Hi,
My current contract with a large UK bank is coming to an end in March 2020.
It will mark my 2 years contracting for this client and 2 years in total contracting. I'm currently operating outside of IR35 through my limited company.
This company hasn't yet confirmed their position on IR35, but if it's like any other major banks (which I expect it is) then I think they'll be putting an end to limited company contractors and either force PAYE/Umbrella company contractors or going permament.
I've been reading on the forum about retrospective action by HMRC and seen suggestions that for people who decide to go permament or PAYE with the same client after April 2020 might get investigated on whether their original contract was truly outside IR35 (especially if they're doing the same job) and potentially will have to pay back taxes.
Most of these though are after 5 or so years with the same client, for me it would be right at the end of a 24 month period (maximum for outside IR35)
Do you think I'd also potentially be investigated if I go the PAYE/Umbrella contracting route post March? I'm unlikely to go permament, but same question if I did?
Or should I just leave and go to another client as it's safer (I'd prefer to stay if I can as they pay well and they're good on WFH)
Thanks.
My current contract with a large UK bank is coming to an end in March 2020.
It will mark my 2 years contracting for this client and 2 years in total contracting. I'm currently operating outside of IR35 through my limited company.
This company hasn't yet confirmed their position on IR35, but if it's like any other major banks (which I expect it is) then I think they'll be putting an end to limited company contractors and either force PAYE/Umbrella company contractors or going permament.
I've been reading on the forum about retrospective action by HMRC and seen suggestions that for people who decide to go permament or PAYE with the same client after April 2020 might get investigated on whether their original contract was truly outside IR35 (especially if they're doing the same job) and potentially will have to pay back taxes.
Most of these though are after 5 or so years with the same client, for me it would be right at the end of a 24 month period (maximum for outside IR35)
Do you think I'd also potentially be investigated if I go the PAYE/Umbrella contracting route post March? I'm unlikely to go permament, but same question if I did?
Or should I just leave and go to another client as it's safer (I'd prefer to stay if I can as they pay well and they're good on WFH)
Thanks.
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