Hello everyone
Like many out there I'm considering to enter the world of contracting; however I've always been permanent and as such I need some enlightenment about a couple topics: the contract itself and IR35:
Say I would leave my current permanent job, set my ltd company (like everyone else - with help of an specialized accountant company) and finally get an actual job. My first question arises - in the act of doing the physical contract for the job I applied for (and actually secured it) is the responsibility of whom - me or the client?
-If mine, there any "templates" you would recommend?
-If the client, would I participate on it to "ensure" I would fall ouside IR35?
My second question is in regards to IR35. Lets say I have my contract done. I would then send it to my accountant so she could read it and "approve" it would fall outside IR35. Is this the process you do for all contracts?
Now she says it is "likely" to fall outside. If there is an inspection and HMRC concludes it is inside, I would have to pay back the tax/NI I owe. What's the limit in time when this can happen? My concern is to have an inspection that founds a contract Inside IR35 years later from it and I'm actually with no "funds" to pay back that to IR35.
I'm digesting a lot of information in regards to contracting, thus I think I'll post more questions in the future, but these are bugging me and I cannot find the answer anywhere I search!
Thank you in advance!
Like many out there I'm considering to enter the world of contracting; however I've always been permanent and as such I need some enlightenment about a couple topics: the contract itself and IR35:
Say I would leave my current permanent job, set my ltd company (like everyone else - with help of an specialized accountant company) and finally get an actual job. My first question arises - in the act of doing the physical contract for the job I applied for (and actually secured it) is the responsibility of whom - me or the client?
-If mine, there any "templates" you would recommend?
-If the client, would I participate on it to "ensure" I would fall ouside IR35?
My second question is in regards to IR35. Lets say I have my contract done. I would then send it to my accountant so she could read it and "approve" it would fall outside IR35. Is this the process you do for all contracts?
Now she says it is "likely" to fall outside. If there is an inspection and HMRC concludes it is inside, I would have to pay back the tax/NI I owe. What's the limit in time when this can happen? My concern is to have an inspection that founds a contract Inside IR35 years later from it and I'm actually with no "funds" to pay back that to IR35.
I'm digesting a lot of information in regards to contracting, thus I think I'll post more questions in the future, but these are bugging me and I cannot find the answer anywhere I search!
Thank you in advance!
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