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Contractors IR35 Tax Planning

Your financial crystal ball awaits you in the cloud

Your financial crystal ball awaits you in the cloudIf you are a contractor then you will be aware of IR35, I’m sure. Perhaps you have been told that it doesn’t affect your contract(s) and someone has assured you that you can carry on as normal because everything will be OK. That may well have been true for you, in your circumstances, in the past. If you work in the Public Sector, however, everything is changing and you need to look at it again.

A prowling lion, ready to pounce!

It is said that wolves and lions are the masters of waiting until their weakened or unsuspecting prey are at their most vulnerable, or blissfully unaware, before striking the deadly blow. That is exactly what is going to happen to many contractors – particularly because of the recent changes around IR35. They are in danger of being taxed as an employee and losing significant chunks of their income (in the future, in real-time and retrospectively), because they were in the dark about the changes and they didn’t listen to the warning signs. The HMRC lion is lying in wait.

And it could well be carnage for contractors working in the Public Sector.

Foresight is a wonderful thing

As well as being vaguely aware of the dangerous animal known as IR35, contractors are also fearful of The Cloud Accounting tools that can help them to have clarity on their financial position and plan effectively.

As a specialist contractors’ accountant, with decades of experience and frontline, hands-on expertise in securing the current and future financial well-being of hundreds or contractors – I promise you that The Cloud is safe. In fact, utilising it properly it is the single most effective way of controlling your income and liabilities, calculating your expenses and forecasting your available cash flow. It is like an accurate, practically infallible, crystal ball.

“Wait and see” is not a smart strategy!

Why would anyone play the “let’s wait and see what happens” game when they simply do not need to? Using cloud-based accounting software like FreeAgent gives you the ability to see, in real-time, exactly how much of the money in your bank account actually belongs to you. It helps give you clarity over the potential cost of changes to the IR35 status of your contracts and indicates precisely how much tax you will need to pay and when. Instead of relying on what your bank account says, and being tempted to spend money that isn’t legally yours, you can know for certain.

Get ahead of the game, get in control of your finances and be prepared for the hungry, ruthless wolves and lions that are waiting to hunt down the weak and ill-informed.

Find out more and stay safe

Here at Meades Contractors we keep people safe and well-informed. If you would like us to look after everything for you, then we will ensure that the benefits far outweigh the costs and that you can focus solely on earning the secure future that you want for you and your family. Get in touch now.