Delayed to 2023-24?
Proposal for Off-Payroll delay until 2023, tabled for Finance Bill Tuesday 19th May 2020.
All eyes this week on the short line in the House of Commons Agenda for Tuesday, tabled by Conservative MP, David Davis.
“Line 3, at end, add ‘, provided that no amendment having the effect of increasing a charge upon the people may take effect earlier than tax year 2023–24.’.”
This will be voted on my MPs and would certainly be a relief for many contractors and organisations fearing a joint COVID-19 and IR35 impact in April next year.
Before you write to your MP …
- If there are others you think that would benefit send it on, or share the link – www.IR35Weekly.uk.
- For those who have just joined us, welcome! You can view previous news on the website.
- If you have stuff to share let us know and we’ll give a shout out to the (IR35) world.
Now write to your MP…
“The tabling of this amendment is thanks in large part to more than 3,000 campaigners who have worked tirelessly to support the Stop the Off-Payroll Tax campaign. Each of them should give themselves a pat on the back for helping us get this far.
“A key component of our campaign has been to encourage individuals to speak directly with their local MP about the Off-Payroll Tax and the damage it has caused. As a result of this, we’re expecting a significant amount of support for the amendment. However, ultimately, whether enough MPs are willing to lend their backing to the UK’s self-employed remains to be seen.”
If you’d like to be involved, Contractors can help push for the delay by joining the campaign and contacting their MP.
Contractor sector largely unmoved by furlough job retention scheme extension
Contractor UK picks up on the extension of the furlough scheme, but lack of support for contractors in this in depth article written by Simon Moore.”A surprise extension yesterday of the Coronavirus Job Retention Scheme fails to take into account limited company contractors, and may even cost them money from August.But chancellor Rishi Sunak’s extension of the scheme until October 2020 does take into account just how long the government clearly believes the effects of covid-19 will last.”
Also shared by Rebecca Seeley Harris on LinkedIn with subsequent discussion…
Bored of less than insightful webinars?
“Are umbrella employees truly employed by the umbrella company?”
Check it out and get involve
Did you know that if the Bounce Back loan is used incorrectly, you could be facing a 32.5% tax bill?
Gregory Timson shared a link to an excellent article on Linkedin;
“This isn’t unique to Bounce Back Loans, it’s the same for any loan. The problem and potential tax bill arises from what you do with the money, not how you got it. If, after taking out a loan, you then draw cash personally from your company via a dividend which it can’t afford, you could be facing a 32.5% tax charge.”
So stay alert and stay safe…
If you see something interesting (or have written something), do send it through via the website so it can be shared with the community. If there are other people who you think would like this email just send it on, or share the link – www.IR35Weekly.uk.