There are some important changes to employments taxes coming into effect from 6th April 2020.
To see whether these rules will affect you, please speak to your accountant or seek financial advice.
You can also follow these HMRC links for more information:
The first Budget of Boris Johnson's majority government is just weeks away and will potentially feature changes to tax, pensions, housing and social care. Budget 2020 will be delivered by the new Chancellor, Rishi Sunak, on 11th March and will clarify the changes, including those surrounding IR35. The Recruitment and Employment Confederation (REC) and the Association of Independent Professionals and the Self-Employed (IPSE) were urging the new Chancellor to suspend the IR35 tax legislation. However, Sunak has confirmed that the Budget will go ahead as planned on the 11th March. Suggestions last week were that there would be a delay in the budget and thus a possible delay in IR35 but this will not be the case. The good news is that the budget confirms important financial policies for the coming year which will allow companies to plan accordingly.
Read more here:
HMRC Respond to FSCA IR35 Concerns
HMRC visited FCSA (Freelancer & Contractor Services Association) this week to answer questions posed by members regarding the IR35 reforms. Julia Kermode sums up the discussions in her article below. One significant response to note is that there will be no “soft-landing” for those in breach of IR35 rules – from the 6th April, HMRC will be staunch in their approach and ignorance will be no excuse.
Read the full summary here: https://www.contractoruk.com/news/0014445what_hmrc_just_told_us_about_ir35_reform_and_why_its_worrying.html