There are some changes afoot with the IR35 legislation, and we thought it useful to detail these, and the potential implications to any companies using Limited company contractors.
What is IR35?
IR35 was introduced in 2000 to address concerns relating to individuals who supply their services via an intermediary (such as a Ltd Company).
Any individual deemed ‘inside’ IR35 must pay income tax and NIC contributions.
Any individual deemed ‘outside’ IR35 is classed as providing a genuine business to business service and is therefore not subject to the same tax treatment as employees.
HMRC estimates that up to a third of workers operating via a personal services Ltd Company are incorrectly classifying themselves, leading to projected economic losses to the UK Treasury of approximately £1.2bn per annum.
Gattaca (LON:GATC) (formerly known as Matchtech Group) has grown into an international business with more than 800 staff around the world.
The Gattaca group of companies consists of a number of specialist recruitment brands including the UK’s number one engineering recruitment specialist (Matchtech) and a top five technology recruitment specialist (Networkers).