Small businesses and contractors have been promised the world by the Conservative Party.
According to website contractoruk.com, the Tories would abolish the controversial tax rule IR35, reverse the tax rate on small companies, (pushed up by 3% in the last Budget) and review anti-avoidance laws for managed service companies.
The Tories are due to announce a new deal for business on Friday and are due to include pledges to cut red tape by £14bn.
Much of the annual saving is expected to come from scrapping huge amounts of legislation which the party sees as unnecessary, outdated or excessive.
A spokesman for contractors group, PCG said: 'We hope that the party will adopt proposals to do this, and abolish IR35 accordingly – once employment status is truly clear, IR35 will be unnecessary.'
Further reading:
PCG: Freelancers don't trust taxman
Comments