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IR35 - Tory plans to slash small business taxes |   |
Extract from an interesting article published in The Telegraph today:
"Oliver Letwin, the shadow chancellor, has identified three tax cuts he would like to implement which would benefit hundreds of thousands of small firms or self-employed workers. He explains his proposals in the latest Tory "consultation paper" on taxation. Today's document is the fifth setting out a range of detailed tax-cutting options in a particular policy area.
The three proposals are: abolishing the so-called IR35, at a cost of up to £300 million; abolishing the non-corporate distribution rate, at a cost of up to £340 million; and changing settlement legislation for husband-and-wife businesses."
You can read the article here.
Posted January 3, 2005
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[September 9, 2008] In a landmark court ruling last week, a professional contractor lost his IR35 appeal in the High Court. The judgement shows, once again, how important it is for self employed people to be aware of the IR35 rules and to take professional tax advice.
[June 23, 2008] HMRC has published an updated employment status leaflet which aims to help people decide if they are "employed" or "self employed" - as this will determine how much tax and NI contributions they pay.
[November 1, 2007] Some high level pointers to whether you are deemed to be "employed" or "self employed" according to the IR35 tax rules
[September 12, 2007] IR35 tax overview which may impact small business owners and IT contractors, particularly 'one man bands' working on client sites.
[February 28, 2006] The difference in the tax treatment of contractors whose work falls inside and outside the IR35 rules.
[February 18, 2006] A listing of all the key Inland Revenue IR35-related documents, including IR35 FAQ's and where to find help if you are concerned about the effect IR35 may have on your small business.
[January 4, 2006] The key to determining if you are caught by the IR35 rules - are you deemed to be "employed" (and therefore within IR35), or "self-employed" (and therefore outside the rules).
[November 16, 2005] The Professional Contractors Group is pressing the Government for details of the cost and efficiency of IR35 investigations after figures revealed a "success" rate of less than 1 per cent for HMRC.
[February 15, 2005] A commitment to overhaul the tax system for small businesses, including the abolition of IR35, should be a priority for politicians in the run-up to the next election, according to the FSB.
[January 3, 2005] Taxes on small businesses, including IR35, could be cut by more than £500 million a year under proposals being published today by the Tories, according to a report in The Telegraph
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