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IR35 - What Does It Mean?
IR35 is one of the most important considerations for any contractor. The legislation was introduced with the intention of properly taxing “disguised” employees and has led to the need for all contractors to consider their status when entering into a relationship to provide services.
Operating outside IR35 allows far greater potential for tax planning although being inside the rules does not always mean that a Limited Company is not a good idea. Being inside IR35 you still have the opportunity to be registered for the Flate Rate VAT schemeand you can claim up to 5% of your turnover as business expenses through the business. The remaining 95% will be deemed to be paid to you as salary.
There is no substitution for a professional review of your contract and working arrangements if you are unsure of your status and are seeking some assurances. We work closely with a leading firm of specialists who undertake these reviews for our clients. Their experience is second to none in terms of arguing their case with HMRC and being able to liaise with Agency Legal Departments to ensure contracts are compliant. Their staff sit on Treasury Committees so they have in depth knowledge of the latest IR35 developments and HMRC's approach to things.
If you would like a review please contact us on 0845 055 7055 so that we can refer you.
The following basic questions should help you decide whether your contract falls inside or outside IR35.