13
Aug

Have you taken the IR35 Business Entity Test?

At FW Accounting, we know that being IR35 compliant is very important to contractors and freelancers; if you are ‘caught by IR35’ then HMRC will treat your income from that contract just the way they would if you were an employee and they will deduct Tax and NI accordingly, (minus 5% expenses allowance for things like insurances and professional fees). When you are confident that your contract is outside IR35 you can pay yourself a relatively small salary and top this up with dividends, which is much more tax efficient.

When you are confident that your contract is outside IR35 you can pay yourself a relatively small salary and top this up with dividends, which is much more tax efficient.

We have videos, an online test and a downloadable guide to keep you right on IR35, plus we provide our clients with a yearly IR35 review (as part of their fully inclusive service) in conjunction with our Insurance Partner Qdos Consulting.

Quick IR35 Update: The IR35 team at HMRC had a meeting on the 23rd of July to take a look at the progress of the 3 new IR35 teams in Edinburgh, Manchester and Croydon. Full notes from the meeting are here

Have you taken our new IR35 business entity test to see where you stand?

You can find out if you are high, medium or low risk in a matter of seconds!

[button link=”http://www.fwaccounting.com/toolkit/ir35-business-entity-tests/” linking=”new-window” size=”medium” type=”simple” text_color=”#ffffff” bg_color=”3B6E8F”]Take our IR35 Test[/button]

[button link=”http://www.fwaccounting.com/toolkit/insurance-shop/” linking=”new-window” size=”medium” type=”simple” text_color=”#ffffff” bg_color=”EC008C”]IR35 Insurance Shop[/button]

[button link=”/contact-us” linking=”new-window” size=”medium” type=”simple” title=”Contact FW Accounting” text_color=”#ffffff” bg_color=”#f78e1e”]Contact Us[/button]

HMRC, when asked how effective this Business Entity Test is, have confirmed that it was too early to comment on the effectiveness based on the number of ‘customers’ (i.e. contractors) who have been taking the test.

However, the HMRC IR35 Business Entity Test is proving rather controversial, with many Limited Company Directors providing services – finding it difficult to get a good score.

Please stay tuned for any further IR35 updates.

You Count. We Count.


Our Accountancy Packages

Choose from a choice of three fixed-fee packages, each one designed to suit how 'hands-on' you would like to be in the day-to-day administration of your company.

Standard Package

Provides all key Limited Company support services that an experienced contractor requires - ensuring low costs but leaves you with the responsibility of making all HMRC payments.

£95
+VAT/month Find out more >>

Standard Plus Package

All the benefits of our Standard Package plus Initial IR35 Contract Review, Annual Tax Planning Review and Second Shareholder Personal Tax Return.

£150
+VAT/month Find out more >>

Premier Package*

Our most popular service, 83% of our clients enjoy the all- inclusive support that this option provides. We take care of everything on your behalf – you won’t find a more complete service anywhere.

£200
+VAT/month Find out more >>