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UK budget March 2020 will see winners and losers

Next month we’re promised this Government’s first budget. It’s rather historic if you’re under 40 as this will be the UK's first budget since we left the EU last month.

It will also be the second day of the Cheltenham Festival which will also have some winners and losers if you fancy watching something different.

But with a few recent signs pointing to a rather static economy coupled with a host of pre-election promises around social care, climate change and public services, most commentators seem to agree we’re unlikely to see anything dramatic in terms of tax changes on March 11 but there’s one change looming, affectionately called IR35.

Paul Gardner, of Nwes.. (27930121)
Paul Gardner, of Nwes.. (27930121)

Whilst this sounds a little 007ish, these rather controversial changes do have in common a certain air of mystery. Strange considering the IR35 rules have been around since 2000 and reforms in 2017 have already affected the public sector.

They’ve become fashionable over recent months as the plan is to roll this out to the private sector on April 1 this year as HMRC move to close a loophole around “off payroll” working. Whilst quite confusing, in essence they might affect you if you provide services for a client though through your own personal service company.Even the Chancellor hinted about a delay last year so keep a close eye on HMRC or talk to an accountant if you’re not sure.

Interestingly in 2019 it looks like the number of self employed in the UK increased again which is in line with a broadly sustained pattern over the last two decades. This popularity is also what we see reflected locally when working with potential new entrepreneurs who are attracted to the idea of working for themselves or setting up a business.

If that might be you, our two-day First Steps to Start Up programme is designed to help anyone in Norfolk or Suffolk start a new business or go self employed and we’ll also explain how you could get finance to start the business through the Govenrment’sStart Up Loan scheme.

Plus we’ve added more dates this year in Lynn with our next course on February 17 and 18. Our next programme in Fakenham is on February 12 and 13. For details of all dates and venues visit www.nwes.org.uk/events or call Charlotte on 01553 970029.

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