifetime allowance are positive measures for experienced professionals, which may give them an incentive to remain in work for longer. But it won’t dismantle the obstacles discouraging many other older workers from returning to the labour market. “Early retirees with their eye on a return to work are likely to value flexibility and autonomy more than the chance to grow their pension pot further, so it’s disappointing that government has chosen to double down on its approach to IR35 and other measures that make a self-employed venture more difficult for over 50s. “The Government needs to go much further to address the crisis in self-employed pensions. Hundreds of thousands of self-employed people are set to have inadequate pension pots to retire on, with many not saving for later life at all. Government must make rapid progress on plans to boost self-employed pension pots.” Corporation tax increase “The small profits threshold for corporation tax was too low when first announced two years ago, and it’s too low today; historic levels of inflation since the policy was announced will see even more of the UK’s smallest businesses entangled in yet another tax increase, on top of recent raids on the dividends of single-person companies.” Free childcare expansion “There are a growing number of self-employed parents and we’re pleased that they will be better supported as a result of these announcements. However, it’s disappointing that the Government still won’t act on the maternity pay shortfall facing self-employed mothers relative to employees.” Advertisement Fuel duty “Confirmation that fuel duty will remain frozen, and the temporary 5p cut extended, will be a welcome relief to the hundreds of thousands of traders whose business depends on their vehicle.” Energy price guarantee “The cost of domestic energy is among the top concerns for the hundreds of thousands of freelancers who work for their clients from home; this announcement will be a welcome reprieve for many home-based businesses owners.” Spring Budget 2023 For more information and expert analysis on issues relating to freelancers, contractors and small businesses in the Autumn Statement see Shout99's Political News section. Further IR35 information For more information about all aspects of IR35, including the controversial IR35 reforms see Shout99's News on IR35 section. Tweet -- If you wish to comment on this article, please log in and use the Reply button below. Registering is free and easy - see 'Join Shout99'. - Susie Hughes © Shout99 2023

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