Also known as Intermediaries Legislation, IR35 was first introduced in April 2000. Put simply, it’s used to determine your status as a contractor or freelancer and the way your income should be taxed.
Most of it comes down to the terms of your contract. So make sure you have the best possible terms in your contract, and that it reflects the true nature of the work you’ll be doing.
If HMRC makes an IR35 enquiry into your business, it’s a major advantage if you’ve had your contract checked for IR35 compliancy. In the eyes of HMRC, it shows ‘due diligence’ on your part and could keep any fines or penalties to a minimum.
Here at Simplyco, our expert team of specialist contractor accountants has been fully trained by a specialist tax company. We can give you a complete review of your contract. We’ll give you a simple ‘pass’ or ‘fail’, with full details on any changes you need to negotiate with your client. Our IR35 Contract Review service is an important and increasingly popular service.
And for just £100 + VAT, could save you hundreds more in the long run.