After a sustained period of speculation, George Osborne finally unveiled the contents of his red briefcase in the form of his annual budget speech last week.
Perhaps thankfully, nothing featured in the speech that was of direct relevance to the contracting profession. No changes to IR35, no changes to compliance, no real mention.
There are some changes that could inadvertently benefit contractors. For example, as the chancellor announced fuel duty is to be frozen, contractors who often commute – as this profession typically demands – are sure to reap some benefit.
The government’s help-to-buy scheme has been extended to the year 2020, which will serve as an advantage for those contractors yet to step onto the housing ladder.
Investors will now also be allowed to transfer stocks and shares ISA into cash ISA, meaning that contractors can feel at ease in the knowledge that any short term fluctuation in the markets will no longer be of an impact to their investments.
Perhaps acting as a more concentrated benefit to self-employed individuals, additional voluntary NICs can now be contributed to ultimately increase state pensions.
Finally, as expected, Osborne’s full budget 2014 documentation detailed the confirmation of the false self-employment legislation becoming law, as of 6th April this year.
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Self-assessments. We have all heard of them, you maybe even know what they are. However, here at QAccounting some of our most frequently asked questions are about self-assessments. So below we have outline some of the most common questions we get asked, and the answers we get so tired of giving… just kidding.
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Here at QAccounting we are part of one of the UK’s largest contractor service providers. We started operating over a decade ago (around the same time DFS started their first sale) and have been dedicated to serving self-employed professionals ever since. One of the perks of choosing and accountant like QAccounting is that we offer all of our accounting services online.