It’s that time of the year again…The Budget with Chancellor Philip Hammond, but some experts are predicting there could be a tax grab on the self employed.
This has led many Tory backbenchers to say enough is enough, and to remind Mr Hammond that constantly going after the hard working contractors and small business owners of this country just isn’t on at all.
One report suggests this years Budget could see National Insurance Payments targeted, with the self employed having to pay 3p in the pound more.
In my opinion this is just a blatant tax grab by Philip Hammond, and is in line with the usual “go after the self employed” tactic when they need to raise some extra money.
How about doing something good for those people who are keeping your economy propped up Mr Hammond? No of course, it’s always tax, tax, and more tax.
Right now 20% of the UK workforce are considered to be self employed, and with Brexit on the horizon these people are going to be more important than ever before.
The last thing the Chancellor wants to be doing is getting them angry…wouldn’t you agree? It’s the same old story though, and I’m sure the 3p change will be announced tomorrow.
It was only a few weeks ago that the Prime Minister, Theresa May, announced in a speech that small businesses, and the self employed in general, are more important than ever before.
Well, it doesn’t seem that Philip Hammond listened to that speech, he was probably too busy working out ways to get every last penny out contractors, freelancers, gig workers…you name it, they are all on his list.
To give you an idea of what this would all mean for the self employed, if you currently make 40,000 pounds a year, then expect an extra 80 pounds on top of what you already pay in tax and National Insurance.
Surely, the government should be looking at ways to encourage people to start out in business and begin working for themselves, and not trying to grab every last penny they can? I don’t think this has even occurred to them.
So now we are in a position where everybody will have to wait until tomorrow to find out exactly what the budget holds for self employed people. Who knows, maybe the Chancellor won’t move forward with this tax grab? Something tells me he will though.