the chancellor george osborne prepares to give his budget to parliament 164126447 58aa32cc4c9d7


The date of the Spring Statement has been scheduled by the Chancellor for Tuesday 13th March 2018.

This event will be a statement, not a Budget, as said by Chancellor Philip Hammond, to MPs of the Treasury Select Committee.

It was announced during the Autumn Statement 2017 that there will now be just one major fiscal event of the year, which will be held in Autumn, in a bid to make lives easier for businesses.

The Chancellor will respond to the forecast from the Office of Budget Responsibility (OBR) during the Spring Statement.

This will stand as an opportunity for Hammond to share new information on the potential IR35 reform to be rolled into the private sector, following details which were shared during the Autumn Statement 2017.

There was no direct mention of this during the actual announcement, but the Autumn Budget report which was released shortly afterconfirmed that a consultation is set to take place which will discuss whether the private sector roll-out should go ahead or not.

HMRC recently ruled out that the off-payroll rules won’t be pushed into the private sector until at least April 2018. This was announced by Julia Kermode, CEO of Freelancer & Contractor Services association through LinkedIn. Her post read as follows:

“HMRC have ruled out extending IR35 off-payroll rules to the private sector as early as April 2018. This will allow time for proper meaningful consultation and off-payroll rules are just one option to consider.”

This was announced following an FCSA Members Meeting which took place two weeks ago.

Gorilla Accounting is a specialist accountancy firm exclusively for Contractors and Freelancers operating through a Limited Company or Umbrella Solution. If you would like more information, get in touch with our New Business Team by calling 0330 024 0406 or email info@gorillaaccounting.com.

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