HMRC IR35 investigations could cost contractors £30m

(2 minutes to read)

With HMRC looking at employment status extremely closely, contractors might find that the government body is continuing to take a very tough line.

According to recent data, HMRC is looking to gain an additional £29.7 million from employment status investigations.

Mike Crellin from UHY Hacker Young, explained, “HMRC’s crusade against contractors is far from over.

“HMRC is looking at employment status extremely closely. These estimates show that HMRC thinks there is more revenue that could be squeezed out of the compliance work in this area. Contactors can expect HMRC to continue to take a very tough line.”

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Crellin added, “Just this year HMRC introduced the controversial loan charge to claw back up to 20 years of backdated tax from business, including contractors who reduced their tax liabilities through tax planning schemes.

“IR35, the legislation targeting people who wrongly register as self-employed to reduce their tax and NIC, is going to be extended to the private sector next year which will likely create more confusion about the employment status of contractors. This is likely to see more mistakes being made – and more fines.”

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