A generally upbeat speech by the Chancellor…

See our separate blogs on travel and subsistence expenses and buy-to-let changes.

The economy is growing and this is good news for all businesses but particularly small businesses and start-ups.  There are many changes planned that could affect contractors.  Many Government departments are being cut, and cut hard, so any contracting work in these areas will (probably be) short-term only.

The NHS is to be funded and more nurses are to be trained.  In the short-term this will have no effect on the use of agency nurses to provide necessary services to the NHS.  In the long-term the Chancellor is expecting the newly qualified nurses to join as salaried staff and reduce the need for agency staff and nurse contractors.  If you are a specialist nurse this should not have any effect on you or your agency hours for some years.

New consultations

Company distributions – a consultation will be issued shortly on rules concerning company distributions and attempts to convert income into capital.

Disguised remuneration – legislation will be introduced later, but with effect from today to tackle cases where tax on earned income is avoided.

Other items of interest

Part time season tickets and money back if your train is late

New flexible season tickets will soon be available on certain lines across the country, including C2C between London and Essex, and the Great Northern Route on Thameslink. This means that commuters will be able to buy part time season tickets, if they wish.

Commuters will also soon be able to claim compensation from their rail tickets if their train is more than 15 minutes late.

People will no longer be able to get cash compensation for minor whiplash claims

To make it harder for people to claim compensation for exaggerated or fraudulent whiplash claims, the government is ending the right to cash compensation.  More injuries will also be able to go to the small claims court as the upper limit for these claims will be increased from £1,000 to £5,000.

This means that annual insurance costs for drivers could fall by between £40 to £50 a year.

If you would like more information on any of the Autumn Statement 2015 announcements then please call Clearways Accountants on 01737 244298

Image supplied by Vichaya Kaitying-Angsulee through FreeDigitalPhotos.net