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HSBC contractors to be inside IR35

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    #91
    Originally posted by ContractorHardman View Post
    My Business Line has had its funding severely cut so they didn't have the budget to keep me under any circumstances despite trying quite hard for sign off. I personally think the whole IR35 thing is being used as an excuse to cut costs.
    Cost cutting after announcing profits of only £1.6 billion per month

    Europe's largest bank made $6.2bn (£4.8bn) before tax in the three months to March, up from $4.8bn in the same period a year earlier.

    HSBC first-quarter profit jumps as costs drop - BBC News
    Rule Number 1 - Assuming that you have a valid contract in place always try to get your poo onto your timesheet, provided that the timesheet is valid for your current contract and covers the period of time that you are billing for.

    I preferred version 1!

    Comment


      #92
      Originally posted by K12AN View Post
      I've heard from a reliable friend of mine who is contracting at HSBC, that they are informing their contractors that they will be inside IR35. There will be no changes to day rates and contractors will either continue on their projects at current rates, be offered perm roles (in some cases) or they can reject this and walk away.

      I'm guessing that because we are now less than 12 months from the April 2020 date, those on 12 month contracts will need to know where their contracts sit.

      Are there any other HSBC contractors in the forum who've been informed similarly?

      Whilst this isn't unexpected, I'm surprised by the blanket determination by such a large organisation.
      I was hoping that one of the big players would make the necessary updates to working practises and contracts etc. to allow them to determine their contractors out of scope - or at least look at roles individually and then decide.

      Worrying if this is the precedent and other simply follow.
      How do we know that this is a blanket decision? Maybe they are informing some (most or few??) of their contractors?

      By the way what was your friends contract title (roughly)? Is he in accounting, talent acquisition, software dev?

      Thanks

      Comment


        #93
        Originally posted by Mohit007 View Post
        I was offered a contract role at HSBC by Third Party - after reading this thread , I am bit puzzled now!

        Not sure what is the difference it is going to make if you contracting via Third Party or Resource Solution?

        Any recent experience using Third-party pls?
        Have you been offered by the third party as inside IR35 or outside IR35?

        Thanks

        Comment


          #94
          Originally posted by blackeagle View Post
          Have you been offered by the third party as inside IR35 or outside IR35?

          Thanks
          As per agency, they are outside IR35.

          Comment


            #95
            Originally posted by Mohit007 View Post
            As per agency, they are outside IR35.
            Correct me if I am wrong HSBC was contracting directly with Contractors. After 2020 April they offer to continue contracts over an agency which will be outside IR35 and the rates will be same...

            Is that what it is?

            Thanks

            Comment


              #96
              Originally posted by blackeagle View Post
              Correct me if I am wrong HSBC was contracting directly with Contractors. After 2020 April they offer to continue contracts over an agency which will be outside IR35 and the rates will be same...

              Is that what it is?

              Thanks
              Not even close.
              'CUK forum personality of 2011 - Winner - Yes really!!!!

              Comment


                #97
                Originally posted by blackeagle View Post
                Correct me if I am wrong HSBC was contracting directly with Contractors. After 2020 April they offer to continue contracts over an agency which will be outside IR35 and the rates will be same...

                Is that what it is?

                Thanks
                They will be inside IR35. Rates will be the same. They might be converted to perm.

                A shame HBOS did not contact QDOS.....

                Comment


                  #98
                  Originally posted by BrilloPad View Post
                  They will be inside IR35. Rates will be the same. They might be converted to perm.

                  A shame HBOS did not contact QDOS.....
                  we do really need someone who has nothing to lose in April 2020 and who has been blanket judged inside the new regulations, to take their case to the ET. As long as this person isn't contracted to HMRC, who settled out of court in the Winchester case, then there is a chance it will get to the ET, where a decision either way might cause some issues. That person would need to be expertly supported in order to achieve the maximum effect on the issues. But there's the rub, as finding such an organisation to support such a case doesn't seem to be easy.

                  Comment


                    #99
                    Originally posted by BrilloPad View Post
                    They will be inside IR35. Rates will be the same. They might be converted to perm.

                    A shame HBOS did not contact QDOS.....
                    If this is the case; I am sure sooner or later this will come out as a wrong decision. 1-) No contractor wants to enormously lower their rates (+ they might be asking for employment benefits as well) 2-) They cannot convert everyone to permanent; since there is a reason (agility of work load) for contractors. After they get the initial response from the contractors and make a meetings to asses the situation they will have to seek alternatives. This is my point of view.

                    On the other hand Mohitt who works for the was saying the Agency is offering outside IR35. Something like Capgemini to HMRC public sector solution. Mohitt can you confirm this are you sure the Agency is outside IR35?

                    Comment


                      Just extended couple of weeks back at hsbc via my agency. No mention of any changes from either party in the chain.
                      Still seeing new contracts being offered via the existing agencies.


                      Sent from my iPhone using Tapatalk

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