Andrew Whyte’s Post

𝗔𝘁𝘁𝗲𝗻𝘁𝗶𝗼𝗻 𝘀𝗺𝗮𝗹𝗹 𝗯𝘂𝘀𝗶𝗻𝗲𝘀𝘀 𝗼𝘄𝗻𝗲𝗿𝘀 𝗮𝗻𝗱 𝗰𝗼𝗻𝘁𝗿𝗮𝗰𝘁𝗼𝗿𝘀! 𝗟𝗲𝘁’𝘀 𝘁𝗮𝗸𝗲 𝗮 𝗺𝗼𝗺𝗲𝗻𝘁 𝘁𝗼 𝗱𝗶𝘀𝗰𝘂𝘀𝘀 𝗜𝗥𝟯𝟱 𝗮𝗻𝗱 𝗶𝘁𝘀 𝘀𝗶𝗴𝗻𝗶𝗳𝗶𝗰𝗮𝗻𝗰𝗲 𝗳𝗼𝗿 𝘆𝗼𝘂𝗿 𝗯𝘂𝘀𝗶𝗻𝗲𝘀𝘀. 𝗪𝗵𝗮𝘁 𝗶𝘀 𝗜𝗥𝟯𝟱? IR35 refers to tax legislation aimed at preventing tax avoidance by contractors who work as employees in practice, but operate through their own limited companies. 𝗜𝗺𝗽𝗮𝗰𝘁 𝗼𝗻 𝗦𝗺𝗮𝗹𝗹 𝗕𝘂𝘀𝗶𝗻𝗲𝘀𝘀𝗲𝘀: • Good news! If your business meets two out of the following three criteria, you are exempt from making IR35 determinations:  - Annual turnover of less than £10.2 million  - Balance sheet total below £5.1 million  - Fewer than 50 employees • If your business qualifies for this exemption, contractors are responsible for assessing their own IR35 status. 𝗜𝗺𝗽𝗮𝗰𝘁 𝗼𝗻 𝗖𝗼𝗻𝘁𝗿𝗮𝗰𝘁𝗼𝗿𝘀: • Working with small businesses? You remain responsible for determining your IR35 status. • Contracting with medium or large businesses? The client will decide your IR35 status and handle tax deductions if you're considered “inside IR35.” 💡 𝗞𝗲𝘆 𝘁𝗮𝗸𝗲𝗮𝘄𝗮𝘆: Whether you're a small business or a contractor, understanding your IR35 obligations is vital for compliance and sound financial planning. Got questions about IR35? Feel free to ask in the comments below! 👇 #IR35 #SmallBusiness #Contractors #TaxCompliance #UKTax

IR35: The Bigger Picture - What It Means for Your Business 💼 Grasping the overall framework is crucial for keeping your business aligned and reducing potential risks. Navigating IR35 legislation can seem daunting, but don’t worry! This article dives into how IR35 impacts your workforce and share some savvy steps you can take to protect your business. Whether you're a contractor or a business that relies on freelancers, knowing your responsibilities under this legislation is a must! 📖 Ready to navigate IR35 and get your business prepared? Check it out here: https://lnkd.in/eyED2tTJ Let’s turn compliance into confidence! 🚀 #IR35 #Compliance #BusinessRisk #Tax #HMRC ------------------------- 👋 We’re Gravita, we’d love to talk 🙌 Build the future together 🌐 Tech enabled, full-service firm of accountants, with global reach See more from us: 🔔 Click the bell on our profile to be notified of our posts ➕ Make sure you’re following us 📝 Sign up to receive Gravita’s latest updates and webinar invites: https://lnkd.in/ecugk7WR

✨ The IR35 Offset ✨ The IR35 offset issue has come into force from April 2024, it can get confusing so lets break it down…… What was the issue? Double taxation …. When HMRC successfully challenged an outside IR35 status determination it resulted in the deemed employer being liable to pay all additional NICs and income tax owed, without considering the tax already paid by the contractor’s limited company, leading to double taxation. How did it impact the contract market? Many companies refrained from engaging contractors out of fear of facing this double taxation issue or wrongly classifying IR35 statuses as inside for simplicity and reduced risk. What has changed? The recent changes ensure that if an IR35 status determination is incorrect, companies won’t face a disproportionate tax bill compared to the actual amount of tax underpaid.   How will it influence the contract market? It's a bit uncertain... We may witness a resurgence in companies engaging contractors and a rise in outside IR35 roles. Contractors will have more opportunities outside IR35, making it tougher to attract top talent for inside IR35 roles. Overall, these changes are poised to positively impact the market, providing more certainty for clients seeking contractors while also opening better opportunities for contractors themselves. While some argue that IR35 ‘killed’ the contract market, I find hope in changes like these, signaling proactive steps to address the issue! At NRG., we know just how complex this IR35 legislation can be. I'm here to provide full support - contract reviews, end-to-end assistance, you name it. We're experts at helping contractors and companies navigate IR35 with ease. Get in touch today for anything contract related 😊 #nrglife #IR35 #contractors #contractorpportunities #IR35offset

GUIDE: Are Your IR35 Compliance Practices Watertight? Reduce Risk with Our Expert Guide. As an HR professional responsible for engaging contractors, ensuring robust IR35 compliance is crucial to mitigate potential risks and liabilities. With HMRC's increased scrutiny, it's more important than ever to have a comprehensive understanding of IR35 legislation and best practices. This in-depth guide from IR35 Shield provides invaluable insights and practical recommendations to strengthen your firm's IR35 assessment regime. From understanding the nuances of the legislation to implementing robust processes, contractual considerations, and leveraging proven experts, this resource equips you with the knowledge to navigate the intricate IR35 landscape confidently. Key Takeaways: ✔Demystify the two separate IR35 legislations and their implications ✔Gain clarity on where tax liability resides and how to mitigate risks ✔Implement compliant practices for contracts, assessments, monitoring, and more ✔Understand the limitations of HMRC's CEST tool and alternative approaches ✔Learn best practices for managing HMRC compliance checks effectively ✔Choose the right IR35 experts to support your firm's compliance efforts Don't leave your organization vulnerable to potential penalties and liabilities. Empower yourself with the knowledge and strategies outlined in this comprehensive guide. Click the link below to access the full article and elevate your IR35 compliance game. https://buff.ly/49b0lGS #IR35 #OffPayrollWorking #ComplianceBestPractices #HRProfessionals #ContractorHiring #IR35 #IR35assessment #IR35Compliance #Compliance #Consultation #HRnews #HR

GUIDE: Are Your IR35 Compliance Practices Watertight? Reduce Risk with Our Expert Guide. As an HR professional responsible for engaging contractors, ensuring robust IR35 compliance is crucial to mitigate potential risks and liabilities. With HMRC's increased scrutiny, it's more important than ever to have a comprehensive understanding of IR35 legislation and best practices. This in-depth guide from IR35 Shield provides invaluable insights and practical recommendations to strengthen your firm's IR35 assessment regime. From understanding the nuances of the legislation to implementing robust processes, contractual considerations, and leveraging proven experts, this resource equips you with the knowledge to navigate the intricate IR35 landscape confidently. Key Takeaways: ✔Demystify the two separate IR35 legislations and their implications ✔Gain clarity on where tax liability resides and how to mitigate risks ✔Implement compliant practices for contracts, assessments, monitoring, and more ✔Understand the limitations of HMRC's CEST tool and alternative approaches ✔Learn best practices for managing HMRC compliance checks effectively ✔Choose the right IR35 experts to support your firm's compliance efforts Don't leave your organization vulnerable to potential penalties and liabilities. Empower yourself with the knowledge and strategies outlined in this comprehensive guide. Click the link below to access the full article and elevate your IR35 compliance game. https://buff.ly/49b0lGS #IR35 #OffPayrollWorking #ComplianceBestPractices #HRProfessionals #ContractorHiring #IR35 #IR35assessment #IR35Compliance #Compliance #Consultation #HRnews #HR

Navigating IR35: Inside or Outside? 🤔 As a contractor in the UK, understanding IR35 is crucial. This legislation determines whether you should be classified as an employee (inside IR35) or a self-employed contractor (outside IR35). The distinction impacts your tax obligations and how you manage your business. Being inside IR35 means you are considered an employee for tax purposes, which can lead to higher tax and National Insurance contributions. On the other hand, being outside IR35 allows you to operate as a genuine business, benefiting from tax efficiencies and greater control over your work. However, the responsibility to determine your status now lies with the end client, adding a layer of complexity. In 2024, the HMRC has been vigilant in enforcing IR35 rules, leading to increased scrutiny and audits. According to a recent report by ContractorCalculator, 60% of contractors have experienced a status review this year. Ensuring you have a clear, well-documented contract and working practices that reflect your status is more important than ever. #IR35 #Contracting #TaxCompliance

🚀 Considering Contract Work? Here's What You Need to Know! 🚀 Taking up contract work can be a fantastic opportunity, but it's crucial to understand the legal and tax implications that come with it. 📑 Firstly, as a contractor, you're typically considered self-employed. This means you'll need to register with HMRC and file your own taxes. Unlike permanent employees, contractors don't have taxes automatically deducted from their pay. You'll need to set aside money for income tax and National Insurance contributions. 💷 Secondly, understanding IR35 legislation is essential. IR35 is designed to combat tax avoidance by workers supplying their services to clients via an intermediary, such as a personal service company, but who would be an employee if the intermediary was not used. If caught by IR35, you could face significant tax liabilities. It's worth consulting with a tax advisor to ensure you're compliant and to avoid any nasty surprises. ✅ Lastly, don't forget about insurance. As a contractor, you won't have the same protections as an employee. Professional indemnity insurance and public liability insurance are often recommended to cover potential risks and liabilities. 🛡️ Stay informed and make sure you're prepared. Contracting can be incredibly rewarding, but it's essential to manage the legal and tax aspects effectively. To talk about your next career move, or for support engaging contract or permanent candidates, get in touch for a confidential chat. #Contracting #CareerAdvice #IR35

🔍 Understanding IR35: Key Insights for Contractors and Businesses IR35 is a UK tax legislation aimed at preventing tax avoidance by individuals providing services through intermediaries like personal service companies (PSCs). Here's a quick overview and tips to avoid falling within its scope: Public Sector: Since April 2017, public sector clients must determine the tax status of workers using intermediaries and handle PAYE and NICs if deemed employees. Private Sector: From April 2021, medium and large private sector clients have similar responsibilities. Small private sector clients remain under the original IR35 rules. Contractors: Must assess if their engagement falls within IR35 and pay a "deemed employment payment" if it does. Avoiding IR35: Ensure genuine self-employment by demonstrating control, financial risk, and the right of substitution. Use clear contractual arrangements reflecting self-employment. Work for multiple clients and avoid long-term engagements with a single client. Maintain business-like practices, such as having business insurance and a dedicated business bank account. By adhering to these principles, individuals and businesses can navigate the IR35 rules effectively. #IR35 #TaxCompliance #Contractors #BusinessTax

HMRC requires high-income earners with over £200,000 in income for 2021/22 to check if they need to file a tax return. The deadline to submit returns is September 29, 2024. Late submissions may lead to penalties and interest charges. Contact us today for a consultation! 📞 +16199632093 ✉️ [email protected] 🌐 www.ezbuzzsolutions.com . . . #UKTax #HighIncomeTax #HMRC #Outsourcing #OutsourceAccounting #OutsourceBookkeeping #AccountingAndBookkeeping #TaxCompliance #TaxReturns #TaxConsulting #IncomeTax #TaxUpdates #FinancialPlanning #TaxPlanning #Penalties #UKFinance