The March 2021 Budget contains a large number of announcements that will affect contractors – including a 2023 Corporation Tax hike, many frozen tax allowances, and a variety of other measures which we have outlined below.
Contractor News Updates
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According to reports in the Sunday Times and Telegraph over the weekend, the Chancellor is considering hiking the Corporation Tax rate from 19% to 24% to plug the enormous black hole in the public finances. How much will this cost you?
As part of the Treasury’s wide-ranging measures to support the economy during the COVID-19 outbreak, the Chancellor has given the UK’s 11 million self-assessment taxpayers more time to pay their next income tax bills, which become due on 31st January 2021.
Clauses included within the Off-Payroll section of the 2020 Finance Act imply that the role of umbrella companies may be redundant after the April 2021 private sector IR35 rollout, prompting HMRC to rapidly publish clarification on the matter.
The Finance Bill was approved without division in the House of Commons earlier today; a proposed amendment by David Davis MP to delay the Off-Payroll reforms until April 2023 wasn’t even selected for debate by the Speaker. This means that the private sector Off-Payroll legislation deferral to April 2021 remains unchanged.
As the COVID-19 pandemic continues to sweep across the country, it’s clear that all types of workers have been affected in one way or another. Often, it’s presumed contractors suffering from an illness will not receive any income for the time that they’re unable to work. However, you may be eligible to help, depending which […]
With most contractors ineligible to benefit from the main Government COVID-19 support schemes, the new Bounce Back Loan scheme may offer some relief to cash-starved small companies.
In response to the coronavirus pandemic, the government unveiled an unprecedented support system for employees – the Coronavirus Job Retention Scheme (CJRS). While workers and organisations have generally welcomed the scheme, there are still major questions regarding the treatment of umbrella workers.
The Government has announced a series of measures to support businesses and people through this period of disruption. Here, the team at Forma has put together an excellent summary of the various schemes, plus a calculator.
Limited company contractors won’t benefit from the new COVID-19 self-employed support package, unveiled by the Chancellor this week.