IR35 PROTECTION FOR MEDIUM BUSINESSES
Businesses are likely to spend tens of thousands simply preparing for the IR35 changes due to be implemented in 2021. Optimus Shield can help medium sized businesses to transition smoothly, reducing company expense and worry.
Is your business prepared for the IR35 changes to be introduced in 2021?
If your business engages with limited company contractors then you will need to prepare for imminent changes in IR35 legislation to ensure a smooth transition and minimal disruption to your company.
How will IR35 changes affect medium sized businesses?
Up until now a contractor has been responsbile for their own IR35 status determination and tax and National Insurance contributions.
However, as of April 2021, IR35 status determination will become the responsibility of the end client or hirer as opposed to the contractor. Tax liability will then sit with the “fee payer” who must deduct tax and national insurance contributions and report using Real Time Information (RTI).
As the optimum target for employing contractors, medium sized businesses are likely to spend tens of thousands merely preparing for IR35 changes. Meanwhile HMRC will generate £1.3 billion revenue by 2024 from the impending changes, renenue that is certainly going to come from your business.
How can Optimus Shield provide IR35 protection for medium businesses?
It is without doubt that IR35 legislation changes are going to have a colossal impact on businesses, causing worry and expense in equal measure.
Therefore, medium sized businesses must take preparatory steps now in order to mitigate all risk and protect themselves from legislation changes. By doing so, companies also ensure they can still secure and retain the top talent by providing IR35 protection and security for their contractors.
This is where Optimus Shield come in….
Optimus Shield offer a service that
- Determines the IR35 status of a contract
- Produces the government required status determination statement
- Offers an end to end payroll process for all eventualities
- Is supported by both legal and tax opinions
- Includes comprehensive insurance cover to mitigate all risk from your supply chain
- Provides personal protection insurance for the contractor in the event of any HMRC investigation.