There’s less than 1 month to go until IR35 changes, meaning that IR35 status determination and tax liability will soon sit with the “fee payer” who must deduct tax and national insurance contributions and report using Real Time Information (RTI).
As well as concerns over compliance contractors are increasingly concerned over their take home pay following IR35 status determination. Likewise, businesses are concerned with the cost to their business as well as the talent drain should contractors leave over blanket approaches and reduction in take home pay.
However, Optimus Shield have a solution that ensures compliance and protection for the whole supply chain whilst simultaneously increasing take home pay.
Fee Payer Service
Our fee payer service takes on the liability for making PAYE deductions, reporting to HMRC using Real Time Information (RTI) and sending payments to HMRC, thereby taking the stress out of IR35 compliance for businesses or “fee payers” and putting both businesses and contractors at ease with an insurance-backed service.
Better still, our fee payer service results in a minimum 24%* increase in take home pay for contractors. Evidently, this is a massive advantage for contractors, but it also has its advantages for businesses. By using our fee payer service and advertising its benefits to contractors, businesses will attract the top contracting talent even after IR35 legislation, helping them to maintain a competitive edge in their marketplace.
Sound too good to be true? It’s not. Including an IR35 determination and insurance for the full supply chain, our fee payer service can take the stress out of IR35 legislation for your business and increase the take home pay of your contractors.
*based on contract being outside IR35 24% increase on PAYE take home