The All Things IR35 Related Thread

NVP said:
What's going on? No relevance to the thread.


And calm...



Trust me give me another ten years I'll call it my company ;)
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OK I'm not sure if you're trolling or not.

IR35 is a very real piece of legislation with real consequence.
Contractors should be taking it seriously and acknowledging how it will affect them post April but also be prepared if they've ignored it up to now.

Having a card that says you're a contractor doesn't deal with the right to subsition, subervision/direction and control or mutuality of obligation aspects of the engagement
 
Okey dokey.

Listen, any real contractors out there working for banks heard anything from the higher ups at all?

Thank you.
 
NVP said:
Listen, any real contractors out there working for banks heard anything from the higher ups at all?
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Which bank, various banks have already stated their approaches. Some have decided not to engage contractors anymore, RBS are taking a more pro contractor approach to how they role out the change, suggesting how contractors can be best placed to be judged outside IR35. Again this has no bearing to how you may be assessed for a previous period. Making changes ahead of April will minimise the banks risk however the contractor would still be liable if they were incorrectly declairing their own status prior to that.

https://www.larsenhowie.co.uk/knowledgehub/rbs-ir35-pro-contractor
 
If you’ve worked at the same place for 10 years you are an employee and should be taxed accordingly. Your firm should also pay the appropriate amount of employer contributions which will benefit you as well.
 
Shoza said:
If you’ve worked at the same place for 10 years you are an employee and should be taxed accordingly. Your firm should also pay the appropriate amount of employer contributions which will benefit you as well.
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Unfortunately, this is true.

Correct me if I'm wrong, but IR35 shouldn't make a difference to contractors, who have more than one client on the go.
 
From everything I hear Financial Services are already pretty clear on reducing contractor numbers due to IR35, i'm currently working a role within IR35 and it's a pretty big hit but it is what it is.
 
Yeah that's pretty much the first and only thing we've been told - but all it does is make it even harder for a uk contractor within the banking industry to find another job.

If they need rotatable contractors as and when they'll go to ICT or Cap Gemini or any of the other Indian companies. But then they've lost the knowledge.
 
NVP said:
Yeah that's pretty much the first and only thing we've been told - but all it does is make it even harder for a uk contractor within the banking industry to find another job.

If they need rotatable contractors as and when they'll go to ICT or Cap Gemini or any of the other Indian companies. But then they've lost the knowledge.
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If you've been in the same place for 10 years then what is the point in you being a contractor? they might as well have taken you on as an employee - it isn't as though banks are incapable of paying a decent wedge for staff.
 
Tell them that, I don't care as long as my wedge doesn't shrink. Actually I do, I can't stand giving performance reviews every year etc, so to be a permie and actually sit one myself? No thank you.


I would have thought there would be loads of IT contractors who work in banking on this forum. Lame.
 
Throrik said:
Better get either used to doing your performance reviews every year, or go via an Umbrella company which will mean your wedge shrinks quite a bit.
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Looking like the only way... unless we fight the power! LOOOL or my bank figures out a way of swapping internal companies every 6 months or whatever... plausible?

Throrik said:
Personally couldn't imagine anything worse than working in banking or financial services - there's much more interesting sectors and probably better paid too.
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Only industry I've worked in and built up quite a large knowledge base across many areas due to my involvement in the consolidation of other bank purchases over the last ten years. I don't really find it interesting, it is quite dull and easy, I started simply by joining a project which was merging two banks credit cards systems together, on a 3 month contract fresh out of uni pretty much - turns out I'm a natural compared to most the dinosaurs cashing in their daily and that's why I'm going strong after 3.5 more purchases, working across multiple UK sites with the odd European and American stints. That is also why I am aiming for director of IT within another 10 years fingers crossed. I'm good at what I do.

Throrik said:
Also aren't you a little ray of sunshine
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cMfImp1.gif
 
NVP said:
Tell them that, I don't care as long as my wedge doesn't shrink.
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You can tell them yourself if you're actually worth the money. If you've spent 10 years in the same place then you ought to have made yourself pretty valuable/useful.

Actually I do, I can't stand giving performance reviews every year etc, so to be a permie and actually sit one myself? No thank you.
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They're potentially opportunities to make more $$$ and/or gear up to promote.

I guess it depends, I get that some people would rather not progress vertically and want to instead deepen their technical skillset in which case contracting makes sense, but often you'd want to move around too if doing that?
 
dowie said:
If you've spent 10 years in the same place then you ought to have made yourself pretty valuable/useful.
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Ding ding we have a winner :) The key to contracting, I learnt that from the older English folk when I first started. Knowledge is power, and keep it to yourself.
dowie said:
They're potentially opportunities to make more $$$ and/or gear up to promote.
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Man you should see this curve BS we have to conform too. Ridiculous.
dowie said:
I guess it depends, I get that some people would rather not progress vertically and want to instead deepen their technical skillset in which case contracting makes sense, but often you'd want to move around too if doing that?
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You can completely play the game as a contractor, in my industry anyway. Until you need to be a salary man (stole your term ;) )
 
NVP said:
Ding ding we have a winner :) The key to contracting, I learnt that from the older English folk when I first started. Knowledge is power, and keep it to yourself.
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You bad, bad man! :D

I used to hate it when people did that when I first started at a previous firm - some old guy was a bit worried about his own job security and would keep everything close to his chest, different I guess as a contractor as you're not being paid to train others nor is it your problem if they're lacking.

Personally I think it is better to share/help others as a permie though as playing the game there is being more of a team player, also if you get a little group you trust then you can help people in the group later on and vice versa, especially if you're training people up so you can move on etc...

NVP said:
Man you should see this curve BS we have to conform too. Ridiculous.
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Yeah that is ridiculous - that aspect of performance review seems so flawed.

NVP said:
You can completely play the game as a contractor, in my industry anyway. Until you need to be a salary man (stole your term ;) )
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:D

Nothing wrong with being a salaryman IMO so long as you're a salaryman with a valuable skillset and are able to negotiate for a nice pay package and/or get employment elsewhere fairly rapidly.
 
:) now no more about me please, sorry it has gone off topic - let's keep this about IR35 and any info people hear/want to share.
 
dowie said:
If you've been in the same place for 10 years then what is the point in you being a contractor? they might as well have taken you on as an employee - it isn't as though banks are incapable of paying a decent wedge for staff.
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This.


NVP, I know you are seeing IR35 as a threat to your take home and you are lashing out, but take a step back and consider very carefully. Are you really a contractor? From a outside perspective, 10 years is employment and the government wish to tax you on that basis.
 
10 years at the same company....good luck convincing anyone you aren't inside IR35. You better get ready to start paying more, if you don't get let go when they reduce contractor numbers.

I used to contract in financial services, including RBS for a while. Ridiculous gravy train tbh, I'm quite glad they're clamping down on it.
 
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