Contracting experts make budget predictions

This month will see the 2016 Budget announcement on the part of George Osborne, the chancellor, and speculation is already rife amongst those who represent the groups most likely to be affected.

Contracting experts are keen to apply pressure to the government ahead of the planned changes to the travel and subsistence legislation in the hope that they will prompt a re-think on the part of George Osborne.

Lisa Keeble, of ContractorUK, is hoping that the plans will be revised to relieve the pressure on recruiters and umbrella companies, as the current plans will expect them to be able to provide evidence of a negative – that workers are not under supervision, direction and control. Even for those who are able to provide such ‘proof’, being able to demonstrate beyond doubt that it is not fraudulent also poses its own problems, and Ms Keeble has called for this issue to be covered too. Lucy Smith, of the umbrella trade body All Umbrella Companies Are Equal, believes that such a revision is at least a prospect, and although she is resigned to the idea that the changes to the legislation will be going ahead, she is hopeful that there will be some last minute amendments.

AUCAE are already expecting some kind of formal guidance on the legislative changes following a meeting they had with HM Revenue and Customs. They believe that it should be available before the end of March in order to ensure that contractors are not left in the dark for too long.

The Association for Independent Professionals and the Self Employed are also optimistic that the chancellor might use his Budget to begin unveiling plans to achieve the goals set by Julie Deane in her review of self employment as a whole, including reforms to the way maternity pay is calculated.

If you are intrigued to see how the forthcoming budget will affect you, then arm yourself with knowledge by reading our guides to contractor tax, contractor expenses and our FREE 60 page guide to contracting.

If you want to protect your finances against future changes, the best way to be prepared is to take advice from and qualified and experienced accountant. Our team are always on hand to answer questions about how to save you time and money, so call today on 01442 275789 or email newbusiness@sjdaccountancy.com for more details.

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