I told all contractors to put today on their calenders. “Today is the day of the budget,” I told you all. “Contractors beware!” I added.
And beware you should have been, because as expected our notorious chancellor “Hammond the Henchman” has gone after contractors with a vengeance
“Hammond the Tax Hound,” is what contractors around the country are saying right now after hearing the chancellor speak at his yearly budget.
If you read this blog on a weekly basis then you will have known all about Hammond and his cronies. If you don’t read this blog, then you now know to READ THIS BLOG. It is the place to be for contractors to get all of the insider news and tips.
Back to Hammond and his budget and it seems he caught the scent of contractors in the private sector.
As you may be aware, contractors in the public sector have already been hit up for more tax and National Insurance. IR35 it was called.
Well, now Philip Hammond is calling for all private sector contractors to follow suit, which basically means…yes, you guessed it…more tax and National Insurance.
He is hitting YOU in the pocket and raiding YOUR bank account. There is nothing you can do about it but “grin and bear.”
Well actually there is something you can do. Something very simple and very effective and something that Mr Hammond would prefer you didn’t do.
What you should do is hire a contractor accountant. Hammond hates that. He dislikes contractor accountants very much.
Do you know why? Because contractor accountants save you money and help you pay less tax (legally of course).
This means less cash in the bank for Hammond and his overlords. He wants you to avoid contractor accountants at all costs so you are ripe for the picking.
There is nothing Hammond likes better than a fresh and juicy apple just plucked from the tax tree.
“That tastes good,” he says, before going back to counting the money he is raking in from you the innocent contractor who is just trying to make an honest living and be treated fairly.
At this point I think you have reached a crossroads. Its obvious that Philip Hammond is going to keep on taxing you left, right, and centre, year after year, until you barely have enough money to pay for a Big Mac.
So now you have a decision. Go left and forget about the whole matter. Keep on paying the “Hammond Tax” and hope you can send your kids to the best university.
Or turn your attention to the right side of the page. Look right right now and turn right. There are the best contractor accountants in the UK. They are right there. Click on one and fight back against this tax madness.