Bad news for (some) freelancers

Many freelancers (no, not me) set up one-man limited companies to avoid tax, which is perfectly legal and apparently very lucrative. Or it was: in yesterday’s pre-budget statement, Gordon Brown announced the end of the 0% company tax band, which means a pretty significant hike in limited company owners’ tax bills. Which just goes to prove that if you spot a loophole that can cut your tax bill, you can be sure that old cheery-chops will spot it and shut it.