Today chancellor George Osborne outlined the government's economic plans for the months ahead. Although the public debt was the main focus, Mr Osborne also spoke in length about umbrella contractors and freelancers.
Two of the chancellor's main aims were to help small businesses grow and support hardworking contractors in the UK. In order to help growth in the country, the chancellor announced that a cap would be placed on the Retail Prices Index (RPI) and business rates are dropping from 3.2 per cent to two per cent. He also introduced a £1,000 business rates discount to help the high street, as well as doubling the Small Business Rate Relief for another year.
However, Mr Osborne added that the government would also be further cracking down on tax evasion, avoidance and aggressive tax planning. It is hoped that will help ensure that contractors get the money they earn, as well as making a fair contribution to the UK's economy.