The ‘official agreement’ between the Conservatives and Lib Dems, published earlier this month, hinted at a number of business and personal tax policies, due to be confirmed in the Emergency Budget taking place on 22nd June. Our contractors are a savvy bunch, and on the whole, appreciate that the UK needs to address its massive budget deficit and this will involve more taxes; however, fairness and clarity will be key.
Comparing apples with pears – when comparing contractor accountants, make sure you are comparing like for like!
One of the things that constantly concern me about the contractor accountancy market is the lack of transparency by some service providers. This typically takes the form of a low headline monthly fee used to entice new business but which conveniently neglects to mention some of the expensive add-ons, joining/leaving fees and all the other additional costs that can sneak up on busy contractors who haven’t had the time to go through the small print in much detail.
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Notably Absent
While I welcome the start of a new era in Government, with a pledge from this new coalition to hasten its plans to cut the £163bn Budget deficit, I wonder what these recovery plans really mean to UK business in the wider sense and, more importantly, to the professional contractor.
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As the dust settles on one of the most compelling election nights in recent history and the new Prime Minister begins to assemble his first cabinet, the nation’s attention has begun to turn towards figuring out what it all actually means for them personally.
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Despite IR35 becoming something of a political football during this election campaign, with both the Tories and Lib Dems using it to engage with contractors, perhaps more significant for contractors and freelance workers in the UK have been the results of two high profile cases heard in the High Court.
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Over the past few months a number of our clients have provided some valuable feedback on our online portal they use to submit their monthly accounting information.
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IR35 legislation is becoming something of a political football in the run-up to the election it seems, judging by Shadow Business Minister Mark Prisk’s comments in The Telegraph yesterday. Citing IR35 as another example of the Labour government’s “meddling with the tax rules”, Prisk called the legislation “over-complex, uncertain and often unfair,” and claimed it would be part of a fundamental review by the independent Office of Tax Simplification.
If you’re considering setting up your own limited company, then you’re not alone. There are over a million limited company directors in the UK and they all started where you are now. Weighing up the pros and cons, drawn in by the possibility of doubling your earnings (who wouldn’t), whilst also wondering how the extra responsibility will fit into their lifestyle and feeling excited about the new challenge and flexibility that becoming your own boss offers.
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Contractors expecting a pre-election giveaway Budget this Wednesday afternoon are likely to be disappointed.
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May 21st, 2010 by Derek_KellyDads in Downing Street: Does Our Coalition Government Give More Flexibility to Cameron and Clegg?
Out of an election where three fathers of pre-school-age children stood against each other, two of them have ended up sharing power. So has this election offered the dads in Downing Street more by way of benefits than expected?
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