IR35 reviews, what are they good for? Why do you need one? Well, the first thing to realise is the importance of getting your IR35 status right.
Why do you need to use the correct IR35 status?
Your IR35 status can have an enormous impact on how much of your contract rate ends up in your pocket. If you’re inside IR35, you have to pay tax as a “disguised employee”, which could leave you paying considerably more tax and NICs than if you were outside. At the same time, working as if you’re outside when you should be inside can be even more expensive. HMRC are increasing enforcement activity in this area and agencies and other intermediaries are required to report details of any contractors they pay gross. If found to be inside IR35 you’ll have to pay any outstanding tax with interest and penalties on top.
If you’re working in the private sector, you are responsible for assessing your own IR35 status and It’s vital to get your status right, and to be able to support that decision with evidence if challenged. Read More >>
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