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Budget 2024: Self-employed tax cuts “encouraging” but Chancellor fails to “grasp the nettle” of IR35
- 6 Mar 2024
IPSE (the Association of Independent Professionals and the Self-Employed) has responded to measures announced at today’s Budget statement.
Andy Chamberlain, Director of Policy at IPSE, said: “Today’s Budget was an encouraging sign that the Chancellor is beginning to listen to the self-employed. But despite the welcome cut to National Insurance and the raising of the VAT threshold, the measures failed to address the substantive issues holding the self-employed back, from IR35 to the looming cost of Making Tax Digital.
“It’s positive that the Chancellor has heeded IPSE’s call to raise the VAT registration threshold. This increase, whilst modest, will alleviate a barrier to the growth of our smallest businesses and it is encouraging to see the Chancellor recognise that in today’s Budget.
“And while the cut to National Insurance will be welcomed by the UK’s 4.2 million self-employed, any benefit may well be undermined by frozen thresholds and continued inflation.
“The self-employed make an enormous contribution to our economy and society, but it could be even greater if the government were to grasp the nettle of IR35 and address the forthcoming impact of Making Tax Digital for Self Assessment.”
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