Conscious Investing Today
  • Top News
  • Business Insider
  • Economic Indicators
  • Investing Ideas
  • Politics News
  • Stock Analysis
  • Editor’s Pick
No Result
View All Result
  • Top News
  • Business Insider
  • Economic Indicators
  • Investing Ideas
  • Politics News
  • Stock Analysis
  • Editor’s Pick
No Result
View All Result
Conscious Investing Today
No Result
View All Result
Home Editor's Pick

IR35 changes undermine self-employed at “worst possible time”

by
April 6, 2021
in Editor's Pick, Stock Analysis
0
IR35 changes undermine self-employed at “worst possible time”
0
SHARES
3
VIEWS
Share on FacebookShare on Twitter
ADVERTISEMENT
ADVERTISEMENT

IPSE (the Association of Independent Professionals and the Self-Employed) has said that the changes to IR35 self-employed taxation coming into effect today are undermining the sector at the “worst possible time”.

IPSE research has shown that half of freelancers are planning to stop contracting in the UK after the changes – unless they can get contracts unaffected by them. Instead, they are planning to seek contracts abroad, stop working altogether, seek an employed role or retire within the next year.

Clients seem to be reacting badly to the changes too: nearly one in four contractors said in February that their clients were either uncertain or had made no indication of what they would do in response to the IR35 changes.

Meanwhile, a quarter said that their clients were planning to blanket-assess all their contractors as ‘inside IR35’ and one fifth will only engage contractors working through umbrella companies. Nearly one in ten contractors even said their clients were planning to cease engaging contractors altogether.

Andy Chamberlain, Director of Policy at IPSE (the Association of Independent Professionals and the Self-Employed), said: “The changes to IR35 would do serious harm to the self-employed sector at the best of times, but now they are adding drastic, unnecessary damage to the financial carnage of the pandemic – undermining the UK’s contractors at the worst possible time.

“The crucial problem with IR35 is still its complexity: in fact, it is so complex that HMRC has lost the majority of tribunals on its own legislation. And there remain serious doubts about the CEST tool HMRC designed to supposedly cut through this complexity – above all that it still does not account for one of the crucial deciders of IR35 status: mutuality of obligation.

“Now the changes to IR35 are shifting this complexity from contractors themselves onto their clients. The result is clear: chaos. Many clients are pushing all their contractors inside IR35 – against the rules of the legislation. Many more are only engaging contractors through umbrella companies, while others are scrapping their contractor workforces altogether – just when, as the economy opens up, they will need them most.

“IPSE have campaigned long and hard against these disastrous changes, securing delays and important concessions, but the government is determined to bring them in. We continue to urge government to rethink the changes. But now, as well as supporting our members, our other key concern is pushing government for a root and branch review and reform of self-employed taxation in the UK. IR35 is not an isolated problem: it is a marker of a tax system that was not built with the self-employed in mind. It is this that has to change – to make IR35 redundant and finally make taxation fairer and simpler for the self-employed.”

Related Posts

A Guide on How to Avoid Overdraft Fees
Editor's Pick

A Guide on How to Avoid Overdraft Fees

July 7, 2022
Government’s failure to deliver on Net Zero is not only to blame for the UK not meeting targets     
Editor's Pick

Government’s failure to deliver on Net Zero is not only to blame for the UK not meeting targets     

July 7, 2022
UK export revenues decline by 6% in the past year
Editor's Pick

UK export revenues decline by 6% in the past year

July 7, 2022
Next Post
How to Easily Grow Your Business During the Pandemic

How to Easily Grow Your Business During the Pandemic

OFWs: Smugglers of faith and joy

OFWs: Smugglers of faith and joy

Digitalization and the Private Sector as the force for recovery

Digitalization and the Private Sector as the force for recovery

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Categories

  • Economic Indicators
  • Editor's Pick
  • Investing Ideas
  • Politics News
  • Stock Analysis

Popular News

  • A Minute With: Family Reunion cast on relatable story lines

    A Minute With: Family Reunion cast on relatable story lines

    0 shares
    Share 0 Tweet 0
  • Twitter launches ‘Milk Tea Alliance’ emoji as movement grows

    0 shares
    Share 0 Tweet 0
  • Gas and car bills to soar under green revolution

    0 shares
    Share 0 Tweet 0
  • Level up your gaming experience with vivo Y20s [G]

    0 shares
    Share 0 Tweet 0
  • Rehab, expansion of General Santos airport seen completed by Q2

    0 shares
    Share 0 Tweet 0
No Result
View All Result

Your information is secure and your privacy is protected. By opting in you agree to receive emails from us and our affiliates. Remember that you can opt-out any time, we hate spam too!

Highlights

SC suspends metro court judge over homophobic remarks   

Ex-Defense chief Lorenzana to head BCDA 

House bill on mandatory bank secrecy waiver for gov’t officials, workers refiled

Fuel excise tax suspension will induce more economic activities — Poe 

Marcos meets Energy team without a chief 

Hearing for Marcos ill-gotten wealth case moved by court

Trending

PSEi down on profit taking after three-day climb
Politics News

PSEi down on profit taking after three-day climb

by
July 7, 2022
0

BW FILE PHOTO PHILIPPINE STOCKS fell on Thursday on profit taking and data showing more Filipinos were...

Davao City records 30 new COVID-19 cases, positivity rate at 6.3%

Davao City records 30 new COVID-19 cases, positivity rate at 6.3%

July 7, 2022
Baguio mulls centralized parking for weekend tourists, use of hop on-hop off bus service

Baguio mulls centralized parking for weekend tourists, use of hop on-hop off bus service

July 7, 2022
SC suspends metro court judge over homophobic remarks   

SC suspends metro court judge over homophobic remarks   

July 7, 2022
Ex-Defense chief Lorenzana to head BCDA 

Ex-Defense chief Lorenzana to head BCDA 

July 7, 2022

Disclaimer: ConsciousInvestingToday.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice.
The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

  • Home
  • About Us
  • Privacy Policy
  • Terms & Conditions
  • Contact Us
  • Email Whitelisting

Copyright © 2021 ConsciousInvestingToday. All Rights Reserved.

No Result
View All Result
  • Home
  • About Us
  • Privacy Policy
  • Terms & Conditions
  • Contact Us
  • Email Whitelisting

© 2022 JNews - Premium WordPress news & magazine theme by Jegtheme.