IR35, also known as the off-payroll working rules, can significantly impact your business if you’re engaging contractors. Here’s what to keep in mind:
1) Assessing Employment Status: Determine if the contractor is working like an employee, using HMRC’s CEST tool as a guide. https://lnkd.in/dGYNp86
2) Liability Shift: If deemed inside IR35, the onus is on your business to ensure the right amount of tax and NICs are paid.
3) Clear Contracts: Maintain clear, comprehensive contracts to establish proper working relationships and mitigate risks.
4) Regular Reviews: Review your contractor relationships periodically to adapt to any changes in the working arrangement.
We at Bowdon Accounting Services are committed to providing you with timely, clear, and strategic accounting support. If you would like to schedule a discovery call to explore this further, you can book a time that suits you via this link: https://zcal.co/i/fSLS0r60
Discover more about how we can support your business by visiting our website at www.bowdonaccounting.com.
