Inside IR35 for Limited Company Contractors | How it Works

On the 1st April 2021, the new private sector off-payroll rules for IR35 come into force. In this video we're taking a closer look at if and how you can continue to operate through your Limited Company if some or all of your contracts are deemed inside IR35.

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⏱️ Time Stamps:
1:35 - Can You Operate Your Ltd Company Inside IR35
2:02 - Inside IR35 Example Tax Calculation
3:47 - Why Use Your Ltd Company Inside IR35?
5:32- Using An Umbrella Company
6:02 - The Outlook for Contractors and Freelancers in 2021 and Beyond.
7:78 - Recap

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The broad strokes are: The new IR35 private sector rules are coming into force on 1st April 2021. You can still use your existing personal services limited company inside IR35 or even create a new one. You can also use your personal services limited company as a stepping stone to being a full small trading business. We also talk about Umbrella Companies and why, although a viable option for inside IR35 contracts, are often a short term solution unless required by your agency or client.

Initially the IR35 private sector 2020 rules were just that, to be implemented in 2020. Due to the coronavirus pandemic, the UK government decided in all their wisdom to defer the new IR35 private sector rules until April 2021. In fact, many contractors and freelancers were already in discussions with their agencies and end clients, and using tools like QDOS IR35 to help get a status determination. Roll on 2020 and the question of whether the new IR35 private sector rules could potentially be deferred again, or better still completely canned, crops up time and time again. The one thing we are sure about is that this will not be death of contracting and freelancing, and in our opinion, it will give rise to a new chapter in how contractors and freelancers operate.

We have provided a simplified example of what your accounting and tax calculation could look like operating inside IR35 through your Limited Company. If you'd like more specific information relating to your business needs and IR35, don't hesitate to head to our website and book a free discovery call, where one of our specialist qualified accountants will be more than happy to assist you. We have specialist accountants for limited company directors and contractors.

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#ir35 private sector 2020

Видео Inside IR35 for Limited Company Contractors | How it Works канала Accounting and Tax Academy - by Aidhan