The recent addition to the existing IR35 legislation (a Government initiative) now puts the onus onto private companies to decide whether or not a contractor should in fact be employed and on the payroll. Historically, any freelancer or contractor employed to work on a project on a long-term basis, would normally receive payment once an invoice was submitted. However, this recent change states that in these circumstances the contractor should in fact be considered an employee and therefore paid via the company PAYE system.
These changes apply to any medium or large sized private company with a turnover in excess of £10.2million, employing over 50 staff or with a balance sheet of over £5.1 million.
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Any business or recruitment company employing lots of contractors will need to start preparing for these professionals to now be classed as employees and they will be responsible for tax and national insurance contributions. This means a business will need to boost its cashflow in order to be in the position to cover these increased overheads.
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