{"id":2100,"date":"2017-11-27T09:19:12","date_gmt":"2017-11-27T09:19:12","guid":{"rendered":"http:\/\/liquidfriday.co.uk\/?p=2100"},"modified":"2017-11-27T09:19:12","modified_gmt":"2017-11-27T09:19:12","slug":"move-closer-ir35-private-sector-budget-news","status":"publish","type":"post","link":"https:\/\/www.liquidfriday.co.uk\/move-closer-ir35-private-sector-budget-news\/","title":{"rendered":"A move closer to IR35 in the private sector \u2013 and other Budget news"},"content":{"rendered":"

After weeks of \u201cwill they, won\u2019t they\u201d speculation in the run up to to last week\u2019s Autumn Budget, it looks like an extension of the IR35 rules is on the cards at some point – even if it was somewhat hidden in the deck.
\nWhile Chancellor Philip Hammond made no mention of it in his speech, the small print told a somewhat different story.<\/p>\n

Reforms to \u201coff-payroll working\u201d in the public sector were introduced in April 2017, and it is the view of HMRC that these are working successfully, with IR35 compliance on the rise as a result.<\/p>\n

The government have said they will consult on extending these rules to the private sector, with the findings of the consultation being expected some time in 2018.<\/p>\n

If and when reforms to IR35 are rolled out to the private sector, we anticipate that they will have a much less disruptive impact that they had on the public sector in April.<\/p>\n

We are already supporting numerous agencies to meet the challenges of IR35, with our FCSA-accredited umbrella solution, fee payer services, outsourced IR35 consultations and model-restructuring advice. Talk to us about help with IR35<\/a><\/p>\n

For now, it\u2019s a case of \u201ckeep calm and carry on\u201d and watch this space for further information and guidance – we will have lots to come.<\/p>\n

Budget roundup<\/h2>\n

We\u2019ve put together a comprehensive overview of the key Budget announcements. As usual, some of these measures come in straight away, some take effect next year and some not until 2019 or 2020.<\/p>\n

With immediate effect<\/h3>\n

\u00b7 Stamp Duty Land Tax (SDLT) abolished for first time buyers on homes costing up to \u00a3300,000; no SDLT on first \u00a3300,000 of first time buyer\u2019s purchase of homes up to \u00a3500,000.<\/p>\n

\u00b7 Marriage Allowance can be claimed to transfer the benefit of 10% of the personal allowance after the transferring spouse has died.<\/p>\n

\u00b7 For tax year 2017\/18, unincorporated property business landlords will have the option to use simpler fixed rate deductions for miles travelled by car, motorcycle or goods vehicle for business journeys.<\/p>\n

From January 2018<\/h3>\n

\u00b7 Indexation allowance, which gives companies relief for the effect of inflation on capital gains, will be frozen.<\/p>\n

\u00b7 With effect from 1 January 2018, the rate of the Research and Development Expenditure Credit increases from 11% to 12%<\/p>\n

From April 2018<\/h3>\n

\u00b7 Tax-free personal allowance rises from \u00a311,500 to \u00a311,850; threshold for 40% tax rises from \u00a345,000 to \u00a346,350. Rates and bands for Scottish taxpayers are still to be confirmed by the Scottish Parliament.<\/p>\n

\u00b7 Freezing of VAT registration threshold at \u00a385,000 for two years instead of normal \u00a32,000 increase, but speculation about possible reduction in threshold was unfounded.<\/p>\n

\u00b7 Abolition of Class 2 National Insurance and reform of Class 4 NIC for self-employed deferred by a year to April 2019 in order to assess impact on contributory benefits.<\/p>\n

\u00b7 \u2018Making Tax Digital\u2019 reforms for income tax reporting will not now be introduced until 2020 at the earliest; VAT-registered traders to operate \u2018Making Tax Digital for VAT\u2019 from April 2019.<\/p>\n

\u00b7 Class 4 National Insurance Contributions increases proposed in March 2017 will not take effect.<\/p>\n

\u00b7 Dividend Allowance, introduced at \u00a35,000 for tax year 2016\/17, reduced to \u00a32,000 for 2018\/19.
\n\u00b7 Employees will not be charged income tax on benefit of charging an electric car at work.<\/p>\n

\u00b7 Supplement of 3% in calculating taxable employee benefit of a diesel company car will increase to 4%.<\/p>\n

\u00b7 Employees with SAYE-related share option schemes will be able to take a 12-month break from saving, up from the current 6 months, while on maternity or paternity leave.<\/p>\n

\u00b7 ISA investment limit for 2018\/19 unchanged at \u00a320,000; Junior ISA limit rises in line with inflation to \u00a34,260.<\/p>\n

\u00b7 Lifetime Allowance for tax-advantaged pension funds rises from \u00a31m to \u00a31,030,000.<\/p>\n

\u00b7 Increase in Enterprise Investment Scheme investment limit from \u00a31m to \u00a32m, provided any amount over \u00a31m is invested in one or more knowledge-intensive companies.<\/p>\n

\u00b7 Capital Gains Tax annual exempt amount rises from \u00a311,300 to \u00a311,700.<\/p>\n

\u00b7 Annual Tax on Enveloped Dwellings to rise by 3% in line with inflation.<\/p>\n

Additional announcements<\/h3>\n

\u00b7 From April 2019, employers paying subsistence expenses will no longer have to check receipts if they are within benchmark subsistence scales.<\/p>\n

\u00b7 Capital Gains Tax charge for non-resident taxpayers extended to cover non-residential as well as residential property in the UK with effect from 1 April 2019 (companies) and 6 April 2019 (individuals).<\/p>\n

\u00b7 Government will legislate to give local authorities the power to charge a 100% council tax premium on empty properties.<\/p>\n

\u00b7 Allocation of \u00a3155m in extra resources to HMRC to fund action on the hidden economy, marketed tax avoidance schemes, enablers of tax fraud, non-compliance and collection of debts 9 months overdue.<\/p>\n

<\/h2>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

After weeks of \u201cwill they, won\u2019t they\u201d speculation in the run up to to last week\u2019s Autumn Budget, it looks like an extension of the IR35 rules is on the cards at some point – even if it was somewhat hidden in the deck. 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