Summer Budget: Why contractors should wait and see

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Delivering the first Conservative Budget since 1996, George Osborne today announced a series of measures that could affect limited company contractors.

From dividend tax reform to a fresh review of IR35 and potential changes to travel and subsistence expenses, the chancellor’s speech and the accompanying red-book document contained plenty for contractors to digest.

Our managing director, Derek Kelly, praised the overall thrust of the government’s reforms. However, he stressed the importance of adopting a ‘wait and see’ approach instead of rushing to snap judgements.

He said: “Today’s announcements suggest the government is moving in the right direction in its efforts to stamp out abuse by cowboys operating at the low-paid end of the temporary labour market.

“We are currently assessing the likely impact of the various reforms on professional contractors and our partners in the staffing industry. As always, we won’t have the full picture until the legislation is published.

“As a well-established provider with a track record of managing legislative change, we will be on hand to offer assistance and guidance over the coming months.”

Click here for an overview of the key Budget announcements.