THE PERFECT STORM AVERTED!

Today in Parliament prior to the final reading of the “Finance act 2020 amendments to off payroll working legislation”, the Chancellor had the Covid 19 virus to fall back on, as he along with HMRC were heading for a perfect storm on the 6th April 2020. poorly prepared, ill conceived with forecasts of costings of 14 million to the industry for the proposed changes, however a figure closer to 75 million was muted at the February meeting to resolve conflict. I have discussed the details in previous articles but suffice it to say that the impact of contractors taking a 35% drop in wages when current trends show that the salary at present equates to that achieved in 1998, that’s over twenty years of stagnation. Contractors would have migrated to positions offering¬† greater lifestyle balance and the freight industry, in particular, would have ground to a halt!