Whilst larger firms get ready to implement IR35, smaller businesses were able to take a deep breath for the time being. However complacency isn’t beneficial as it will come a calling. Are you ready? do you know what it means for your business?
HR Magazine wrote, “Philip Hammond announced changes to the way self-employed status is taxed with the aim of cracking down on people claiming self-employed status to pay lower National Insurance contributions”.
“IR35 is designed to ensure fairness so that individuals working side-by-side in similar roles for the same employer pay the same taxes,” said Hammond. He added that, having rolled the rules out for public sector organisations, “widespread non-compliance also exists in private [companies]”, so it is time to apply the same rules to this sector.
If you use self-employed and are unsure on how this will effect you, drop us an email at email@example.com or give us a call on 07747 611662. We will make sure that your employment checks are robust and you can easily identify the status of current and new self employed contractors and offer tangible suggestions to make this process easier.