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ALL THE LATEST NEWS, VIEWS AND STORIES FROM AROUND YOUR LOCAL AREA:NOVEMBER/DECEMBER THE GOVERNMENT SHAMBLES MIGHT BE HELPING YOU!


At the time of writing, it looks like there will not be a Budget in 2019. Having said that, in the last two days, the Budget has been off, then on, then back off again, so by the time you read this, it could easily have been off and on another five or ten times. They really should just toss a coin and then stick with that!


Whilst this is obviously no way to run the country’s finances, it might be very good news for any private sector limited company contractors reading this. The reason is that the Finance Bill published in July, contained some bad news for contractors, with IR35 being imposed on them from April 2020. Which means extra hassle, extra tax to pay and extra NI to pay, so not much fun.


Note the background to this was pretty toxic.


CONSIDERED WORDS BY


OAKTREE ACCOUNTANCY


HMRC ran a ‘consultation’, did practically none of the things they agreed to alter in the course of the consultation and then just stuffed the Finance Bill with their original text. In normal times, you’d have expected the Treasury Committee to have had a good go at knocking this sneaky move back but of course, all our MPs are just Brexit, Brexit, so into the Finance Bill this went.


As we are all finding out with Brexit, a Bill is


not a Law, and in this case, a Finance Bill is not a law, until it becomes part of a Finance Act. Normally, this is a matter of routine, the Government runs a Budget and enacts what is in the Bill and normally, opposition parties don’t get in the way of finance measures. Now we have an Election, we have room to hope that whichever party (or more likely parties) form the next Government, they scrap these daft HMRC measures.


In terms of practical advice for limited company contractors, the main thing is, to make your agency and ultimate employer aware that these changes to IR35 are not law and may never be. So, your contract carries on for now, with no extra taxes and hassles, good news!


Chris MacLeod BOOST YOUR BOTTOM LINE WITH A FIXED PRICE ACCOUNTANT


Proactive, quality accountancy support for your business First Two Months FREE with Oaktree!


Chris MacLeod ICPA Call Chris for a free chat on 07889 181 080or 01900 268 086 www.oakacc.co.uk


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ISSUE 437 | 21 NOVEMBER 2019 | 9


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