Additional Reporting Requirements - HMRC Consultation

[tractor]

...

ftfy

I know your hands are somewhat tied Eek, but are you able to say when this work started?

[TheFaQQer]

It is just reporting requirements, it hasn't changed the law, i.e. if you are outside IR35 whether this is reported or not doesn't make any difference. Whether an agency involved in IT contracting is covered by these regulations is another matter. That is probably the point that needs to be clarified. But it does appear being a Ltd isn't something that is excluded.

However if it does get reported it might become a way of identifying targets.

If it gets reported, then we will become a target. Unless there is some kind of handy alternative way to operate - a limited company for freelancers, if you will - that is exempt from the reporting regulations. It would, of course, have it's own tax regime, remove the ability to shift income to your spouse, and result in a higher tax bill for the contractor involved...

[eek]

I know your hands are somewhat tied Eek, but are you able to say when this work started?

A long time ago. However that edit was all to do with my inbuilt HMRC sarcasm than any knowledge from elsewhere .

HMRC will always want as much information as possible to feed into their big data systems. I some how doubt agencies do.......

[jamesbrown]

If it gets reported, then we will become a target. Unless there is some kind of handy alternative way to operate - a limited company for freelancers, if you will - that is exempt from the reporting regulations. It would, of course, have it's own tax regime, remove the ability to shift income to your spouse, and result in a higher tax bill for the contractor involved...

The only thing that needs is an acronym and a trade body to pimp the idea.

[Zero Liability]

Yep, they will. Makes the idea of an FLC rather pale into insignificance, doesn't it.

The IR35 Forum (which includes, REC, ASPCo, ICAEW and IPSE among others) are strongly opposing this whole idea.

Has anything come of it yet, or are they still in discussions?

[tractor]

...

Has anything come of it yet, or are they still in discussions?

Yes, here is the draft Statutory Instrument.

Although early on, HMRC specifically said independents (limiteds) would be excluded, they are expressly included.

Issued this week.

[TheFaQQer]

Yes, here is the draft Statutory Instrument.

Although early on, HMRC specifically said independents (limiteds) would be excluded, they are expressly included.

Issued this week.

Hands up anyone who didn't see this coming.

Anyone? Anyone?