The Budget and Tax Rate Cards
Yesterday, 25th November 2015, George Osborne announced in the Autumn Statement that there would be changes to tax relief on Travel and Subsistence expenses.
In the run up to the Autumn Statement, there had been a lot of speculation amongst industry commentators and the wider press that significant changes would be announced affecting the contracting industry.
The speculation was largely unfounded, and the key announcements were as follows:
- Tax Relief for Travel & Subsistence – the Autumn Statement confirmed the government’s intention to restrict tax relief on travel and subsistence expenses. Following consultation, this restriction will apply to individuals working through personal service companies where the contractor is inside IR35. This change will take effect from 6th April 2016.
- Intermediaries Legislation – there was no mention of IR35 in the Autumn Statement, however a consultation over reforms to IR35 remains open but there is no further information available about this currently. When more information does become available, we will ensure that you are kept up to date.
For more information please read our Autumn Statement 2015 guide.
Tax Rates & Allowances
We have produced some useful tax data cards which contain the relevant amounts for the tax year. Please click on any of the following links to download one of our free tax data cards: