Philip Ross, the former campaign director at the Professional Contractor Group, was asked by 'Labour In The City', a Labour Industry and Finance group to write a small piece under the title of 'If I were Chancellor for the day...'
Philip has been a devoted political activist operating in and outside of the Labour Party Group, his main focus being to support the needs of small companies and contractors. His piece, unsurprisingly, focused on the creation of a new business model to support his main focus on 'Fairness for Freelancers'.
So what is Philips view on 'Fairness for Freelancers'? Philip discusses how National Insurance needs to be restructured or removed, so that an innovative employment and tax model can be put into place to meet the shift in modern day economic functionality. On his ideas for what this model would look like Philip says "it would allow the self-employed limited liability, the ability to grow and invest but not the ability to circumvent tax and not a model suitable for tax avoidance".
Recent uproar among large companies operating in the public sector including the BBC and NHS have highlighted individuals who mask themselves as self-employed but work as employees in order to work in a more tax efficient manner. The outcome of which, if HMRC find out, can lead to heavy penalties and the recall of all avoided tax payments , for the entire length of time the individual has been operating in this way. Thus, what message could Philip Ross's reformed model send to the UK economy? It is hoped that modifications to the tax and employment model would pave the way for expansion and the entrepreneurial uplift that the UK so badly needs.