HSBC contractors to be inside IR35 HSBC contractors to be inside IR35 - Page 2
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  1. #11

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    Well it's whispers passed on to us from an OP who's mate contracts there.
    Make of that what you will....
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  2. #12

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    Quote Originally Posted by northernladuk View Post
    I'm not 100% sure on that. We expected PS clie ts to do this and many didn't. Also with the distinct possibility of a massive exodus of contractors its gonna cost them a lot just to err on the side of caution.

    I'm not convinced you are right there and as I say if they are thinking that now I'd expect that will change as the impact becomes more apparent
    I think Public Sector initially tried to be risk averse and put contractors inside...but once contractors left to move to the private sector or forced rate increases, it was in their interest to try to move contracts outside of IR35.
    However, once the private sector is bought into the same rules, there will be 'nowhere to run to' for contractors and the clients can be as risk averse as they like.
    Those who expect rate increases to compensate for the reduced net income are deluded (IMO).
    There will still be others happy to continue working on their current rates, so 'demanding' a 25% rate increase is not a real world possibility for a vast majority.
    Last edited by K12AN; 9th April 2019 at 12:48.

  3. #13

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    The PS doesn't have the pressures of costs and business like Private does which I think will be the difference this time.
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  4. #14

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    Quote Originally Posted by TheInvoicer View Post
    There has been no communication on this, I doubt they have even worked out the approach yet either.


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    I take it you're at HSBC and have not heard anything? I have a family member who's there also and has not been informed...he operates via Reed, so perhaps it depends on agency or whether your contract is up for renewal soon.

    I contract at another bank and have been looking around intranet to find any information I can about their approach to IR35 and its very limited.
    However, the one piece of information I've seen alludes that they are figuring out the mechanics of HOW to move contracts inside IR35, not whether they need to or not.

  5. #15

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    Quote Originally Posted by K12AN View Post
    I take it you're at HSBC and have not heard anything? I have a family member who's there also and has not been informed...he operates via Reed, so perhaps it depends on agency or whether your contract is up for renewal soon.

    I contract at another bank and have been looking around intranet to find any information I can about their approach to IR35 and its very limited.
    However, the one piece of information I've seen alludes that they are figuring out the mechanics of HOW to move contracts inside IR35, not whether they need to or not.
    Let’s take the “i heard it from a friend”with a pinch of salt.
    They will need to look at both sides, moving inside and outside as there will be a mix of both for sure. I think we have to wait and see responses, it’s to early.
    I can’t see blanket in.

    I wonder who will be in contract when the call has to made in April. I doubt anyone unless there is a clear heads up. Some serious slippage and rise in costs/loss of benefit would result.



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  6. #16

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    Hi
    I may or may not be on this client . I may or may not have been told that we all have got one more six month extension available and then we will be either perm or out. This may or may not have been told to me this morning by a GCB 2 . There may or may not be lists of contractors on the 'keep' list who will be offered perm roles.

    I am not pleased with this.

  7. #17

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    Quote Originally Posted by Consultantman View Post
    Hi
    I may or may not be on this client . I may or may not have been told that we all have got one more six month extension available and then we will be either perm or out. This may or may not have been told to me this morning by a GCB 2 . There may or may not be lists of contractors on the 'keep' list who will be offered perm roles.

    I am not pleased with this.
    Ouch!

  8. #18

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    Quote Originally Posted by cojak View Post
    Ouch!
    ^^ WCS.

    Quote Originally Posted by Consultantman View Post
    Hi
    I may or may not be on this client . I may or may not have been told that we all have got one more six month extension available and then we will be either perm or out. This may or may not have been told to me this morning by a GCB 2 . There may or may not be lists of contractors on the 'keep' list who will be offered perm roles.

    I am not pleased with this.
    What's a GCB 2?

  9. #19

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    Quote Originally Posted by Consultantman View Post
    Hi
    I may or may not be on this client . I may or may not have been told that we all have got one more six month extension available and then we will be either perm or out. This may or may not have been told to me this morning by a GCB 2 . There may or may not be lists of contractors on the 'keep' list who will be offered perm roles.

    I am not pleased with this.
    And the reasons for this may or may not have anything to do with ir35 changes.



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  10. #20

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    Quote Originally Posted by ShandyDrinker View Post
    ^^ WCS.



    What's a GCB 2?
    I think that's HSBC speak for the first rung of the exec.

    Very early to say, and there will no doubt be some differentiation.

    However, I would expect a large amount of blanket inside determinations, especially at large companies, and especially at large banks. Expect to hear more about the difference between "acceptable" blanketing and "unacceptable" blanketing, the former involving groups of contractors that are substantively doing the same work in the same way and one of whom is used to determine the status of the others. Obviously, this will ignore the possibility of circumstances that are unique to an individual (in business tests etc.), but they will probably get away with it for the main criteria of RoS, MoO and D&C.

    There's no scenario in which this becomes business as usual IMHO. That writing has been on the wall for ages.

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