Holmes under the hammer: 2019 Budget predictions to watch for.
Eagerly anticipating the budget? How to follow all the action
Harder roll out of IR35 rules: What does it mean to freelance
Ahead of the budget, TV presenter Eamonn Holmes has become the poster boy of the planned crackdown on the so-called synthetic self-employed.
HMRC is challenging the pay ITV host Eamonn Holmes received through his limited company. If Holmes is found to be in breach of IR35 rules, it is believed his company’s tax bill could be as much as £2m.
Also see: The 2019 loan charge
There was talk of the Chancellor looking to slash VAT threshold to £43 k on the basis that the UK has the highest threshold in the EU (the average is 20K)
According to the OTS report published last year, reducing the threshold from £85,000 to £43,000 would impact between 400,000 and 600,000 businesses and raise up to £1.5bn a year
Mike Cherry, chairman of the Federation of Small Businesses, has warned the chancellor that VAT is “the most time-consuming levy” for small business owners to manage, and a reduction in the threshold would be “very concerning”.
He said, “Suddenly dragging more small firms into the VAT regime would be incredibly damaging, placing a huge admin burden on thousands of businesses and bringing them into the scope of Making Tax Digital by stealth.”
Pension tax relief
Rumours are once again mounting that the Chancellor is gearing up to cut tax relief on pensions in next week’s Budget
Eight options that the chancellor has regarding pensions
Pastygate – when budgets go wrong
5 times when the budget announcement didn’t quite go to plan