Contractors eager to hear George Osborne’s Autumn Statement
November 25th will mark the date on which George Osborne, Chancellor of the Exchequer, will deliver his first all-Conservative Autumn Statement. The announcement, which will include a spending review, will be eagerly awaited by the whole country, but contractors will be particularly interested to hear his updates on the measures he introduced in the Budget.
According to the Treasury, the Chancellor has asked the Office of Budget Responsibility to provide them with a set of forecasts on the date which had already been allocated for the review. One of the proposals that were mooted in the Budget was to reform IR35 with the intention of making the legislation more effective, with an ongoing consultation designed to establish how the government should best proceed.
There are plenty of experts already speculating on what the statement could have in store, with many tax specialists anticipating the chancellor’s statement, especially in light of the compilation of the IR35 discussion document which is designed to inform the whole process. The government has promised a ‘full consultation’ before making any changes to the legislation, and the timetable for this will be dependent on the discussion that HM Revenue and Customs will be having with the various stakeholders involved in the process.
There are also predictions that the Autumn Statement will contain information about pensions which is another area that many people believe is ripe for reform. Ros Altman, the recently appointed pensions minister, believes that pension tax relief should not be available to the highest earners, so a pensions announcement could be in the offing.
Keeping up with the latest changes to the legislation which affects you can be onerous, but our guide to contractor tax can help you to understand how the rules apply to you. Our guide to IR35 is also an invaluable tool for anyone who wants to understand more about the legislation, and our take home pay calculator will help you to work out what you could be earning.
For more detailed advice, including information on how best to organise your finances to make sure you are maximising your income, our specialist accountants can help, so call us today on 01442 275789, book a one to one meeting or email your enquiry to firstname.lastname@example.org.