“Budget cancellation puts potential government support measures further out of reach”
Rishi Sunak unsurprisingly cancelled Autumn Budget 2020 this week, saying the public wants the government to focus on “the here and now” – code for the coronavirus resurgence, shares Simon Moore in an article for Contractor UK.
Picking up on the impact a budget could have had on PSC’s, Seb Maley, CEO of Qdos, “says he is among those who want the focus to be on independent workers, contractors and enterprising-types who have gone it alone.
“For how much longer can the government ignore the needs of millions of freelancers, contractors and self-employed people?” he asked, implying a Budget cancellation puts potential government support measures further out of reach.””
Tax experts vindicate Rishi Sunak for threatening sole-person businesses
As reported in this article by Simon Moore for ContractorUK Rishi Sunak has “…been backed by experts giving evidence to the Treasury Select Committee who say the tax differential enjoyed by the self-employed – including PSCs – looks off.
In the committee’s latest ‘tax after coronavirus’ session, two of the three tax experts endorsed the chancellor’s view that regardless of status, ‘people must pay in equally in the future.’”
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HMRC: prepare for IR35 changes despite Covid-19 challenges
Article worthy of note from Pinsent Masons picking up on an information note published last Monday by HMRC. To help businesses prepare for the changes, HMRC’s customer education and support programme is being relaunched as a series of webinars from 13 October.
“…what HMRC says one day can change with no notice overnight. Given the extent of government borrowing over the past six months to support the economy during the pandemic, the Treasury will be looking for every opportunity to raise funds, and non-compliance with IR35 could be one weapon in its arsenal”
Closing your limited company ahead of IR35 private sector reform?
Has your business naturally reached the end of its lifetime? Then there are careful considerations you will need to take when determining the time frame for company liquidation or the sale of your business.
If you are contemplating closing your limited company after April 2021, this article from Business First shares some measures which could impact your financial position.
IR35: An interim apocalypse?
There’s certainly an unintentional theme this week.
This article in Executive Grapevine focuses on interims specifically.
“Whilst there is focus on contractors as a whole, not much has been said about the interims, the majority of whom operate through PSCs and are acutely aware of IR35. In fact, Tony Evans, an experienced interim CEO and member of the Association of Interim Executives, believes that interims get unfairly caught up in changes to contracting as a whole and thus ignored when such legislation gets ‘rammed’ through.”
This is “Substitution Services for Contractors looking to achieve an outside of IR35 determination. This service revolutionises the concept of substitution, shifting away from unworkable like for like substitutions of the past which are unused.”
Not an endorsement… just a share.
If you know of new businesses launching related to IR35, let us know and we’ll pass it on…