3 month wait on 02/03 tax back...
#31
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Thanks Bas, saw your post, but it's all in hand. I have an excellent accountant.
Re: the 'speculative threats' the IR are making, it definitely works. I know of at least 4 people who decided to just admit to being caught by IR35, thereby paying up a load of NI potentially needlessly.
12 months later they were all bemoaning the fact that they should have at least given it a good try, as even if they'd claimed to be outside IR35 but had subsequently been caught inside it, they'd have just had to cough up the difference, so would have been no worse off. The IR, of course, cannot penalise or prosecute people for 'misunderstanding' the law until there is legal precedence, which so far there isn't. So the very worst that can happen is you just pay the extra tax/NI later on....
Re: the 'speculative threats' the IR are making, it definitely works. I know of at least 4 people who decided to just admit to being caught by IR35, thereby paying up a load of NI potentially needlessly.
12 months later they were all bemoaning the fact that they should have at least given it a good try, as even if they'd claimed to be outside IR35 but had subsequently been caught inside it, they'd have just had to cough up the difference, so would have been no worse off. The IR, of course, cannot penalise or prosecute people for 'misunderstanding' the law until there is legal precedence, which so far there isn't. So the very worst that can happen is you just pay the extra tax/NI later on....
#33
See your point MarkO but it's a lot more hassle sorting out the problem a few years down the line (interest, accountants fees etc) and, if it your obviously caught by IR35 you can be hit for penalties for negligent returns aswell.
Saying that though, most of our clients have continued as before but they have revised there contracts to make them IR35 friendly.
We did have a couple who admitted defeat and went permie and just the one who is actually taking the hit under IR35.
Bas
Saying that though, most of our clients have continued as before but they have revised there contracts to make them IR35 friendly.
We did have a couple who admitted defeat and went permie and just the one who is actually taking the hit under IR35.
Bas
#34
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if it your obviously caught by IR35 you can be hit for penalties for negligent returns aswell.
Saying that though, most of our clients have continued as before but they have revised there contracts to make them IR35 friendly.
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