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A small cohort of limited company contractors had been holding onto hope that the Chancellor would use his recent Budget statement to once again delay a set of damaging IR35 reforms.
IR35 changes were originally due to be implemented in April 2020, but coronavirus-related disruption pushed the reforms back until April 6 2021.
Limited company contractor that are caught under IR35 arrangements may need to act quickly if they want to close their companies and make the most of lucrative tax incentives.
If they wish to continue working flexibly, these contractors will also need to think carefully about how they offer their services, according to Umbrella.co.uk Director Miles Grady.
“Because we offer limited company support, umbrella payment solutions and a business liquidation service, we are in the best position to help a growing group of customers that have been caught out by IR35,” Miles Grady said.
We are delighted to announce that Sarah McClean, Insolvency Administrator, has won the Umbrella Group October Employee of the Month Award!
“Since starting with the firm in June 2017, Sarah has always demonstrated a strong work ethic and is a dependable member of the team always prepared to go the “extra mile” for the customer, whatever the scenario. Well done Sarah, a well-deserved award!” Tom Fox, Head of Umbrella Insolvency.
With changes to off-payroll working rules imminent, experts predict a tidal wave of new ‘inside IR35’ judgements in the next few months.
If you are a contractor working through your own limited company then you are at risk of being judged ‘inside IR35’ - but what does this mean for you and your bank account?
With changes to off-payroll working rules imminent, experts predict a tidal wave of new ‘inside IR35’ judgements in the next few months.
If you are a contractor working through your own limited company then you are at risk of being judged ‘inside IR35’ - but what does this mean for you and your bank account?
Some of the nation’s largest banks are forcing personal service company (PSC) contractors to go on the payroll, a move that will leave many with dormant limited companies. Here’s how you could close your PSC in a tax efficient manner if you’re affected by the banking sector contractor ban.
Under reforms to off-payroll working legislation, large organisations will be made responsible for judging a PSC contractor’s IR35 status from 6th April 2020.
