IR35 warning as changes dubbed ‘forgotten factor driving the HGV crisis’ | Personal Finance | Finance


IR35, formally known as off-payroll working rules, are a tool deployed by HM Revenue and Customs (HMRC), which checks if a contractor is genuine.

There will be some occurrences where contractors “disguise” themselves, or are disguised by companies as employees for tax related purposes, and as a result IR35 is in place to ensure everyone pays their fair share of tax.

However, changes have been slowly introduced as it relates to the system. In 2017, the Government changed how IR35 works in the public sector by shifting responsibility for status determination from contractors to their clients.

This was further extended in April 2021 – following a year of delays due to the pandemic – so the changes now also apply to the private sector.

READ MORE: Lloyds Bank introduces way to stop contactless card fraud

Source link

Leave A Reply

Your email address will not be published.