The Practical Guide to Limited Company Tax
If you have chosen to operate your business as a limited com...
By Jonathan London on 16th March 2015
In a few days George Osborne will deliver the latest Budget statement and many self-employed professionals will be keen to discover how it will affect them and their business.
It will be the current chancellor’s last Budget before the General Election and the Conservative Party will be hoping it will please potential supporters.
According to the Office for National Statistics, there are around 4.6 million people currently working for themselves, so any new measures could have a significant impact on the UK economy, as well as the result of the election.
The Association of Independent Professionals and the Self-Employed (IPSE) have released a new report outlining what many freelancers would like to see introduced by the chancellor on Wednesday (March 18th).
IPSE has called on the government to look at ways to reduce corporation tax to allow many UK-based small business to be able to compete with overseas firms.
The manifesto also calls for an overhaul of the current tax system to allow self-employed companies to be able to accurately assess costs and ensure tax returns are easier to complete, as well as offering tax relief on costs linked to self-employed workers undertaking training to improve their skills.
Measures could also be introduced to help encourage greater cooperation between small firms and the self-employed with a reduction in business rates for shared workplaces and offices.
Director of policy and external affairs at IPSE Simon McVicker explained: “We are pleased that the Conservatives made big strides to securing a level playing field for the self-employed by committing to tackle late payments, introduce maternity pay and introduce a business conciliation service. We hope the government will announce these measures in the Budget so that businesses can have certainty heading into the next parliament.
“The government should use this Budget to reaffirm its support for this vital part of the labour market. Our policies, listed in our manifesto, provide a blueprint for a thriving economy in which the self-employed can flourish.”
IPSE is a non-profit organisation with more than 20,000 members and represents freelancers, contractors and consultants from all industry sectors.
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