Friday, 30th March 2007: In a ground-breaking survey of its readership, independent resource site ContractorCalculator has learned that far too many contractors are not prepared for the changes that the new Finance Law, which goes into effect on 6th April, inaugurates.
Responses from nearly 300 contractors show some surprising results. Despite the site’s regular discussion of the issue of managed service companies and composite companies, far too many contractors simply don't understand the legislation, or are not prepared to make the changes they need to make.
• Only 51% of contractors run a limited company
• 29% are using composite companies
• 56% of those affected say they don't know what to do
Says Dave Chaplin, CEO of ContractorCalculator.co.uk: “April 6th is not far off. If contractors opt for a limited company - which should be the only logical choice for contractors who pass IR35 - then they should realise that...