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Budget 2009 - What does it mean for contractors?

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    Budget 2009 - What does it mean for contractors?

    New thread for all comments and opinions on today's speech.

    Full speech here: http://www.contractoruk.com/004325.html
    Last edited by Contractor UK; 22 April 2009, 12:43.

    #2
    IR36 where each contractor will have a government official assigned to their bank account to remove 95% of the income 63% of the time and then tax us 81% on the remainder whilst increasing VAT to 168% and making fags £900 per packet of 10 or £3.40 for a 20 deck
    Every Saint has a past, Every Sinner a future"


    Originally Posted by Pogle
    I wasnt really into men at the time - IYKWIM

    HTH

    Comment


      #3
      1253 Mr Darling says loss-making companies will be able to reclaim more taxes on profits made in the last three years
      Can I pay myself £140K this year, then reclaim all of the tax spent in the last 2 years?
      ‎"See, you think I give a tulip. Wrong. In fact, while you talk, I'm thinking; How can I give less of a tulip? That's why I look interested."

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        #4
        £1 billion to be generated from closure of anti-avoidance schemes apparently

        From April 2011 - pension tax relief of 40% stopped for those with incomes over £100K

        Incomes over £150,000 - 50% tax, tax free allowances scrapped for those with incomes over £100,000.

        Another brain drain methinks!
        Last edited by LisaContractorUmbrella; 22 April 2009, 12:06.
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          #5
          Originally posted by LisaContractorUmbrella View Post
          £1 billion to be generated from closure of anti-avoidance schemes apparently
          Does this mean IR35 is being scrapped?!! Or am I just reading what I want to hear?
          The pope is a tard.

          Comment


            #6
            Originally posted by SallyAnne View Post
            Does this mean IR35 is being scrapped?!! Or am I just reading what I want to hear?
            The full report has only just been published on the treasury website - let's see who can read fastest
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              #7
              Originally posted by SallyAnne View Post
              Does this mean IR35 is being scrapped?!! Or am I just reading what I want to hear?
              How about ... noooooooo!

              The last thing they want to do (even in good years) is scrapping some legislation that can be used to milk tax even if the cow is dieing.

              Comment


                #8
                Those of you who will fall foul of the restriction of higher rate tax relief on pensions - be warned - legislation is being introduced imediately to stop people making substantial additional contributions, and therefore taking advantage of the higher rate relief, before the restriction comes into force.
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                  #9
                  Nothing really significant about tax avoidance in the press notices and defintely no mention of scrapping IR35 - sorry Sally Ann
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                    #10
                    50% tax on 100K

                    Looks like its a 50% tax on 100K earners. Combine that with NI and there will be a drain brain. Who wants to give more money to the govt. than they get themselves?

                    There was some slight false optimism in the £ (gbpusd) at the start of Darling's speech, but the city soon started punishing him when he announced that tax hike.
                    'Orwell's 1984 was supposed to be a warning, not an instruction manual'. -
                    Nick Pickles, director of Big Brother Watch.

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