New £10k nil rate band of little benefit to Contractors


Initial budget day euphoria at the Coalitions announcement of a £10,000 starting point for basic rate tax has quickly turned to disappointment as it is clear that yet again most Contractors will not feel the benefit, writes Tony Harris, of specialist IFA ContractorMoney.

The new threshold is due to come into effect from April next year, a year earlier than planned and fulfils one of the key Lib-Dem objectives for the Coalition. However with limited scope for hand outs across the board, for the majority of professional Freelancers, the Chancellor gave with one hand only to take away with the other.

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