IR35 Requires Specialist Treatment

Being faced with an enquiry regarding IR35 can be a daunting and potentially devastating undertaking for any contractor, and because of this IR35 specialists are often hired to aid and support a contractor during a dreaded investigation.

The whole concept of the IR35  legislation is one that hangs over the contracting world ominously, like a black cloud wielded by the HMRC. Her Majesty’s Revenue and Customs are increasingly clamping down on contractors regarding IR35, and with this added amount of pressure, contractors are feeling forced into seeking alternative help. IR35 is something that all contractors should be wary of, the impacts that falling under the legislation can cause severe financial impacts to contractors without the proper advice and protection.

IR35 Insurance comes in a number of different forms, the most popular being Tax Liability Cover (TLC35) but also FO35 and Freelancer Tax Protection acts as a more basic cover regarding HMRC scrutiny. Advice and assistance can be sought by contractors, and these specialist IR35 agents are just one answer to surviving an HMRC ordeal.

It is true that IR35 requires special treatment. To many contractors, falling under the legislation would result in pay losses of up to 25%, not a small amount to contractors with high incomes.

By:Steven Bailey

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