As a business owner you may have heard of IR35 and may be wondering what it is and how it will affect your business, if at all.
Broadly speaking, IR35 is the off-payroll working rules that can apply if a worker provides their services through an intermediary. This ensures that these workers pay broadly the same tax and National Insurance contributions as employees.
Our sister company, Markel Tax, has provided helpful guidance for businesses around this topic. I found their FAQ article really useful as it explains some of the terminology and provides guidance on specific scenarios.
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There is still no definite answer as to when the new rules will be introduced, although the tenor of the Chancellor’s comments about the review suggests that the review will be about how to introduce the changes, not whether the changes will be introduced; it seems likely that the original proposed implementation date of 6 April 2020 will stand. This is unsurprising, as the government has estimated that an extra £3 billion will be generated from the changes.