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The End of the World as we Know it?

So here we are, year end (although not technically ‘year end’ financially for all of us). Not only that, it’s the end of a decade. And what a decade it’s been! The accountancy world has had more than its fair share of dramas, legislations, frauds and general buggering about that’s made the world of filing and paying tax ever more complex and painful.

And we are entering a new decade that will, inevitably only add to the confusion and rule changes and general headaches for us all. With Brexit now a certainty, it’s not just foreign workers who are going to see changes in how we are all taxed and report our earnings. Some tax breaks we have previously enjoyed will inevitably be replaced, while some, such as the dreaded IR35 may, thanks to a new Government, be reconciled to a part of accounting history we will all be glad to see the back of. 

It’s an uncertain future, but one we may consider with a cautious sense of optimism. The government has already made tax breaks for small business owners’ part of their legislation and as they appear to be motivated to encourage the economy, we can help that there will be some light on the horizon for contractors too. Of course, our now imminent departure from the EU will inevitably create some headaches for those of us working with European customers, it may hopefully create new opportunities elsewhere too. It may even step up and see those corporate giants who have worked so hard to avoid paying what they owe having to finally cough up. (We can hope). 

As for the gig economy workers, like Uber drivers, well, goodness only knows their fate. But we can hope that the new government goes some way to encouraging individuals and small businesses to do it for themselves and offer a range of incentives and tax breaks that can help take us as a nation into a workforce of flexible and adaptable business people who can turn their hands to whatever the new millennium will ask of us.

It is going to be an interesting year ahead. More than that, it will undoubtedly bring changes, the likes of which we have never seen in terms of new laws, regulations, possibly even new taxes or tax breaks that we can’t even contemplate right now. What you can do, if you haven’t already, is arm yourself with one of our picks of the very best accountants for contractors, who will be fully up to speed with changes as they happen, to ensure you are taking advantage of all the breaks on offer and not erroneously claiming for things that may have changed in the imminent upheavals and hoo-hah that’s on its way.

Let’s start the new millennium on a positive note, looking to the future with a hint of optimism and all united in our hopes that we all come out of it with a spring in our steps and a smile on our faces. After all, that’s pretty much all we can do, isn’t it?

Happy new year to you all!

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