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Are you a contractor or running a personal service company? 🚧 The IR35 rules have shifted again, so staying compliant this tax year is crucial! Here are 4 key steps to prepare: 1️⃣ Know Your Employment Status 2️⃣ Update Your Contracts 3️⃣ Keep Evidence 4️⃣ Stay on Top of New Guidelines Staying proactive with IR35 can help you avoid penalties and stay secure. Need expert guidance? Book a free consultation at 0121 771 4161 – we’re here to support you through every IR35 change! 💼 . . #IR35 #TaxCompliance #Contractors #FreelancerTips #HMRC #PersonalServiceCompany #TaxYear2024 #IndependentContractor #TaxAdvice #BusinessTips #StayCompliant #TaxHelp #tax #TaxTips2024 #tips 

Everything you need to know about the IR35 rules https://buff.ly/490kAXW #IR35 #tax #contractors #contracting #recruitment

🔍 Curious about IR35? 🔍 🥸In simple terms, IR35 determines whether a contractor is a genuine contractor or a "disguised employee" for tax purposes. 💸If IR35 applies, the contractor may be required to pay similar taxes to those of an employee. 🔄Navigating IR35 can be complex, but understanding its implications is crucial for both contractors and businesses. Follow us to learn more. ✨ #accounting #businessnetworking #aat #banking #businessgrowth #financialplanning #xero #incometax #accountants

Everything you need to know about the IR35 rules https://buff.ly/490kAXW #IR35 #tax #contractors #contracting #recruitment

The much-anticipated IR35 Offset is on the horizon, set to take effect from April 2024. This development not only reaffirms the permanence of #IR35 also introduces a welcome reduction in the burden business face. Presently, misclassifying a contractor as outside of IR35 means that businesses, including recruitment agencies, were on the hook for all employment taxes. With the new IR35 Offset rules, contributions from Personal Service Companies (PSCs) will now be recognised. This pivotal change eliminates 'double-taxation' and significantly lowers the potential financial risks and liabilities for businesses. #IR35Offset #OffPayrollWorking #Tax #Compliance 

A robust IR35 compliance process is crucial for HR professionals to ensure their businesses adhere to the latest tax regulations and not get hit with unexpected tax liabilities.

Let's talk money 💰💰 💰 Understanding IR35 isn't just about compliance; it's about mastering your finances as a contractor! Here's the short of it: If you're inside IR35, you're essentially treated like an employee for tax purposes—without the perks. On the flip side, being outside IR35 means you manage your finances with more freedom but with greater responsibility. 🧐 Its like trying to solve a Rubik's Cube blindfolded...and in the dark.😅 Here are a few lessons learned for you: 1️⃣ 𝗗𝗲𝘁𝗲𝗿𝗺𝗶𝗻𝗲 𝗬𝗼𝘂𝗿 𝗦𝘁𝗮𝘁𝘂𝘀: Early assessment can save you from future headaches. 2️⃣ 𝗖𝗼𝗻𝘁𝗿𝗮𝗰𝘁 𝗥𝗲𝘃𝗶𝗲𝘄: Regularly review your contracts with someone who knows what they are talking about. 3️⃣ 𝗞𝗲𝗲𝗽 𝗘𝘃𝗶𝗱𝗲𝗻𝗰𝗲: Document your working practices to defend yourself if challenged. Understanding IR35 is crucial for safeguarding your income and ensuring you're on the right side of tax laws. Falling under the spell of IR35? Come along to the next event for the low-down: https://lnkd.in/eN_V9gT6

What is IR35? IR35 is a UK tax rule aimed at preventing tax avoidance. It applies to people who work through an intermediary, like their own limited company, but who would be considered employees if that intermediary wasn't there. This rule is especially relevant for contractors and freelancers, as it could affect their tax payments. Understanding IR35 is important because failing to comply can lead to penalties. It’s wise to stay informed and consult with a tax expert to ensure compliance. Got any questions about how IR35 applies to your situation? Reach out to our team for clear, personalised guidance. #IR35 #ContractorTax #FreelancerAdvice #TaxLegislation #UKBusiness #HMRC #SmallBusinessUK

IR35 - The Journey 📅 IR35 has been a cornerstone of UK tax legislation for more than 20 years and has had a huge impact on businesses since its introduction. 👉 Swipe right to see the timeline of IR35 changes as they have occurred over the years and learn how it has evolved. For more detail, check out our latest article providing you with key context to this legislation - https://lnkd.in/ed6dDj9E #ir35 #ir35timeline #uklegislation #compliance #tax #contractor #ukbusinesses

⚠️MUST READ FOR EMPLOYERS AND CONTRACTORS⚠️ Navigating the complexities of IR35 can be challenging for both contractors and businesses. Understanding whether a contractor falls inside or outside IR35 is crucial, as it affects tax liabilities and compliance requirements. 🏠Inside IR35🏠 - Contractors are considered employees for tax purposes. - Subject to PAYE, National Insurance Contributions, and other employment taxes. - End clients are responsible for determining IR35 status and ensuring the correct tax is paid. 🏝Outside IR35🏝 - Contractors are considered self-employed for tax purposes. - Can benefit from tax efficiencies through their limited companies. - Contractors must ensure they meet the criteria to be genuinely self-employed. - Companies like IR35 Shield provides comprehensive IR35 status tools, consultancy, and defense services to ensure compliance and mitigate risks. Outsourcing to experts can help streamline the process, ensuring that both contractors and businesses remain compliant and avoid potential penalties. thisisnoa #IR35 #Contractors #Tax #IR35Shield #Recruitment