The IR35 legislation enables HMRC to tax some contractors as though they are employees those caught may pay significantly more tax, reducing take home pay by up to 25%!
If you are a contractor your Company could have an increased IR35 risk if for example:
• You cannot decide your hours
• Your tasks are not clearly defined
• You are personally named in the client contract
• You cannot provide a substitute
• You cannot work for other clients
• You receive benefits from your client
HMRC can backdate tax liabilities if you are found to be inside IR35 so avoid the pitfalls and speak to us if you need help.
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