Olympus Contracting offer fast, effective and efficient payroll services to contractors working within the UK.
By signing up with Olympus Contracting, you will have access to a number of benefits such as; same-day payments (select clients) and an assigned account manager.
Agencies looking for a reliable and unwavering payroll service, operating within the UK, need look no further.
If you’re interested in our services, use the contact form below to get in touch with our team or call us.
IR35 is a piece of legislation that has been around in the contracting world for years, but recent changes have been made to it. The purpose of the updated IR35 rules is to ensure contractors are paying the required tax. In it’s most simplistic form, the result of these changes are thus:
The end client is now responsible for ensuring contractors are paying the correct amount in taxes. The end client is, therefore, liable if a contract worker isn’t paying the correct tax.
Because of this transfer of responsibility between the contractor and the end client, limited companies are required to carry out assessments to determine the status of each contract. If a contracting job is deemed as ‘INSIDE IR35’ then you will be taxed in the same way as a permanent employee would. The majority of limited companies have stopped using contract workers as a result of this change, forcing contractors to adapt too.
A contractor will be assessed against a list of criteria, if enough of the these points are met and their role leans towards self-employment, they will be classified as ‘outside IR35’.
If a contractor’s role doesn’t tick enough of the boxes, they will be labelled as ‘inside IR35’ and taxed as such.
If you’re unsure about your status as a contractor and wish to speak to an expert, contact us via the box below and a member of our team will be in touch to help.
