Self-employed workers could soon see incomes hit thanks to tax changes – will you be one of them?

This is Money Podcast

This is Money

Business News, Business, Investing, News

4.1 • 650 Ratings

🗓️ 2 August 2019

⏱️ 49 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Changes in tax rules that will be introduced next year could hit the income of anyone who's self-employed - such as IT experts and business consultants.

Editor Simon Lambert, assistant editor Lee Boyce and host Georgie Frost look at why it is being called a 'ticking timebomb' for contractors.

Elsewhere, as the PPI deadline fast approaches, what will it mean for banks and consumers – and why you should DIY a claim before it's too late.

Things go from bad to worse for Neil Woodford investors, as money will be locked in now until December at the earliest.

The Financial Conduct comes in for criticism after failing to warn savers about a scam they knew about for nearly a month resulting in huge financial losses for three of our readers.

And John Lewis gives advice on where to stash valuables before heading away with help from six ex-burglars.

Transcript

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0:00.0	Welcome to This Is Money in partnership with Switch, helping you save time and money by getting you the best deals automatically.
0:07.6	I'm Georgie Frost and joining editor Simon Lamb and I today is Assistant Editor Lee Boyce.
0:12.5	And coming up, freelancers, beware the tax changes that could hit your income.
0:17.5	PPI deadline, fast approaches.
0:20.3	As banks breathe a collective sigh of relief, is it too late to claim?
0:25.2	Also today things go from bad to worse for Neil Woodford and John Lewis shows up the FCA in how to do scam prevention the right way.
0:33.8	Don't forget, you can stay up to date with all the latest breaking money news. Just go to this ismoney.co.com or download the app. But first, it's been called a ticking time bomb
0:43.9	for contractors. Changes in tax rules that will be introduced next year could hit the income of
0:49.7	anyone who self-employed, such as IT experts and business consultants.
0:54.9	Now, it all relates to something called IR35 rules.
1:01.6	It sounds a bit like a new Star Wars figure, like robot, IR35.
1:07.1	Anyway, sorry, but it could be bad news for freelancers because you could also lose some business.
1:12.7	So, Simon, IR-35-35, is not a new Star Wars robot.
1:20.4	Well, actually, busted. You have revealed the new Star Wars film.
1:27.3	There is a small tax-collecting robot from the planet's passion.
1:32.3	We digress.
1:33.3	Let's leave that one.
1:35.3	So, this has been around for some time.
1:37.3	However, the rules are about to change.
1:39.3	What it is is a rule that is meant to stop disguised employment.
1:45.3	And by disguised employment, what we mean is people working as contractors for companies or organisations
1:52.5	and billing them for their services through a limited company, personal services company,
	...

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