Your Choices
There are ways you can maintain your income and minimize the impact of IR35. Here we have a fun look at some of them, to help you find the right solution for you.
6 ways to minimise the impact of IR35
1. Leave the country – live and work outside the UK tax system. Usually the solution for those without personal commitments but a bit drastic for the rest of us!
2. Leave contracting and find permanent employment. Not always easy and you lose the independence of working for yourself.
3. Make up the shortfall – increase your rates by 15-20% (given your clients agree!)
4. Become an employee at one of the many smaller umbrella type companies. A good solution for some but not offering the security of finance and benefits of experience that many require.
5. Join IFL Management – who will guarantee to hold your interest foremost, keeping you up to date with any legislative changes and ensuring you maximize your income at all times.
6. Recommend IFL management to a friend or colleague – we will give you £100 for every new partner and the commission we pay is outside IR35.