SJD March News Roundup
Spring has sprung and March is coming to a close which means it’s time again for our monthly news roundup. We’ve put together an overview with all of the latest from the contracting world over the past month.
Spring Statement announced
March 2018 saw Hammond deliver his first Spring Statement. No IR35, tax or spending changes were announced, but the government declared that spending reforms were due in 2019.
There were positive signs as the level of economic growth is ahead of forecast for the fifth consecutive year and the levels of inflation are set to decrease. Unemployment figures have also fallen every year since 2010. You can read a rundown of the statement and key points here.
End of the financial year approaching
6th April marks the start of the 2018/19 tax year. If you haven’t already done so, now could be the perfect time to assess your finances and make sure you’re taking advantage of any allowances.
If you’re an existing client of SJD, look out for an end of year email with a rundown of your spending and what the changes to tax and allowances could mean for you.
Self-employed happier than permanent employees
A new study by the Universities of Sheffield and Exeter has revealed that self-employed workers are happier, even in spite of longer working hours and less job security.
The study published in the journal Work, Employment and Society collected data from 5,000 participants across a number of sectors. The results showed that the self-employed workers experienced higher levels of engagement, had more opportunities for career progression, met challenging targets more effectively and worked to a higher standard compared to their permanent employed counterparts. Of all respondents surveyed, permanent employees in non-managerial positions were the least satisfied.
Freelancers driving growth in self-employment
A recent report by IPSE (The Association of Independent Professionals and the Self-Employed) has declared that the UK’s self-employed workforce has been one of the main drivers behind the growth in self-employment.
Between 2008 and 2017 the number of self-employed workers in the UK increased by 46% and with this growth has brought an increase in the contributions they have made to the economy. According to IPSE, this growth has not only aided the economy but has driven innovation, enhanced workforce flexibility and promoted efficiency.
You can read the full report here.
Stay up to date
If you have any questions about how the Spring Statement could affect you and your working practices, give us a call on 01442 330876 to speak to one of our expert accountants.
You can also stay up to date with the latest developments in our news centre.