Much to think about for contractors and their advisers
Posted on 28th June 2019 by Adrian Stewart
There’s a lot for us all to think about currently on the global, economic, political and financial fronts.
The news is dominated with the Tory leadership battle, Brexit (yes, the outcome still remains a mystery), sterling at a low, Middle Eastern oil supply uncertainty and US trade tariffs prevail.
Closer to home those in the “gig economy” appear to have attracted the attention of the government with the Good Work Plan being published late last year containing plenty of well-meaning initiatives including measures that will give temporary workers more rights and security.
Private sector IR35 reform
Many public sector freelancers and contract workers operating through their own companies (PSCs) faced significant changes to their employment status in 2017 (and HMRC hailing the pay rolling of many as a huge success in respect of tax collection) the private sector is next to be tackled.
Whilst all parties in the supply chain and their advisers were able to make representations to HMRC recently it seems clear to many that the IR35 off-payroll rules that applied to public sector workers will look not too dissimilar in the private sector.
There are calls for the new intended rules to be put on ice until 2021 (they are to be in place by April 2020 in HMRC’s view) as many feel there is simply far too much going on for things to come to pass without massive disruption to the UK economy.
Factors such as Brexit, sectors of the economy in decline and general global uncertainty coupled with new tax legislation for contract workers make decision making complex.
With all of the above in mind and HMRC embarking on an on-going process of “making tax digital” it was felt that our clients and a wider audience would benefit from a webinar on topics close to the hearts of the UK’s flexible workforce.
IR35 and MTD Webinar
On 12th June, in conjunction with our friends at Rodliffe Accounting and www.freeagent.com a webinar took place in London to address IR35 – who might be affected and what can be done ahead of the proposed changes to rules in 2020; how insurance can assist and; Making Tax Digital – being prepared for on line VAT filing.
Here is the webinar link https://freeagent.wistia.com/medias/2ml66lung9
Many of you dialled in on the day so thank you for your support and questions.
A vote of thanks to the team at www.currenciesdirect.com for the use of their offices.
If you would like to know more about our range of insurance policies for freelance and contract workers or specifically our Freelance Contractors Legal & Professional Expenses Policy, please contact 0333 321 1403
The information in this article has not been written by Caunce O’Hara & Co Ltd or any of Caunce O’Hara’s employees. None of the opinions or views contained within this article are Caunce O’Hara’s nor do we accept responsibility for any financial advice given within the article.
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