Starting Out

[freelancer75]

Hi,

I have a quick question regarding IR35. Do people still see this as a problem, I have been told by other contractors that they think there is more chance of being struck by lightning than getting investigated?

[craig1]

Hi,

I have a quick question regarding IR35. Do people still see this as a problem, I have been told by other contractors that they think there is more chance of being struck by lightning than getting investigated?

Recently, a few people I know getting contracts sailing close to IR35 inclusion are being safe and putting the difference between IR35 caught income and non-IR35 caught income into an enlarged war chest. If the new office of tax simplification bins IR35 or declaws it then they've a nice pot of cash to play with, if they don't and HMRC come hunting and IR35 stays as it is then they have the money to pay any demands without getting into real trouble.

If you can afford it, play safe and bank the money.

Two bits of advice though: 1. Never trust a politician's "promise" on tax; and 2. Never bank on HMRC investigators ignoring a way to bring in more money.

[Hex]

It is still a problem. It may be unlikely that you'll be investigated, but I would say it is more likely than being struck by lightning.

[northernladuk]

I am sure the guy that got struck by lightening would say he wishes he had prepared for it however slim the chance was.

You run a business, you should take all aspects of it seriously however slim the chance of getting found out. You could say they same about an HMRC investigation or H&S but when if it happens and you haven't prepared if could be disasterous. I like to sleep at night so I would have it covered regardless of the level of risk.

[freelancer75]

I am sure the guy that got struck by lightening would say he wishes he had prepared for it however slim the chance was.

You run a business, you should take all aspects of it seriously however slim the chance of getting found out. You could say they same about an HMRC investigation or H&S but when if it happens and you haven't prepared if could be disasterous. I like to sleep at night so I would have it covered regardless of the level of risk.

Not sure you can always be prepared to get stuck by lighting. What do you mean by that? Wearing rubber souls?

[RichardCranium]

Not sure you can always be prepared to get stuck by lighting. What do you mean by that? Wearing rubber souls?

A rubber soul? Does that work by bouncing back to Earth from Heaven?

[northernladuk]

Not sure you can always be prepared to get stuck by lighting. What do you mean by that? Wearing rubber souls?

Just the basic common sense things like not carrying golfing umbrellas, standing under trees and anything that is going to make you a target, although not sure what this has to do with the original question

[freelancer75]

Just the basic common sense things like not carrying golfing umbrellas, standing under trees and anything that is going to make you a target, although not sure what this has to do with the original question

Ah right, just trying to understand your analogy, still don't quite see your point but thanks for the response.