I was lucky enough (so far) to have been assessed outside IR35, so I'm carrying on contracting. But what's worrying me is that I've been with the same client for many years now, and that means greater risk should HMRC come knocking. I do have my insurance from QDos in place, and am reasonably prepared, but just fighting off the inquiry is a stressful and lengthy process.
So I was thinking of closing down current company (not through MVL, to avoid it being seen as "phoenixing"), and having further contracts through the new Ltd, as a means of resetting the IR35 clock and sealing off all the previous years responsibility. It is unprecedented for HMRC to investigate closed company, afaik.
The only downside I can think of (apart from admin hassle) is that the very fact of winding down the company may attract unwanted attention from taxman.
What do you think on this strategy?
So I was thinking of closing down current company (not through MVL, to avoid it being seen as "phoenixing"), and having further contracts through the new Ltd, as a means of resetting the IR35 clock and sealing off all the previous years responsibility. It is unprecedented for HMRC to investigate closed company, afaik.
The only downside I can think of (apart from admin hassle) is that the very fact of winding down the company may attract unwanted attention from taxman.
What do you think on this strategy?
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