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Highly skilled contractors working in software development, IT project management and many other roles in technology are among those most at risk from changes to IR35 rules.
Although these roles tend to be well paid, the contracts are often structured in a way that means they fall ‘inside IR35’.
In this brief guide, we aim to answer the most important questions about IR35 to help you better understand the rules, how they might be applied and how you can avoid paying more in tax.
Top cybersecurity contractors are charging major corporations more than £10,000 per day to protect them against organisational cybercrime.
According to a set of much-discussed statistics, just over 4.5million people in the UK were classed as self-employed in 2014. That number is set to grow over the next few years as more of us seek our own working life destinies. One of the obvious attractions for many has been the suggestion – often true – that pay rates for freelancers and contractors outstrip earnings for the permanently employed.
Like it or lump it, it’s hard to ignore it. That’s right folks; Christmas is just around the corner. What does that mean? Well, apart from parties, mince pies, hangovers and jumpers covered in reindeer, its time for a quick reflection on the year coming to a close.
Whether it is to bring specific talents from specific backgrounds onto a project, or drafting in much needed extra help on a quick turnaround project, IT departments throughout the UK rely on contract staff.
Some self-employed contractors lost 30% of their income in the wake of IR35 reforms that took effect in the public sector this in April.
As the dust settles around the changes IT recruitment company, CW Jobs, found that more than 70% of their clients saw a reduction in income after the IR35 reforms.
Of these contractors, a quarter saw a reduction close to 30%.
The IR35 reforms mean that contractors who work solely or primarily for public sector bodies are being taxed as if they were regular employees of that company. But are no receiving any of the accompanying benefits such as such pay or holiday entitlement.
The UK’s technology sector is often seen as a centerpiece to economic policy in this country. Over the last few weeks the General Election battleground has shifted and one topic has been replaced by another. However, UK Tech has remained a fairly constant refrain amongst the election hopefuls.
There has been a seemingly non-stop run of positive news stories for the IT industry in the UK recently. 2015 seems to be doing little to buck this upward trend! Employers group the CBI, along with accountancy giants PwC have forecast that the majority of banks and other financial institutions will raise their IT spending in the year ahead.
In terms of modern industry sectors, few have been as male-dominated as the world of information technology. Since becoming a permanent part of the UK’s economic landscape in the 1980s, IT has consistently failed to evolve into a viable career choice for women. Out of the UK’s current IT workforce of around £1.1 million, only 16% are female.
