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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)
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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.
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