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HSBC contractors to be inside IR35

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    Originally posted by Guesstimator View Post
    Anyone know how easy it is to swap business accounts from one bank to another?
    Met a friend of mine in Metro bank a while ago. HSBC just closed his business account. No explanation. He was moving to Metro : though plenty of other business accounts around.

    Moving accounts is always a pain.

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      Originally posted by BrilloPad View Post
      Met a friend of mine in Metro bank a while ago. HSBC just closed his business account. No explanation. He was moving to Metro : though plenty of other business accounts around.

      Moving accounts is always a pain.
      Interesting- I had few letters and phone calls to follow-up about KYC - it was just 5 mins online form to be filled. Had I not filled KYC they would have closed mine business account too. But they were quite good in follow up and clarifying any questions I might have in filling form ( just personal and company details).
      Last edited by Mohit007; 22 May 2019, 13:20. Reason: s

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        Originally posted by Mohit007 View Post
        Ingesting - I had few letters and phone calls to follow-up about KYC - it was just 5 mins online form to be filled. Had I not filled KYC they would have closed mine business account too. But they were quite good in follow up and clarifying any questions I might have in filling form ( just personal and company details).
        Quite a few did not get a KYC form. My friend included. Just account closed.

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          Had a chat with a hiring manager at HSBC. He said that contractors who had been there 1 year+ and pretty much doing the same job as a permie were being made permanent (he had 2 in his area). Mainly so the business didn't have to pay the extra employment taxes.

          There was still scope to hire specialised consultants on a contract basis, for a defined project.

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            Originally posted by Spoiler View Post
            Had a chat with a hiring manager at HSBC. He said that contractors who had been there 1 year+ and pretty much doing the same job as a permie were being made permanent (he had 2 in his area). Mainly so the business didn't have to pay the extra employment taxes.

            There was still scope to hire specialised consultants on a contract basis, for a defined project.
            That's how it should be today though isn't it?

            I'm at a Bank and at the moment the vast majority of contractors are brought in to do a specific role for x amount of time. They'll all be inside ir35.

            What should be happening is you are engaged via your agency to deliver a specific scope of work with outcomes over the duration of that project. Once done, that's the engagement over and you move on to another company or maybe a different part of the organisation has something different needing done so that's a new engagement on new terms etc.

            I'm sure this Bank will take every opportunity to use the rule change to cut rates (or at the very least keep them the same for everyone who is now inside IR35) while getting rid of existing contractors as part of a deck-clearing exercise. I think between now and April the market is going to be flooded with contractors because of this.

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              Morgan Stanley IR35 Decision - Bank Will Take No More Contractors

              One more?

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