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Fair tax for all
KEY POINTS
- Employer’s National Insurance means employed engagements attract more tax than self-employed ones.
- Self-employed people however often pay more tax than the individual employee.
- An engager’s tax would charge companies that use freelance workers.
- Would a new concept – a freelancer limited company – provide more certainty for contractors over their tax and employment status?
The taxation of self-employed people is a subject that never fails to generate a response. Last month’s Budget was no exception. Of all the measures announced by the chancellor Philip Hammond by far the biggest revenue raiser was the plan to change the way IR35 operates in the private sector. However the IR35 rules affect only those who operate through a limited company. There are millions more unincorporated self-employed people operating as sole traders.
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