If your contracts are caught by the IR35 rules, the financial impact will be considerable. Here, we look at the tax difference you will incur if you are inside or outside IR35.
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ir35 rules
IR35 takes its name from an Inland Revenue press release which heralded the birth of new measures (The Intermediaries Legislation) aimed at preventing the use of intermediaries purely for the purpose of avoiding paying income tax and National Insurance.
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In this article, we look at why IR35 was implemented, and what steps contractors should make to ensure they comply with the IR35 rules – including using professional contract review services, and taking out IR35 insurance.
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The minutes of the most recent IR35 Forum meetings reveal that the body expects to publish an IR35 business test and typical scenarios to help establish the risk any given professional services company has to being caught by the IR35 rules.
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The IR35 rules remain in place after Budget 2012, although an ambiguous statement in the Budget documentation may cause further uncertainty to contractors
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The IR35 rules are still in place in early 2012, but are due an administrative overhaul which may be implemented as early as April 2012, according to the body tasked with simplifying small business taxation.
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