If you’re a freelancer and haven’t yet, then you’ll need to make sure you update yourself with the budget 2017 news. This post on FreeAgent (https://www.freeagent.com/central/budget-2017/) sums up the parts relevant to freelancers. It also mentions Making Tax Digital which I admit I hadn’t heard of and is important as it means freelancers will have to update HMRC of income and expenditure at least 4 times a year and via digital accounting software. It’s not in full effect yet so no need to panic if you haven’t heard of it either. I don’t know what the rationale behind the frequent HMRC updates is but the end of year tax is to be phased out by 2020. Does this mean we’ll have to see an accountant at least four times a year instead of the once? Whatever it means, I hope you keep your accounts in good order all the year through.
The good news is that there has been a I turn on the proposed National Insurance changes for the self-employed (U-turn over Budget plan to increase National Insurance