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Tax
Fiscal drag to trap more freelancers into 40% tax bracket
By Daniel Fallows
As the UK faces a cost-of-living crisis with inflation reaching its highest level for 30 years and the Bank of England forecasting that inflation will rise further to 8% this year – Rishi Sunak has been…
Umbrella company workers slammed again
The Chancellor and Prime Minister have confirmed that the National Insurance rise will go ahead this April – a move that freelancers, contractors and their fellow small business owners know will hit them hard in the midst of a cost of…
National insurance tax hike: “now is not the time”
With a spree of tax hikes introduced at the height of a cost of living crisis, April 2022 could go down in British political history as the Spring of discontent.
“Now is not the time for a tax hike: the National Insurance rise in…
Political palava: MP salary boost same day as NI tax hike
Many freelancers and small business owners would like to see the national insurance tax hike set for this April to be postponed. But in light of upcoming MP pay rises and soaring energy prices, a growing number of them are calling for the…
Court thwarts HMRC’s tax grab on freelancers
The outcome of a landmark and very personal First-Tier Tax Tribunal case, that dragged on for five years, is a reminder to all freelancers and small business owners that, sometimes, a battle is worth fighting for.
Businesses owners,…
Hidden £1.7 Billion tax Grab on self-employed
One could say that the Chancellor chose to hand out tricks rather than treats this Halloween in the form of a £1.7bn tax grab hidden in his Autumn budget
Could you afford to pay a tax bill over not just one tax year but two? If not,…
Freelancers face £25 billion tax admin burden
The Federation of Small Businesses is calling on the Government to protect small businesses from unfair profit-seeking behaviour from Make Tax Digital (MTD) software providers and other recommendations to avoid economic hardship for…
More tax hikes to come?
Under current government spending plans, council tax increases of 3.6% per year will be needed for the next three years just to ensure councils can provide the same range and quality of services in 2024–25 as was provided…
Freelancers may have to pay back ‘COVID’ tax benefits
SEISS, child benefit and marriage allowance are some of the tax benefits sole traders and limited company directors may have to pay back if their income increased more than a normal trading year during the COVID pandemic.
…
Labour Party vows to abolish business rates
The Labour Party is vowing if it came into majority power it would freeze business rates next year. Rachel Reeves, Shadow Chancellor of the Exchequer and Labour MP for Leeds West, made some bold statements about abolishing the current…