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Modest welcome to Budget tax cuts
by Susie Hughes at 10:52 18/03/24 (Political News)
The recent Budget received a modest welcome from the small business section but was more about missed opportunities than anything substantial.
The main changes affecting freelancers and the self-employed were:
  • Raising the VAT threshold from £85,000 to £90,000;
  • Further cut to National Insurance paid by employees and the self-employed of 2p.

Andy Chamberlain, from freelancer group IPSE, said: “The Budget was an encouraging sign that the Chancellor is beginning to listen to the self-employed. But despite the welcome cut to National Insurance and the raising of the VAT threshold, the measures failed to address the substantive issues holding the self-employed back, from IR35 to the looming cost of Making Tax Digital.

“It’s positive that the Chancellor has heeded IPSE’s call to raise the VAT registration threshold. This increase, whilst modest, will alleviate a barrier to the growth of our smallest businesses and it is encouraging to see the Chancellor recognise that in the Budget.

“And while the cut to National Insurance will be welcomed by the UK’s 4.2 million self-employed, any benefit may well be undermined by frozen thresholds and continued inflation.

“The self-employed make an enormous contribution to our economy and society, but it could be even greater if the Government were to grasp the nettle of IR35 and address the forthcoming impact of Making Tax Digital for Self Assessment.”

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Susie Hughes © Shout99 2024

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