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Prior to IR35, the Inland Revenue accepted that if you worked through a limited company then you were not employed by your client.
This meant you could avoid PAYE tax and reduce your NI contributions. In effect, you could leave your full-time job with a company and return the next day to do the same job as a freelance consultant for a considerable increase in take home pay.
IR35 puts an end to much of that. In fact, it is estimated that 80% of IT contractors are affected by the new rules and fail the 'IR35 test'.
This is an Inland Revenue measure which determines under what
category contractors fall under - whether you are a genuine contractor or 'akin to employed'.
To find out if you pass the IR35 test, answer 11 simple questions below, or visit www.hmrc.gov.uk and go to leaflet IR56 'Employed or self-employed.
A guide for tax and national insurance' or contact us now and we provide
FREE independent assessment of your situation.
If you find that, like so many other contractors, passing this test is a major problem, there is another way of reducing your tax bill and maximising your income - Join us today!
