On average, contractors, consultants and other independent professionals spend over 110 hours per year on their accounts. That’s a lot of time to spend on fiddly administration when you could be working on contracts, finding new clients or simply enjoying the time instead. Thankfully, with the right tools at your disposal, managing your accounts has never been simpler.
Over the last few weeks, we’ve analysed the impacts of the IR35 application changes on both the public sector and the contracting market. As we approach the end of our IR35 series, we take a look at the likelihood of the public sector application changes being rolled out to the private sector and how this might impact independent professionals and their future contracts.
According to IPSE’s latest Freelancer Confidence Index, 59% of contractors are wary of the economic conditions ahead – including significant concerns over application changes to IR35 in the public (off-payroll working rules) and, at a later date potentially, private sector. But this needn’t be the case. With a firm understanding of IR35, you can hold open conversations and negotiate your contracts to ensure you’re getting what’s best for you.
The IR35 application changes have provoked debate aplenty over the future of contractors in the public sector. Many prestigious parties have suggested these reforms would provoke a ‘mass exodus’ from the field. Six months on from April’s implementation, we take a look at the current impacts and future outlook for independent professionals.
Many recruitment agencies and public sector parties appear to be applying pressure for contractors to jump ship from their limited company into the conglomerate of an umbrella. But are these requests in the best interests of independent professionals? Or the result of knee-jerk, risk averse reactions? We take a look at the reasons why your limited company remains the best option for you.
IR35 is easily one of the most hated pieces of legislation introduced for independent professionals. It’s long been considered a thorn in the side of contractors and consultants. With recent changes to IR35 in the public sector, many consider it a direct attack on their ability to retain profits and grow a business. But is it all doom and gloom for contractors and consultants here on out? We certainly don’t think so.
If you’ve been keeping up with the latest contractor and consultancy news you’ve probably noticed that the hot topic of conversation at the moment is IR35 and the recent public sector changes. But what exactly is IR35? This guide will look at IR35 in detail and try to clear up some of the complexities.
The current uncertainty over Britain’s Brexit deal appears to be paying dividends for contractors; especially those in the IT sector. According to the REC’s latest Report on Jobs, demand for IT contractors stands at 60.1, up from 59.1 in February. This is the highest reading on a national index since January 2016.
What is IR35? IR35 was HMRC’s (then the Inland Revenue) response to the growing number of employees leaving their permanent roles, setting up their own businesses and then returning to perform their old role as a contractor to avoid paying tax and National Insurance at the higher rates. It aims to ensure that contractors working […]
Chancellor Hammond’s first (and final) Spring Budget finds us just weeks before the deadline for triggering Brexit. After a host of unexpected announcements in the Autumn Statement, the Spring Budget thankfully had few changes in store for contractors and consultants.