Autumn Statement – 3rd December 2014
The Chancellor, George Osborne, will tomorrow (Wednesday 3rd December 2014) deliver his annual Autumn Statement.
The Autumn Statement is an update on the finances of the UK and will include tax changes that are proposed for the forthcoming tax year. As well as looking at proposed taxation changes it details the Government’s spending plans including benefits. In some respects it is very similar to a budget.
The Autumn Statement therefore affects everyone who pays tax or receives benefits but contractors will be particularly keen to hear any new legislation in respect of IR35.
With an election just around the corner it is expected that tax cuts will be the order of the day so hopefully that will be good news all around.
At Umbrella we will summarise the main tax changes in respect of tax rates and annual tax allowances plus any proposed changes in respect of umbrella company workers, small owner ran limited companies, the self-employed or those working through the Construction Industry Scheme.
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