Today is Budget Day 2015
Today, 18th March 2015, is the final budget before the General Election. At Umbrella.co.uk we will be reporting all the changes that will affect contractors, freelancers and umbrella companies.
Because this is the last budget pre-election many hope that it will be an opportunity for good news as the Tories will be keen to gain support.
However, Budget 2015 may not be the last Budget of the year if there is a change in control of the country at the General Election.
One definite change to be announced is the move over the next 5 years away from paper tax returns to digital tax returns. You will then have an online tax account that is accessible at all times.
Tax relief claimed by contractors on Travel & Subsistence is expected to get a mention. This could affect the relief available for contractors working through umbrella companies and even those working through their own limited company.
At umbrella.co.uk we will be listening to the speech and also reviewing the budget documents that often contain changes not included in the speech.
Please revisit after lunchtime for all the updates. And let’s hope the Chancellor has plenty of good news!