In this year’s Budget, it was announced there would be changes to IR35 and a consultancy period would be open until August 2013. There have been numerous cases since IR35’s publication that have caused problems for freelancers and contractors so it is important to remain compliant, especially with the changes that could be coming next year.
The upcoming changes are to prevent tax loss through Limited Liability Partnerships (LLPs) and through arrangements involving allocation of profits and losses among partnership members. While it has been acknowledged that not all LLPs are involved in these arrangements, the move is designed to level the playing field for everyone to ensure tax laws were being followed fairly.
This changes the boundaries by which tax is governed and is where the confusion arises, as people try and take home as much money as possible for the work they do. It is always best to seek the advice of an IR35 expert to make sure you are fully IR35 compliant at all times and that you won’t have trouble later with HMRC.
The consultancy period for changes to IR35 is still open and to keep on top of any changes and how this affects you and your working life, you should take advantage of any new information and proposals and take part in the consultation. This should help make everything around IR35 much easier to deal with.
If you would like more information on IR35, speak to ClearSky Accounting to find out how to remain compliant and keep up-to-date with any and every change made to the IR35 legislation. Call ClearSky’s IR35 experts today on 08000 325 326 or email firstname.lastname@example.org.
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