The Chancellor’s budget yesterday was interesting in that it contradicted many expectations of amendments to self-employed tax and/or NICs despite numerous rumours. There was a lot of significant content, and on Monday 8 March we will be publishing a podcast with special guest Angela Ferguson from Saffery Champness to discuss the key points, including:
- Corporation tax changes
- Treatment of losses carry back 3 years
- Changes to furlough and the coronavirus job retention scheme
- Off-payroll changes coming in April
- SEISS extended criteria
- Restart grants of up to £18k
- Investment led recovery – reducing tax bill by 130% of investment made
Unfortunately the budget also continued to ignore the plight of the 3m various forgotten groups of self-employed limited company directors who have received zero COVID-19 financial support from the government. It had been hoped that there would be specific support measures announced to give these important businesses a much-needed lifeline, particularly as several viable proposals had been developed and submitted for consideration. Since the budget, social media has been full of heart-breaking stories of people now deciding to liquidate their businesses and instead seek a job, for many people they will be re-entering the jobs market for the first time in years. We sympathise with everyone in this position, and on Monday 15 March we will be bringing a podcast episode packed full of advice to help those new to job seeking.
Both podcasts will be published here and are also available on apple podcasts, google podcasts, spotify etc – all the main podcast publishers.