Post Corona, are we going to see a major rework of self employment tax?
While announcing the self employment corona relief package yesterday, the Chancellor also added an observation that once “the ship had been righted” and the UK had come through the worst of the pandemic, the government would look to examine “the inconsistency in the tax treatment of those who are employed and self-employed”.
This has been something they have been looking at for a while now – including new IR35 rules (although delayed for a year now), and moving self employed NI contributions to the same as employed; their sole aim to ensure that you pay the same tax on the same £100 you earn, no matter your employment status.
Will affect your renters, which in turn may well affect your salon.
We wait to see…