According to the dogged campaigner, the Revenue’s interpretation of Section 660, an existing tax rule, means that many independent freelancers will be shunted into a higher tax bracket and hence pay more tax.
It says the Revenue will rule that a spouse of a contractor cannot be the beneficiary of dividends paid out by the contractor’s own corporation, but must be paid to the principle earner.
A common arrangement amongst contractors has been to pay out dividends to the spouse ‘who carries out administrative work for the business’.
David Ramsden, co-found of the PCG, called the interpretation ‘an attack on small business’ and attack on ‘women’s right to hold shares’.
The PCG is calling on paymaster general Dawn Primarolo to intervene ‘as a matter of urgency’ and says it has the support of the Federation of Small Business and tax experts.
The second largest improvement in ‘significant’ levels of financial distress since the EU Referendum was in professional services, found research from Begbies Traynor
Just one half of UK practices have implemented a pricing structure around auto enrolment implementation and advice - with many suffering increased costs
Deloitte's north-west Europe foray; BDO, Smith & Williamson investment paths; Shelley Stock Hutter; and Wilkins Kennedy discussed by editor Kevin Reed on our Friday Afternoon Live broadcast
Accountants should alter their perspective on auto-enrolment to maximise business opportunities, according to Eric Clapton.