You may have read our recent blog post looking at the ins and outs of IR35, we now have a little more information on what IR35 means for pharmacists. We also have a blog post that takes a closer look at working as a locum alongside full time employment and dives a little bit deeper into personal finance management.
Status Determination - Inside V Outside IR35
The contractor is considered for tax purposes an employee of their client subject to PAYE
The contractor is operation as a genuine business and maintains responsibility for their tax and national insurance
The client is responsible for determining IR35 status. They must provide a status determination statement both the contractor and party directly engaging the contractor - the fee payer
If the role is determined ‘Inside IR35’ the fee payer is responsible for deducting the relevant tax and national insurance contributions at source
If the role is determined ‘inside IR35’ the contractor will be paid after the relevant tax and national insurance contributions have been deducted
What is IR35 - The Off-Payroll Working Rules
IR35 Status Determination
The assessment to determine the IR35 status of contractor role takes into account 3 principles:
Stay tuned for further information on IR35 or get in touch with our expert team to learn more.