Election 2019 – Tax implications for freelancers – UPDATED
[Updated on 16 December 2019, after the election results.]
This blog was put together to look at the implications of the main UK-wide party manifestos for freelancers, small companies and other tax payers.
The video explainer below shows aspects of the three manifestos. I thought I’d leave it there, even though we now know it’s the Conservatives who won – big time.
In fact the Conservative manifesto was the one with the least detail. (Some would argue this is why they won.) But we can expect a Budget announcement from the Chancellor of the Exchequer in February 2020. I will post again to highlight details as they emerge.
Of course the one thing that will happen is that we will leave the EU at the end of January 2020. We will then enter a ‘transition period’, initially set to run out at the end of December 2020.
Nothing changes in terms of movement of goods, rules about freedom of movement, and working, etc, until the end of the transition period.
For more on the implications of Brexit for freelancers, see my earlier blog.
Remember this video explainer covers all of the UK except Scotland, which has had its own income tax system for a couple of years now.
Problems seeing the video on Vimeo? Try here on YouTube >
I’m not advocating one party over another here. There are many things to weigh up when voting.
But I hope this clarifies some of the tax proposals that have got lost in all the shouting and name-calling.
Posted on 01 December 2019