IR35,The,Rules,and,Regulations finance, share, loan IR35 - The Rules and Regulations
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through which they would still effectively do the work of an employee but avoid tax by paying themselves in dividends, which are not subject to National Insurance, or by splitting ownership of the company among family members who are in lower tax bands known as disguised employee arrangements. The meaning of IR35 (and subsequently IR56) is to make sure that if the connection between a contractor and their Client would have been one of employment, had it not been for the beginning of an intermediary, the outworker pays tax and NICs on the similar basis as that of a worker of the Client. However, the measure has been consistently opposed by contractors and freelancers who argue it places them under the constant threat of a lengthy and expensive investigation by HM Revenue and Customs, while at the same time raising little extra tax. According to the Professional Contractors Group, of the 1,468 IR35 cases known to them, only six have resulted in additional tax being paid and, given the cost of policing it, there is no evidence that the tax is raising any money for the Exchequer, which does not publish figures on the effectiveness of the legislation. Previously, individuals could provide their services to a Client company via an intermediary such as a service company enabling the Client to make payments to the company without deducting PAYE or NICs. The worker would then receive the money from the intermediary company in the form of dividends instead of a salary, thereby reducing their NICs. Finding out if you are classed as self-employed or employed is dependent on the Inland income; the IR35 rules will be relevant to those who are not term as self-employed. A contractor caught by IR35 will generally have all their fees considered as salary, and therefore face a significantly higher tax bill than a contractor who falls outside IR35. Determining IR35 status is not straightforward, and it is advisable to seek an opinion from a specialist firm such as KB Accountancy Group. The main reasons behind putting the IR35 rules into place as there were many in the IT industry who leaving their permanent job and then returning soon after to do the same job, but as a contractor working via a limited company. This enabled them to get paid a lot more for the same job as they were doing previously, but as a freelancer they would be paying less tax and national insurance as a proportion of their income. For those working in an office or at a location on a typical 9-5 basis, as an employee with no direct responsibility and using the equipment supplied at the business premises, then the Inland Revenue would consider you to be employed, thus you would be subject to the IR35 rules. Look online for specialist contractor accountants offering accountancy for contractors and accountancy for freelancers in the UK and see how they can ensure you follow all areas of IR35 compliance as well as maximize your take home pay.
IR35,The,Rules,and,Regulations