London-based business consultancy Gerald Edelman has released an eBook to help contractors stay compliant with the forthcoming changes to IR35 tax law.
Called IR35: Are you ready for the landmark changes to off-payroll working? the eBook explores the substantial ramifications for the private sector and offers expert guidance for those making last-minute preparations ahead of the landmark IR35 update coming into effect on 6th April 2021.
The update itself is designed to prevent workers from disguising their true employment status and ensure that de facto employees are paying any necessary income tax and National Insurance contributions.
“The changes to IR35 legislation have been a long time coming and will no doubt affect the working relationship between many contractors and end clients,” said Isaac Agbley, Tax Manager at Gerald Edelman and author of the eBook. “As a result, HMRC expects large numbers of off-payroll workers to be provided contracts of service and brought onto the payroll of the business they are working for.”
“Should a contractor find themselves within IR35, we advise liquidating personal service companies to ensure Business Asset Disposal Relief (BADR) – formerly Entrepreneurs’ Relief – is utilised. It’s essential that contractors take care to ensure the strict qualifying criteria for BADR is met. The other big implication is that many end clients now find themselves facing an increase in staff costs and a need to find tax-efficient remuneration solutions that will incentivise and retain contractors.”
The eBook provides valuable detail around the key compliance challenges facing contractors and end clients, as well as a list of the best free resources to help determine employment status and take-home pay in different scenarios.
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