OTS wants to hear from contractors
When the Chancellor made his Summer Budget announcement it was a mixed bag as far as contractors were concerned, but one positive that was welcomed by the flexible workforce was his pledge to undertake a review of small company taxation. The idea of the review was to provide contractors and other micor-businesses with an opportunity to voice their thoughts on the issues that they face on a daily basis and to influence government policy for the future.
The initial stage of the review has begun and this phase of the survey comprises twenty three questions which reportedly take around fifteen minutes to answer and are designed to form the basis of a series of recommendations which will be provided to the Chancellor. The review is being managed by the Office of Tax Simplification who are asking owners of small companies, including contractors, to take part. They wish to learn more about the challenges that small companies face when it comes to dealing with the tax system, and are asking for their input with regard to any suggestions they might have for improving it.
The survey includes a section where contractors and other contributors can leave their contact details which will enable the OTS to get in touch with them to ask for further details should any of the submissions contain ideas or suggestions which warrant follow-up. Whilst this is provided as an option, there is an option to complete the survey anonymously should they prefer, which some may do given that the questions do probe the reasons people have for incorporating as well as asking whether or not they are better off financially for having done so.
The survey provides contractors with an opportunity to have their say on some of the most pressing tax-related issues of the day, meaning that anyone who has found the current government’s approach to independent professionals could consider this an opportunity to share their frustrations.
Any contractor who has considered the best way to make their business tax efficient should consider the advantages and disadvantages of a limited company and our contractor take-home pay calculator could help to ascertain the most profitable way to work. For more information about working for yourself, our free 60 page guide to contracting is a great place to start.
If you want to know more about the tax implications of working for yourself then our specialist accountants are best placed to help. With years of experience supporting contractors, they can help you at any stage of your career so call today on 01442 275789 or email firstname.lastname@example.org.