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Rishi Sunak’s pared back Spring Statement contained only small crumbs of comfort for contractors and umbrella company workers.
A £3,000 increase in the threshold at which you start paying National Insurance (NI) contributions will help some low-earning employees. For many, however, this benefit will only slightly outweigh the simultaneous NI increase of 1.25%, and for some workers will only serve to reduce the loss.
The Chancellor Philip Hammond delivered his annual Spring Statement on Wednesday, providing an update on the state of the economy and announcing several minor policy updates.
Although the Spring Statement doesn’t have the kind of wholesale policy announcements that are characteristic of the Autumn Budget, the Chancellor did have some important news for contractors and professional employment service providers.
Here’s a quick breakdown of the most important issues for the sector.
