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By Tom Lowe2021-02-25T06:00:00+00:00
Incorporated firms only need to apply new rules in the tax year following two years as a medium-sized firm
Growing incorporated firms will have two years after transitioning from a small to a medium-sized business before they have to apply new IR35 tax rules, a tax consultant has said.
Incorporated firms classed as small will be exempt from the IR35 off-payroll tax being introduced in seven weeks’ time, unlike medium-sized firms, which will be subject to the new rules.
But incorporated businesses which are transitioning from small to medium-sized will only need to apply the new tax rules in the tax year following two consecutive years of being classed as medium-sized, according to Jessica Jensen, a product manager at software company Sage.
With the new IR35 tax rules coming into effect in April 2021, the coming weeks are critical for companies in the private sector who rely on subcontractors and freelancers.
On 24 February, our panel of experts talked through the changes and gave the audience the opportunity to ask any questions on the new operating legislation.
Some of the topics covered include:
What are the changes to off-payroll working and how will it affect your firm?
How can your company ready itself and what steps do you need to take?
How does this differ from the Construction Industry Scheme and what will the changes mean?
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