Declared to be inside- what options do I have?

[jkb99]

Around that figure.
As you've not filed your companies tax, nor your own for the period in question, then you have nothing to declare yet. You don't report to HMRC that you're inside IR35. You just need to pay the deemed tax.
In your situation you want your accountant to deal with anyway. Just tell him that you want the low risk approach, get him to make all the correct tax payments and then look to close the company down as you move to umbrella. You may choose to keep the company open but unless you expect to become a proper business at any time soon it's not worth the costs. The accountant should be able to quote you for the whole lot for not much more than your annual accountacy fee would be.

Thanks, that's one option sorted, probably the one I'd stick to. But for the sake of evaluating other options, what are the potential risks of terminating the current contract by say end of March and then come in through a consultancy/umbrella to the same client? I guess client does not need to declare anything about my current contract or share the results of my current assessment in such a case. They would only need to do it for the new contract. Isn't it? Safer option?

[northernladuk]

Thanks, that's one option sorted, probably the one I'd stick to. But for the sake of evaluating other options, what are the potential risks of terminating the current contract by say end of March and then come in through a consultancy/umbrella to the same client? I guess client does not need to declare anything about my current contract or share the results of my current assessment in such a case. They would only need to do it for the new contract. Isn't it? Safer option?

No. There is a sticky at the top of the IR35 Reforms section explaining the options. Plenty of threads in there discussing each of them in detail as well. A vast majority of contractors are facing the same dilemma.

[DKB]

The tool has already been used and I think that is the determining factor as far as tool is concerned. This is a hypothetical case as I have tried convincing the client saying that I would be able to provide a substitute in case really required but they believe its not practical and they would not be really willing to accept a replacement although the contract does not have any mention of it. Furthermore with limited number of employees in my LTD company its seems hard to prove when and if HMRC comes knocking at the door. So, I don't really know what to do :-(

Sounds like you've failed elsewhere then as not being able to substitute isn't the only factor. I swear on my dogs life (he's pretty important to me) that yesterday, I sat with my hiring manager and had my inside IR35 role (Public Sector) changed to outside. After nearly three weeks of being here and thinking about billing, I queried it as this role is very much outside of IR35!

We sat down, used the CEST tool and I even said that while I can sub, it's a short contract so they should reject. I still got an outside determination.