HSBC contractors to be inside IR35 HSBC contractors to be inside IR35 - Page 3
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  1. #21

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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.
    This tells me that the appetite for contactors at HSBC is similar to the client bank I'm at presently.
    They are trying to convert the contractors who are part of BAU to perm and letting others role off their projects - sometimes offering small extensions where there is no option but to. There have been numerous announcements about reducing dependencies on contractors over the years, but I think they're serious this time.

    I don't think IR35 is to blame for this, but it certainly does not help.
    Not sure about others, but I've seen the number of jobs available for contractors in the banking sector shrink dramatically and some boards which allow you to see the number of applicants are showing over 100 applicants per role!

    Personally, if I were offered a reasonable perm position at a client where I'm happy - I'd have to consider it very very seriously. Contracting is definitely not what it used to be and its going to get a lot tougher come April 2020 (or even sooner)

  2. #22

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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.
    Was there no third option? i.e. you can stay on as a contractor, but will be inside IR35?

  3. #23

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    Quote Originally Posted by K12AN View Post
    Was there no third option? i.e. you can stay on as a contractor, but will be inside IR35?
    IR35 wasn’t the reason so there would be no need for that option, so only the 2 options.


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  4. #24

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    I remember sitting on the train coming home from a CUK Xmas do with an HSBC contractor chatting to another lad about contracting. He was saying he'd been the nearly 4 years and mentioned his company paying for the travel between Coventry and London worthwhile. I asked him how he could do that with the 2 year rule. He looked chuffed to bits when he told me he'd changed agents and was on a different floor than when he started so he was OK. Ah bless.....
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  5. #25

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    Quote Originally Posted by TheInvoicer View Post
    IR35 wasn’t the reason so there would be no need for that option, so only the 2 options.


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    Yes, except some have been told that if they are extended after this 6 months they will be inside IR35.
    However, extending contractors is the least favoured option

  6. #26

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    Quote Originally Posted by K12AN View Post
    Yes, except some have been told that if they are extended after this 6 months they will be inside IR35.
    However, extending contractors is the least favoured option
    If for non ir35 reasons you wanted to push some folks into perm then throwing in the April change and saying no more extensions etc would be helpful to push that change through.

    We don’t know how the clients will react but I’m sure that right now they have no final policy.


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  7. #27

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    Quote Originally Posted by TheInvoicer View Post

    We don’t know how the clients will react but I’m sure that right now they have no final policy.
    This. I've heard one major player in my industry (defence) is looking at ensuring it's contractors are outside. This may be to do with demographics though, a lot of their work is old legacy languages and the core of their contractor community are in their fifties. Many could just retire.
    But I discovered nothing else but depraved, excessive superstition. Pliny the younger

  8. #28

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    Quote Originally Posted by northernladuk View Post
    I remember sitting on the train coming home from a CUK Xmas do with an HSBC contractor chatting to another lad about contracting. He was saying he'd been the nearly 4 years and mentioned his company paying for the travel between Coventry and London worthwhile. I asked him how he could do that with the 2 year rule. He looked chuffed to bits when he told me he'd changed agents and was on a different floor than when he started so he was OK. Ah bless.....
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  9. #29

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    Quote Originally Posted by northernladuk View Post
    I remember sitting on the train coming home from a CUK Xmas do with an HSBC contractor chatting to another lad about contracting. He was saying he'd been the nearly 4 years and mentioned his company paying for the travel between Coventry and London worthwhile. I asked him how he could do that with the 2 year rule. He looked chuffed to bits when he told me he'd changed agents and was on a different floor than when he started so he was OK. Ah bless.....
    And was he ever caught?

  10. #30

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    As an update to this thread and apologies if posting a link to another site is considered heresy:

    IR35 HMRC Exemption - Contractor Weekly

    In short, I suspect there must be some substance to the HSBC story if they felt able to run with the article - paragraph near the end:

    Sadly, I learned over the weekend that HSBC have put policy in place to sack all its contractors come September 2019, with other banks also intending to follow suit. How is this conscionable or fair?

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