This will be a *sigh of relief* for many contract workers and businesses today!
Steve Barclay, The chief secretary to the Treasury made the following statement yesterday evening:
“I can also announce this evening, madam deputy speaker, that the government is postponing the reforms to the off-payroll working rules, IR35, from April 2020 to the 6th April 2021. This is a deferral in response to the ongoing spread of COVID-19 to help businesses and individuals."
It's safe to say that HMRC has made a life-changing, well-respected decision in order to support the contracting world! However, businesses will still have to prepare for the changes that will strike in April 2021.
Now considering your next move?
While there is now a deferment of IR35 Off-Payroll for the next 12 months, Futurelink can offer you a helping hand, providing expert advice and fully compliant payroll services to your contract workers including: CIS (Construction Industry Scheme), GPS (Gross Payment Solution), Umbrella (PAYE), LTD (Limited Company). If you need any other information please feel free to call us on 01923 277900.
Unsure about IR35? Need some more information? Read more on IR35