Are you prepared for IR35?
As part of our thought leadership and industry innovation agenda we wanted to educate and create awareness of the new IR35 legislation via a Breakfast Seminar to allow for careful planning before April 2020!
To support with the understanding of IR35, its implications and how it could affect you as a Limited Company Contractor, the Only Medics Division, a part of the Clinical Professionals Group, hosted an informative and well received breakfast seminar on IR35 in Central London this Wednesday 14th August.
“Over the past couple of months we have liaised and met with a number of experienced Physicians, Pharmacists and PhD educated Contractors within the Life Sciences Industry, the majority unfortunately do not have the full understanding of the implications and solutions around IR35 to ensure minimal disruption to their future careers. To support them in exploring all options and solutions post April 2020’s new regulations, we ran a very successful breakfast forum and will continue offering these seminars leading up to the changes next year.” Louise Williams, Divisional Director – Only Medics & Medical Affairs within Clinical Professionals.
IR35 is the rapidly approaching tax legislation designed to identify individuals who whilst supplying their services to a client often via limited company, could in fact be deemed as an employee and subsequently should be taxed accordingly.
Effective as of April 2020, IR35 will impose a role assessment by end Clients utilising tests calculated from the HMRC definition of ‘Self Employed’ in order to ascertain employment status and as to whether a role, and therefore any contractor completing the work, is Inside or Outside of IR35. If the role is viewed as working ‘Inside IR35’ this means the contractor fulfilling the delivery of the work should be earning salary through a payroll system paying compliant tax and NI. Liability will shift onto the fee payer and responsibility for assessment and classification of the roles onto the end Client.
What was included on the day:
In hosting this Breakfast Seminar, Clinical Professionals aim was to facilitate a round table discussion in which the Contractors across the Life Science sector were informed on all things IR35 and solutions for them moving forward.
The day started at 9:00am – 11:00am and included a complimentary continental breakfast at a Central London location.
Discussions included:
- IR35 Changes to Legislations
- Market Expectations
- Planning and Areas to Consider being Inside or Outside IR35
- Market Responses to IR35
- Impact & Current Market trends
- Future Contract Solutions and Offerings
If you are interested in finding out more information or reserving a space for the next Seminar, please contact Louise Williams or reach out via email to louise.williams@onlymedics.com or ir35@clinicalprofessionals.co.uk