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Changes to off-payroll working: financial reporting implications

Marianne Mau, Financial Reporting Faculty explores the financial reporting implications of changes to the IR35 off-payroll rules.

Many individuals undertake work through an intermediary structure such as their own personal service company (PSC). This can be done for a variety of reasons including limited liability, because the engager insists, or because it can mitigate tax. Without the off-payroll working tax rules, known colloquially as IR35, both the engager and the individual worker could pay less tax and national insurance (NIC).