FRS Paranoia

[nullfork]

Hi all,

Am I just being paranoid (all too easy these days), or is the FRS a key indicator that HMRC would use when choosing which companies to (employer compliance / IR35 / etc.) review?

i.e. Let's filter out all company registrations who are FRS registered and business sector is "IT consultancy"...

;-) ?

Stuart

[SueEllen]

Nope.

[Dow Jones]

Come and get me

If your Ltd Co is registered under 'IT Consultancy' and whatever tax code is the relevant one, your chances of being investigated are infinitely more than being under a different one, eg 'General something or other'.

[nullfork]

If your Ltd Co is registered under 'IT Consultancy' and whatever tax code is the relevant one, your chances of being investigated are infinitely more than being under a different one, eg 'General something or other'.

I take it you're referring to the SIC code and not necessarily FRS then?

[Dow Jones]

Indeed

Correct - not sure about FRS

[Archangel]

Hi all,

Am I just being paranoid (all too easy these days), or is the FRS a key indicator that HMRC would use when choosing which companies to (employer compliance / IR35 / etc.) review?

i.e. Let's filter out all company registrations who are FRS registered and business sector is "IT consultancy"...

;-) ?

Stuart

There is nothing better than being investigated and being found outside IR35! Much better than looking over your shoulder for years.

[FiveTimes]

If your Ltd Co is registered under 'IT Consultancy' and whatever tax code is the relevant one, your chances of being investigated are infinitely more than being under a different one, eg 'General something or other'.

So what do you class your business as then if its not IT Consultancy ?

[Dow Jones]

Anything but

There is no law against setting up a company under category 'Financial Services' or 'Telecom Software' or even 'Imports' if you like - a Ltd. Co. is just a vehicle for your transactions, it doesn't have to be tailor-made to one thing. Check with your accountant if you don't believe me.

[Ruprect]

There is no law against setting up a company under category 'Financial Services' or 'Telecom Software' or even 'Imports' if you like - a Ltd. Co. is just a vehicle for your transactions, it doesn't have to be tailor-made to one thing. Check with your accountant if you don't believe me.

SJD/other accountants care to comment?

[oracleslave]

If your Ltd Co is registered under 'IT Consultancy' and whatever tax code is the relevant one, your chances of being investigated are infinitely more than being under a different one, eg 'General something or other'.

Fact or opinion?