Originally posted by eek
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Reply to: Payment frequency- Inside & Outside IR35
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Previously on "Payment frequency- Inside & Outside IR35"
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Originally posted by northernladuk View Post
Why financially irresponsible? Many companies have irregular income. There are also plenty of good companies with regular income as well so not much of a test. And indications of running a company don't mean anything IR35 wise really. It did when the old Business Entity Tests were about but not really since.
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Originally posted by northernladuk View Post
Why financially irresponsible? Many companies have irregular income. There are also plenty of good companies with regular income as well so not much of a test. And indications of running a company don't mean anything IR35 wise really. It did when the old Business Entity Tests were about but not really since.
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Originally posted by PerfectStorm View Post
I suppose it may be a good indication of running a company, just one that's financially irresponsible
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Originally posted by eek View Post
Um, no that would be most clutching of clutching of straws
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Originally posted by PerfectStorm View PostWell, I can remember being very interested in it at the start, coming from, as I was, a situation where I was living very much month to month, and where not getting paid on time at the end of the month meant ruin within a week... I also pulled out max dividends per month, at least up until the higher rate.
Originally posted by PerfectStorm View PostYou certainly can do that, but you'd be kicking yourself if the agency ever goes out of business. Your inheritors (if you have any) may not thank you either
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Originally posted by gables View Post
Is that strictly true ;-) or did you mean most didn't declare it? Unless you mean the good old days before April 2000 :-)
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Originally posted by ensignia View Post
I've never really seen the issue with payment terms or the preciousness of some contractors in wanting their pay almost immediately.
Well, I can remember being very interested in it at the start, coming from, as I was, a situation where I was living very much month to month, and where not getting paid on time at the end of the month meant ruin within a week... I also pulled out max dividends per month, at least up until the higher rate.
Originally posted by ensignia View Post
I remember when I was at JPM in the days when PSCs were allowed, and I'd often not submit timesheets for weeks on end so when I did get paid it would be random and large amounts. Felt like a millionaire then
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Originally posted by PerfectStorm View PostI'd take the outside role.
Once you're a couple of months in you'll stop caring about payment terms - the notion of 'payday' rather dissapears as it'll be coming in faster than you can spend it.
I remember when I was at JPM in the days when PSCs were allowed, and I'd often not submit timesheets for weeks on end so when I did get paid it would be random and large amounts. Felt like a millionaire then
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I'd take the outside role.
Once you're a couple of months in you'll stop caring about payment terms - the notion of 'payday' rather dissapears as it'll be coming in faster than you can spend it.
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In short
I have an outside contract , direct with the client , rate / hours etc negotiated with client.
Invoice frequency Weekly
Payment within 30 Days
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What Hobnob says but equally frank group is large enough to be a large firm
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Originally posted by JackD View PostThe end client is a large company with a UK base, but it sounds like the liability would sit with the agency here, so I’d need to check if Jefferson Frank meet any of those requirements £xM amount or >50 employees, if not the liability sits with me?
1. End client is large, therefore they're responsible for the SDS. If HMRC challenge it later, the fee payer (recruitment agency) is responsible for repaying tax, and they'll probably try to pass that on to you via a clawback clause in the contract.
2. End client is small, therefore you're responsible for the SDS. If HMRC challenge it later, you are responsible for repaying tax.
Either way, the size of the agency (Jefferson Frank in your case) is irrelevant. It's only the size of the end client that matters.
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