With the IR35 changes due to come into force from April 2020, large businesses are already either refusing to hire personal service companies or are imposing a “blanket” IR35 approach, whereby all PSCs will be treated as falling under the new rules.
Lloyds, Barclays, GSK, HSBC, Morgan Stanley and now Tesco Bank have all adopted these policies without waiting for the final legislation and updated guidance to be published by HMRC.
Many of our clients have already been offered PAYE positions either as permanent or on a short-term contract basis.
However, each situation is different and it is important to take advice and keep the latest developments under review.
This article highlights some of the current discussions around the subject.
We strongly advise you to seek appropriate advice before taking action on any of the points listed above.
All information contained in this document are correct at the time of writing. Legislation and regulations may change at any time.
If you are in any doubt, please call us for clarification.
About us: Leggate Associates Limited was formed by Andrew Leggate LL.B FCMA FCA CGMA who has over 35 years of tax and accountancy experience in industry and practice, and the practice is managed by Joanne Leggate FMAAT ATT. Our clients range from building subcontractors to multi-million pound concerns and high net worth individuals all over the UK. Please see our website www.leggateassociates.co.ukor follow @LeggateAssoc on Twitter for occasional updates.
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