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Industry reacts to chancellor’s growth plan

by Louisa Daley

beam and IPSE (the Association of Independent Professionals and the Self-Employed) have welcomed the changes outlined in chancellor Kwasi Kwarteng’s Growth Plan Statement, issued today (23 September).

The events industry

“The Chancellor’s Growth Plan Statement contains many new measures that will be beneficial to all beam members. As a business, we welcome these initiatives, notably the previously announced energy cap, and the cancellation of increases in Corporation Tax, National Insurance and alcoholic drink duties,” said Simon Richards, treasurer of beam and managing director of Convenus.

Considering the sector as a whole, despite the return of in-person events, Richard says the industry is still recovering from the pandemic. “Members are struggling with higher costs and are finding it difficult to repay bounce back loans,” he added.

“We all urgently need to educate Nigel Huddleston’s replacement as the minister responsible for our industry about the specific needs of the sector and ensure that business events are high on his/her agenda.

“This makes the need for all business events sector companies to join the BVEP campaign and register under one of three SIC Codes, particularly 82302, even more urgent so that the Minister and the government have the data to recognise the sector’s issues more clearly,” he explained.

Freelancers

Andy Chamberlain, director of policy at IPSE, welcomes the news that the 2017 and 2021 reforms to IR35 are set to be scrapped from April 2023.

The reforms to the off-payroll working rules (IR35) made hiring organisations responsible for determining the tax status of contractors.

The reforms were heavily criticised as they resulted in complexity for business and concerns that status determinations were being made incorrectly.

“The 2017 and 2021 reforms create unnecessary complexity for contractors and businesses. It is with huge relief that we welcome this dramatic shift in government thinking,” he said.

“As delighted as we are with the news, we remain concerned that the underlying IR35 rules will stay in place, and we hope to work with the government to make further progress on this issue in the weeks and months ahead.

“But for now, this is a watershed moment and will be a tremendous boost to thousands of contractors who have been unfairly penalised by these damaging rules,” he added.

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