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SOMETIMES at CEJ we wish politicians were a bit more like teenagers.
Knowing several as we do – and also being young enough (Ben! Peter!) to remember being ones ourselves – we know for a fact that once a teenager has done something or been asked to do it, they promptly forget all about it until being reminded. Usually by their mums.
Despite having the entire summer off – just like teenagers – politicians are more like elephants. They NEVER forget. So after being forced to chop whole chunks out of the finance bill in order to get it through before June’s snap election, the chances of the Conservative Party failing to return to it once back in power always were slim.
They became even slimmer last week when the bill, which included cutting the tax-free dividend allowance from £5k to £2k, was officially re-tabled.
Just in case you’ve managed to remain blissfully unaware of it until now, cutting the allowance by a whopping £3k means that contractors paying basic rate tax would be £225 a year worse off.
The good news is that even if it is hurried through in September straight after the summer recess, the cut won’t affect contractors until April next year, which gives you plenty of time to make plans for it.
The even better news is that if you’re a CEJ client you don’t have to worry about it at all. We’ll keep you aware of any changes which need to be made and keep you informed along the way.
As ever, if you have any questions, don’t hesitate to get in touch: email Jo (firstname.lastname@example.org), Ben (email@example.com) or Peter (firstname.lastname@example.org).