FRS Paranoia

[realityhack]

I'm not sure you're right there - setting up an SIC unrelated to your actual business practice could be seen as being deliberately misleading - evidence of deception even. I'm not a solicitor / expert in these matters, but I wouldn't take that chance.

I'm not registered as an IT co - but then I'm not a programmer/coder, I'm a designer. The fact that all my design work is multimedia related means I have to use computers as a tool to do the job, but I registered as design-related activities / art & design. I often create graphics and storyboards, prototypes etc - and do a lot of illustration/artwork - so I can back that up if required.

Does not being registered as an IT consultancy really make a difference to IR35?

I'd like to hear what SJD/Nixon have to say on these Qs too.

[Chugnut]

Does not being registered as an IT consultancy really make a difference to IR35?

I'd like to hear what SJD/Nixon have to say on these Qs too.

I think you can assume that this information would be used to target companies to investigate. It's an obvious pointer.

Unfortunately, even if SJD/Nixon say "No, it categorically isn't used and I have proof" so what? They might start using it next week.

Piece of mind? Exit, stage left.

[nullfork]

I formed my Ltd via SJD, and even though I stated my sector, my SIC is 03 (None Supplied) at Companies House.

It looks as though (some) accountants / company formation companies are pro-actively filtering out specific SICs?

Either way, I still think the FRS is going to be used as part of Hector's "Ranking/Weighting" mechanism...

Would like to hear some other opinions about that. To me it seems like such common sense that I'd put money on it (so to speak!).

Stuart

[Nixon Williams]

To use a false SIC code would not be recommended, although these are mainly used for statistical purposes to monitor the UK economy etc. Most contractors use the VAT Flat Rate scheme, so using a false business description could lead to an issue with the VAT office for underpaying VAT.

The P35 has for several years asked a question about whether the IR35 rules have applied to any of your income.

Provided that you do not get stupid about what you do then even if HMRC do have a look you should have nothing to fear. The contractors who take risks need to be prepared that if HMRC take a look then they may get caught.

There does not appear to be any evidence that HMRC have used this information so far to target any sector, but then things can change!

There is no need to hide away, just be sensible.

Alan