IR 35 – be careful. HMRC are again checking if you should be employed by your contractor or not. It is obviously better tax wise for both you and your contractor to be self employed, but is it correct? You should be asking yourself some questions, do I do all my work for one person? If no then you should be fine. Is my work guaranteed ? Again if no then you should be fine. Do I take a risk ? – do I quote for the work, do I have sub contractors? Can I make a loss on this work? Again if yes then you should be fine. But if you are still unsure after asking these questions speak with your contractor regarding your concerns and if still uncertain speak to PMC then HMRC directly to check, as if they find you should be employed you can be hit with a large backdated PAYE bill.
The latest news from PMC Partnership incorporating Pomfreys Accountants – 1st October
If are a non tax payer earning below £12,570 you can earn up to £5,000 tax free of interest. If you are a basic rate tax payer earning over £12,570 up to £50,000 you can earn up to £1,000 of interest tax free.