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Contractor Tax Protection Tax Liability Cover (TLC35) and IR35 insurance from Qdos Consulting

Most contractors haven't sought professional IR35 opinion

Published on Aug 22, 2008 |

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A recent survey suggests that most IT contractors have not sought a professional opinion of their IR35 status.

The survey, conducted by contractor site Shout99 on behalf of Brookson, showed that 50% of IT contractors have not sought professional advice on their IR35 status and rely on their own compliance measures, while a further 13% don't even bother to check their IR35 status at all.

Given that many visitors to the Shout99 site will already be aware of IR35 and other tax issues facing the contracting world, the overall percentage of contractors who have not sought a professional opinion on their IR35 status could actually be much higher - which is a concern.

In order for your contract to be IR35 compliant, not only do the terms of the contract need to indicate true "self employment", but it is also important that the contract is accurate and reflects the true working practices.

Understandably, many IT Contractors may wish to take out IR35 insurance and/or general tax investigation insurance to cover them in the event of a status challenge by HMRC.