Initial impressions of the OTS Small Business Tax Review
As many of you are no-doubt aware, today saw the release of the Office of Tax Simplification‘s Small Business Tax Review. We’ve been keeping a close eye on this, as it could very realistically affect all Crunch clients.
So far the reaction has been decidedly mixed. The OTS has essentially tabled three separate solutions – abolish IR35 completely, change the way it is enforced slightly, or keep it and make establishing your IR35 status much easier, giving freelancers and contractors a “safe-haven” from fear of an unwelcome IR35 investigation.
What was sorely missing was a sense of direction – although three different solutions are suggested, the OTS stops short of actually recommending one particular approach. What the UK’s self-employed workforce were looking for today was clarity – and they have received very little.
Coverage across our community sites -
You can view the report in full here (PDF). We will be providing more coverage as our team have time to digest the report in full.
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