Future of contracting and IR35 Future of contracting and IR35
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  1. #1

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    Default Future of contracting and IR35

    I've just set up a Ltd Co due to the lure of more control over my finances and trying to build an actual business around my field of expertise. The more I read though, the more pesimistic I get about the tax and NI benefits remaining long term.

    In the current climate, does everyone now think it would be advisable to keep enough money in the company to cover the NI bill should MHMRC start automating the collection of missed payments? It strikes me that they have all the info they need from the new service company question and could operate a pay us now or prove you were right to not pay approach rather than the existing time consuming, we'll prove you owe us strategy.

    If they went down that route, they could print off thousands of demands per week and put the onus on us to prove we were in the right. PCG couldn't pay for all of us to be defended and I bet a million pounds that the tax cover insurance companies will not pay as soon as things start getting ropey.

    Getting a bit nervous now, actually wondering whether to just run full salary PAYE despite feeling I have a legitimate business.

  2. #2

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    Paranoia unbounded.

    Anyway, the Tories say they're going to repeal IR35 and reduce CT back to 20% for small business.

    Boomed all-round...

    Older and ...well, just older!!

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    Quote Originally Posted by ratewhore View Post
    Paranoia unbounded.

    Anyway, the Tories say they're going to repeal IR35 and reduce CT back to 20% for small business.

    Boomed all-round...

    ... until they get in... then "Oh! Post Credit Crunch woes and a bad summer = piss off whores and pay-up now and always!".

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    Do we really think a) they'll get in and b) they'll repeal it quickly enough to prevent us all paying fat bills first?

    Or as with most devious governments will they take the opportunity to claw in all the payments first, then repeal IR35 legislation to great publicity once the real damage has been done.

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    Quote Originally Posted by Bob Dalek View Post
    ... until they get in... then "Oh! Post Credit Crunch woes and a bad summer = piss off whores and pay-up now and always!".
    Oh OK. Let's stick with NL then. At least we know our increased taxes will be going to the feckless layabouts watching daytime TV.

    After all, it's only fair that those that can be bothered have to support those that can't be arsed...
    Older and ...well, just older!!

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    Quote Originally Posted by ratewhore View Post
    Oh OK. Let's stick with NL then. At least we know our increased taxes will be going to the flipless layabouts watching daytime TV.

    After all, it's only fair that those that can be bothered have to support those that can't be arsed...
    You are labouring under a misapprehension: You prefer the puppet on the right, who is dressed in blue; you dislike the puppet on the left, who is dressed in red. In fact, there is one man operating both of them.

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    rootsnall is a permanent contractor


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    It's easy. Keep your salary and NI payments to a bare minimum and stick your fingers in your ears and start whistling if your hear the words IR35 or investigation. Works for me !

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    Quote Originally Posted by Bob Dalek View Post
    You are labouring under a misapprehension.
    No, I'm afraid I'm not. There's a certain irony in most of my posts in this forum. Sorry if you missed it...
    Older and ...well, just older!!

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    Quote Originally Posted by rootsnall View Post
    It's easy. Keep your salary and NI payments to a bare minimum and stick your fingers in your ears and start whistling if your hear the words IR35 or investigation. Works for me !
    Or......

    a) start a 'proper' business

    and

    b) take the business and frack off to another country with it

    Even if the Conservatives get in, I don't believe that they will be in any hurry to repeal IR35 and definitely will not clamp down on work permit abuse. Also, any repeal wouldn't be retrospective so current rules would apply for this financial year etc.
    How did this happen? Who's to blame? Well certainly there are those more responsible than others, and they will be held accountable, but again truth be told, if you're looking for the guilty, you need only look into a mirror.

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