Over the last few weeks we’ve examined April’s IR35 application changes (off-payroll working rules), the reaction from the public sector, agencies and the contracting community as a whole as well as the potential impact for limited companies, independent professionals and their contracts. To round off our ‘Getting on with IR35’ series, we take a look at how we at inniAccounts can help contractors going forwards.
Here at inniAccounts, we understand that flexibility is the cornerstone of contracting. 78% of the UK public agree that becoming an independent professional is the best route to both increased flexibility in work and a better work/life balance. A fact contractors and consultants firmly support, with less than 5% reporting dissatisfaction with their role and time and again rating themselves as being significantly more satisfied than their permanently employed peers.
The role of a contractor offers flexibility in projects, clients but also life – enabling independent professionals to choose when and how to work and when to spend time on the things that matter to them; be that family, travelling or training for the next marathon. It’s no wonder that the number of people choosing to ‘go it alone’ continues to increase every year. This increase, however, also brings ever-growing levels of competition.
Not only is flexibility a perk of the job, it’s a requirement for the professional contractor looking to maintain their competitive edge. Those contractors who flexibly look for contracts both within the public and private sectors, who have the knowledge to negotiate their contract’s IR35 status and don’t see IR35 as an immediate deal-breaker to an otherwise attractive contract will always hold an advantage.
Here at inniAccounts, we’ve worked to ensure every aspect of our service supports our clients need for flexibility.
How we can help
‘At inniAccounts, we’ve created an intuitive experience for all our clients. With our software, it’s easy to manage and switch between contracts that are inside or outside of IR35. So, contractors have the flexibility to take on any contract that suits them, while continuing to reap the benefits of being the owner of their own limited company.’
– Matt Poyser – Co-founder of inniAccounts and Operations Director
With inniAccounts, it’s easy to manage every aspect of your inside IR35 contracts from invoicing through to receiving payments; all while keeping clear records that, for those contracts in the public sector, your tax and National Insurance have been correctly paid at source. Features built into our software allow you to handle both inside and outside IR35 contracts side by side with just a click of a button. Just like a standard contract, it’s simple, efficient and accurate.
As with all dealings with regulatory and financial bodies, great record keeping and scrupulous collection of evidence is the best way to ensure you’re protected should your status come under scrutiny. Managing your contracts and business finances with inniAccounts, ensures you have everything you could need at your fingertips.
Alongside our award-winning software, our team of expert Account Managers and Accountants are always on hand to discuss any enquiries in detail. There’s also our Twitter, Blog and Knowledge Hub where we’ll continually be discussing the ongoing impacts of IR35 as well as any other future changes that could affect independent professionals.
Getting on with IR35
With the public sector changes here to stay and it looking more and more likely the application rules could be rolled out to the private sector, it’s more important than ever that independent professionals have a grounded understanding of IR35 and are continually assessing what’s best for them.
Following April’s IR35 changes; the initial reaction from the public sector was to impose rash reactions and blanket bans. Thankfully these have mostly been withdrawn. The public sector will now be taking appropriate measures to maintain their access to the contractor talent pool. Going forward, the public sector need to ensure they’re making accurate and well-informed decisions when it comes to assessing IR35 status. By having open conversations, negotiating their contracts and refusing to accept needlessly risk averse rulings – independent professionals have a large part to play in the education of the public sector.
Should you choose to pursue a contract inside IR35, with a specialist accountant, managing your contract is an easy and straightforward process. Choosing a specifically tailored accountant, like inniAccounts, allows you to continue to enjoy complete flexibility in selecting your contracts while maintaining all the benefits of being the owner of your own limited company.
You can find more information on how our software and team can support you as an independent professional here.