Log in using your ITContractorsUK account
How the 2015 Budget could affect you as an Independent Contractor
Article Author: Sarah Collins Posted on: July 16, 2015 (Full Author Bio in the box on the right side)
4544 views
This year's summer budget remains a hot topic for the Contracting Industry.
It is important for you as an Independent Contractor to know what Budget 2015 has in store for you.
ADVANCE have highlighted 5 key points in this article to give you an insight on this year's budget.
1. Travel & Subsistence relief for intermediaries – Consultation Document issued
a. The document proposes changes around supervision, direction and control as detailed at the last Budget.
b. Also includes proposals around transfer of debt
2. HMRC to open a dialogue with a view to improving IR35:
a. This is likely to be focused on the potential for “false self-employment” via PSCs
3. Simplification of the tax credit system for dividends:
a. From April 2016, it will replaced by a dividend allowance of £5,000 with dividend tax rates then of 7.5% for basic rate taxpayers, 32.5% for higher rate and 38.1% for additional rate taxpayers
b. Depending on the calculation this could significantly affect the average PSC
4. New Living Wage rules to be implemented from April 2016:
a. Pay rate to start at £7.20 and build to £9.00 by 2020
5. Employment Allowance being increased to £3,000 from April 2016 but removed for companies where the only employee is the director.
HMRC Employment Status Service tool - How accurate is it in determining the IR35 risk for contractors? 
Why compliance has lost its meaning for contractors 
Budget is good for small business but still hurts contractors 
How Important is IR35 and Tax Planning to Contractor Accountants 
Where is your IT contracting career going 
RTI offers annual option for contractors 
Will the low rates mortgage price war benefit UK Contractors? 
What can Limited Company contractors expect from the Budget 2017? 
The golden rule of Contracting 
The rise of the female contractor 
FCSA calls for HMRC to abandon its consultation on public sector use of off payroll staff 
RIP Business Entity Tests 
How to deal with unplanned time off for UK Contractors 
Insulting to Contractors 
Why Contractors should save for a rainy day 
How IR35 reforms in the private sector going to affect the self-employed? 
HMRC admits contractor tax change legislation needs a rewrite 
Chancellor announced dividend tax hike from April 2016 
General Elections from the Tax perspective for UK Contractors 
What does change in dividends mean to UK Contractors 
Top 5 things a first-time Contractor should do when switching to Contracting 
The future of IR35 in the public and private sectors 
How the 2015 Budget could affect you as an Independent Contractor 
Personal Service Company Guide for UK Contractors 
The 10 commandments of contracting 
IR35 IT Contractors And Office Holders 
What a Directors loan means and who can take one 
Why it is important for Contractors to network effectively 
What forms do I need to submit In my tax return? 
UK plc confused about T&S regulations says FCSA research 
5 benefits of contracting through an umbrella company 
Election 2015 - what is in it for contractors and freelancers 
Festive Gift Ideas for Limited Company Directors 
MP David Morris calls for new IR35 legislation for Contractors 
Why Contractors should never stop learning 
Top 10 cash flow tips for IT Contractors 
5 Trusted Contractor Services Providers in the UK 
Why Brexit will not be an easy exit 
Contractor paid 2500 GBP to HMRC for tax return mess up 
Registrar of Companies Scam Letter sent to Businesses 
How does the recent IR35 changes in the public sector affect UK contractors? 
What all recruiters need to know 
Relieve the stresses of Limited Company contracting with 4 simple solutions 
Do I Need To Complete The Self Assessment? How To Know If You Have A Tax Return Due 
Why Contractors Need To Understand IR35 
10 Must Have iOS Apps for UK Contractors 
Barclays and Citigroup are the latest to cut IT Contractor pay 
Professional Indemnity Insurance Explained 
Autumn Statement 2016 - How will the VAT Flat Rate Scheme Restriction Affect Contractors? 
A checklist and timeline for new Contractors 
What is Required For Your First Digital VAT Return: Making Tax Digital 
How much salary should I pay myself as a Limited Company Contractor 
What is the 24 month rule and how does it apply to Contractors 
6 free tools all contractors should use 
Simple guide to Tax relief on Motor expenses and business mileage 
Understanding tax basics - a guide for contractors 
How IT Contractors can become an expenses wizard 
Umbrella Company and IR35 
First Time Buyers take advantage of the new Help to Buy ISA 
Great Chance to Win a Trip to Monaco for IT Contractors 
How HMRC continue to confuse matters for Contractors and Agencies 
Is contracting the key to a successful and family-friendly career 
First Time Buyers get cashback on Contractor Mortgages 
The true value of umbrella companies for UK contractors 
Why Contractors MUST Download TeraCopy Freeware 
The top 3 common mistakes Contractors make 
How will the new tax year affect IT Contractors and Umbrella Companies 
How to avoid time between contracts 
Sole Enterprise with Protected Assets or Limited Company - Which is better for Contractors? 
Why Contractors should set up a home office 
Is there light at the end of the tunnel for UK Contractors 
The Taxman is going to war on UK Contractors 
FCSA submits its official response to the HMRC consultation 
APSCo backs call for strategic review which could end raw deal for contractors 
Contractors feel puzzled of the UK job market 
How will Autumn statement affect Contractors? 
How can a contractor be a winner in the tax race 
Is it time to break up with your Accountant 
Changes to the Flat Rate VAT Scheme are coming - are YOU ready? 
Intermediaries' legislation - IR35: What is the likely impact of the new rules for contractors working in the public sector? 
Beginners Guide to IT Contracting 
How important is it to protect your income as a contractor 
5 New Contractor Mortgages Friendly Lenders Enter The Market 
How will Supervision Direction or Control rules affect Contractors 
Fun ways to save money for the adventurous contractor 
What is Contractor Mortgages and how to secure the best mortgage deal? 
Why Contractors in trust based schemes should think twice 
Amendments in Finance Bill to prevent misuse of Personal Service Companies 
FCSA urges Osborne to get his facts right before tarnishing all contractors 
Doubt is cast on HMRC new IR35 proposals for contractors 
Is Umbrella Company the best solution for first-time Contractors? 
Benefits for Freelance Contractor Mortgages Insurance 
Parents working full time file petition for free childcare Latest Posts
-
Staying HMRC Compliant: VAT Returns Have Chan...
by Amanda Swales on January 29, 2020 Accounting & Tax -
Self Assessment Tax Return 101 - Filling In T...
by Amanda Swales on January 15, 2020 Accounting & Tax -
-
