As a business, you must be hiring a lot of people for your business. Business is something you have started with a lot of hopes and dreams. There are many things that make your company great and allow it to prosper. One of those things is your employees. Employees are like the foundation of your business. They take care of each and every aspect of your business. But what about them? Is your business taking care of them? There are necessary things that have to be done for the employees too.
Employees have certain rules and restrictions that have to be followed too. One of them is IR35. If you are a business that hires employees on contract or in freelance, then you need an IR35 Accountant. Pearl Lemon Accountants have the best IR35 Accountant for all the needs of your employees.
If you are new to all of this, then you must be thinking what is IR35? And why do we need an accountant for this thing? IR35 is a tax legislation in the UK. It is United Kingdom’s anti avoidance tax legislation. It is actually designed to equalize pay in contract basis employment and permanent employment. This was launched to tax all kinds of employment equally. This is for the business that avoids paying taxes under disguised employees.
It is not only for the businesses it also for your personal knowledge. If your company is making a contract with you and it says it comes under IR35, then it is eligible for tax purposes. That means the business has to pay the tax. IR35 Accountant, will make sure that all the taxes are paid accordingly and there are no lags in it.
The IR35 Accountant is a person who is an expert in this field and they have an idea about all the rules and regulations that come under IR35. The HMRC will check all your files whether they are in proper order and whether you are paying taxes on time. If there is any issue or the taxes are not being paid, then there are chances that HMRC will take it into a criminal offense and your business might have to pay huge fines. This will be a huge negative point for your business. The IR35 Accountant will make sure you are not facing this issue as they know what all are the reasons due to which HMRC can make you pay a huge amount of fines.
IR35 Accountant also will help contractors by reviewing their papers, helping them understand the major pointers of the agreements and letting them know what can be done and what should not be done. It will help contractors understand the essentials and act upon it. This will also save the businesses from huge fines and not paying taxes.