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IR35 – Too early to start the wake now

You can almost hear a pin drop, as the entire contracting world holds it’s collective breath waiting for the outcome of the review into IR35.

At least it seems that the fact that a review is happening has been universally welcomed, and most commentators would agree that it is difficult to imagine anyone coming up with a more confusing set of rules than we have in place now.

But it is important not to get ahead of ourselve just yet.  Although it may seem that they are nailing down the coffin on IR35, it is still with us, and is likely to be until at least the Budget in April 2011.  Therefore it still remains vitally important that Contractors ensure they are not falling foul of IR35 by looking closely at their contract, or using a reputable Umbrella Company.

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IR35 – Too early to start the wake now
You can almost hear a pin drop, as the entire contracting world holds it’s collective breath waiting for the outcome of the review into IR35.

At least it seems that the fact that a review is happening has been universally welcomed, and most commentators would agree that it is difficult to imagine anyone coming up with a more confusing set of rules than we have in place now.

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Retrospective tax nightmare for Contractors using Offshore Trusts
A recent High Court ruling, Huiton v HMRC [2010], could spell financial ruin for those who have used Offshore Trusts in the past.

An Offshore Trust is an arrangement where a Contractor becomes a trustee of an Offshore Company, and gains the income they are due in the form of a trust, typically based in the Isle of Man and takes advantage of the Double Taxation Agreement between the UK and IOM so that income tax is not due on the trust in the UK.
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