Best Accountants in Aldershot

🚨 Attention self-employed workers! 🚨 Brace yourselves for higher tax rates! 😡 The latest economic forecast from the Office of Budget Responsibility (OBR) reveals that millions of us will be hit by 'fiscal drag' due to the tax freezes imposed in 2021 and extended until 2028 by Rishi Sunak. 💰 This stealth tax move is projected to generate an extra £42.9bn in revenue by 2028! 😱 The OBR warns that virtually all major income tax and national insurance thresholds are frozen, not keeping pace with inflation. If indexed to inflation, the tax-free personal allowance would have been £16,200 by 2027, but it's stuck at £12,570. The higher rate threshold would have increased to £65,100, but it's frozen at £50,270. 📈 Result? Fiscal drag. More of us will be dragged into higher tax thresholds as inflation boosts our earnings. Lower earners, including self-employed workers, are hit hardest, with an estimated 4 million people pushed over the tax-free personal allowance. 📉 The OBR forecast comes at a challenging time for the self-employed, with frozen thresholds being the largest contributor to the UK's highest economy-wide tax burden in 75 years, currently around 37% of national income. The landscape has become aggressive for contractors and the self-employed, facing higher taxes across the board, including a higher Corporation Tax rate and lower tax-free dividend allowance. The introduction of IR35 reform has added to the woes, leading some to abandon self-employment altogether. 💼...