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IR35 - good news?

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By *ndykay OP   Man
over a year ago

Falkirk

Morning all.

This won’t apply to most but for those of us it does apply to...

The government is to defer the change in IR35 tax rules until 6th April 2021.

Good news for me.

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By (user no longer on site)
over a year ago

And for me

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By *ip_brumMan
over a year ago

Solihull

Get saving while you can, they are determined to get you.

I’ve just been through this with several of my “staff” trust me HMRC is determined, silly really as the overall tax take will be negligible.

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By *edLionScotMan
over a year ago

Edinburgh

Yes, welcome news.

Too late for me as I'm now engaged with a new client inside IR35.

Will be interesting come renewal time!!!

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By *wisted999Man
over a year ago

North Bucks

I’m not in the know.

What’s the deal with it I take it that’s it’s considered bad?

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By *ndykay OP   Man
over a year ago

Falkirk

I will be heading out of self employment but not until next year now. So it gives me some breathing space.

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By *hunky GentMan
over a year ago

Maldon and Peterborough

Woop woop

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By *ndykay OP   Man
over a year ago

Falkirk


"I’m not in the know.

What’s the deal with it I take it that’s it’s considered bad? "

It’s good news if you work for yourself or through your own Ltd Company.

When the rules change we will all effectively work as though we are in PAYE. But a lot of us have large expenses such as petrol etc that we can currently offset against our Corporation Tax. That benefit will be wiped out and we will actually end up worse off than if we just worked directly for a company.

If that makes sense lol

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By *wisted999Man
over a year ago

North Bucks


"I’m not in the know.

What’s the deal with it I take it that’s it’s considered bad?

It’s good news if you work for yourself or through your own Ltd Company.

When the rules change we will all effectively work as though we are in PAYE. But a lot of us have large expenses such as petrol etc that we can currently offset against our Corporation Tax. That benefit will be wiped out and we will actually end up worse off than if we just worked directly for a company.

If that makes sense lol "

Yeah cheers.

Sound decision to push it back then while people may be struggling.

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By *ndykay OP   Man
over a year ago

Falkirk


"I’m not in the know.

What’s the deal with it I take it that’s it’s considered bad?

It’s good news if you work for yourself or through your own Ltd Company.

When the rules change we will all effectively work as though we are in PAYE. But a lot of us have large expenses such as petrol etc that we can currently offset against our Corporation Tax. That benefit will be wiped out and we will actually end up worse off than if we just worked directly for a company.

If that makes sense lol

Yeah cheers.

Sound decision to push it back then while people may be struggling. "

I think so. We don’t get any sick pay or holiday pay so we are already at a disadvantage. But at least this means I can keep my reserve topped up. Plus, with a holiday on corporation tax as well, should work dry up I don’t have to panic about that bill in July.

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By *hunky GentMan
over a year ago

Maldon and Peterborough


"I’m not in the know.

What’s the deal with it I take it that’s it’s considered bad?

It’s good news if you work for yourself or through your own Ltd Company.

When the rules change we will all effectively work as though we are in PAYE. But a lot of us have large expenses such as petrol etc that we can currently offset against our Corporation Tax. That benefit will be wiped out and we will actually end up worse off than if we just worked directly for a company.

If that makes sense lol "

You could still claim your expenses.

It doesn't apply to every Contractor. You can still work outside the guidelines if you comply with certain standards.

It's not all doom and gloom.

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By *nlyIfItsWorthItMan
over a year ago

Newcastle

As a financial advisor I've been most laughing since this whole thing began.

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By *ndykay OP   Man
over a year ago

Falkirk


"I’m not in the know.

What’s the deal with it I take it that’s it’s considered bad?

It’s good news if you work for yourself or through your own Ltd Company.

When the rules change we will all effectively work as though we are in PAYE. But a lot of us have large expenses such as petrol etc that we can currently offset against our Corporation Tax. That benefit will be wiped out and we will actually end up worse off than if we just worked directly for a company.

If that makes sense lol

You could still claim your expenses.

It doesn't apply to every Contractor. You can still work outside the guidelines if you comply with certain standards.

It's not all doom and gloom. "

Unfortunately I WILL fall inside of the regs. And it just won’t be worth all the extra hassle to save £50 a year. So there is no point. It’s just another way to screw over the little man trying their beat to earn money.

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