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If you work as a contractor or freelancer is very important that you understand the IR35 rules and regulations. If you do not understand them you can end up getting yourself into a great deal of trouble with the UK taxman.
IR35 legislation was introduced by the UK government in 2000. It was designed to stop people who work effectively as employees from claiming that they were self employed. The problem was that employees were leaving their firms on a Friday and reappearing on a Monday as a contractor. On the surface this does not seem like a problem, however for the UK taxman it was. The reason for this is that as a self employed worker that employee paid far less tax. In addition, their employer did not have to pay any tax or National Insurance for them. As you can imagine, this led to a considerable reduction in tax revenue for the UK taxman.
Understanding IR35 Rules
Understanding IR35 rules is quite difficult because they are fairly complicated. If you are a freelance worker or a contractor it is well worth your while seeking expert advice.
It is really difficult to know whether or not a contract you a signing puts you ‘within IR35’ or ‘outside IR35’. For example, if your contract states that you must work specific days or mentions lunch breaks and the duration of those breaks it is very likely that you will be considered to be ‘inside IR35’. In this situation you would have to pay tax and National Insurance as if you were permanently employed. In some cases this can lead to the contractor or freelancer having to pay 20% more tax than they would if their contract was considered to be ‘outside IR 35’.
As you can see IR35 rules are difficult to interpret to say the least. This means that employing an IR35 specialist makes an awful lot of sense. It is possible, simply by changing the wording of any contract, to ensure that you do not have to pay lots of unnecessary tax. Before signing a new contract always seek specialist IR35 advice.
Beever and Struthers Freelance and Contractors department fully understand IR35 rules and regulations. Using them for advice before signing a contract could save you thousands.
IR35 legislation was introduced by the UK government in 2000. It was designed to stop people who work effectively as employees from claiming that they were self employed. The problem was that employees were leaving their firms on a Friday and reappearing on a Monday as a contractor. On the surface this does not seem like a problem, however for the UK taxman it was. The reason for this is that as a self employed worker that employee paid far less tax. In addition, their employer did not have to pay any tax or National Insurance for them. As you can imagine, this led to a considerable reduction in tax revenue for the UK taxman.
Understanding IR35 Rules
Understanding IR35 rules is quite difficult because they are fairly complicated. If you are a freelance worker or a contractor it is well worth your while seeking expert advice.
It is really difficult to know whether or not a contract you a signing puts you ‘within IR35’ or ‘outside IR35’. For example, if your contract states that you must work specific days or mentions lunch breaks and the duration of those breaks it is very likely that you will be considered to be ‘inside IR35’. In this situation you would have to pay tax and National Insurance as if you were permanently employed. In some cases this can lead to the contractor or freelancer having to pay 20% more tax than they would if their contract was considered to be ‘outside IR 35’.
As you can see IR35 rules are difficult to interpret to say the least. This means that employing an IR35 specialist makes an awful lot of sense. It is possible, simply by changing the wording of any contract, to ensure that you do not have to pay lots of unnecessary tax. Before signing a new contract always seek specialist IR35 advice.
Beever and Struthers Freelance and Contractors department fully understand IR35 rules and regulations. Using them for advice before signing a contract could save you thousands.