IR35 – 4 Things Businesses Must Do Before Christmas
Businesses have had a lot on their plate this year and, as we near 2021, it’s likely that strategies for the year ahead are taking priority. But there’s another thing to add to your to-do list: IR35 preparation.
It might have been delayed in 2020 but it’s still going ahead. Don’t worry though, as we’ve done all of the hard work for you and listed four things you need to do before Christmas to get ahead with your preparations…
Review your staff
One of the first things you must do to prepare for IR35 is review all of your current contracts to determine whether or not the new rules will affect them. Failure to do so, and not document the process effectively, could result in fines and penalties.
Silven Recruitment offers a unique solution, Silven Protect, which provides businesses with a free audit and analysis service. This will not only help you to understand which contractors fall inside IR35 but also the level of risk you may be exposed to.
Assess your expenses
After this assessment, you may find that IR35 applies to many of the workers in your business. If this is the case, now is the perfect time to review your expenses to understand the true cost of your employees – including your National Insurance contributions.
Once you’ve reviewed these costs, you may think that hiring contractors is no longer financially feasible and look to terminate agreements. But this should be avoided at all costs. Instead, take this data and speak to an external consultant – like us.
Adjust your recruitment methods
It also pays to start thinking about any new workers you might want to hire. Job adverts need to make it clear whether certain roles are to be conducted by a permanent employee or contractor.
This will allow individuals who want to work for your company to understand if the new rules will affect them or not. Which is why it’s so important to understand the impact that IR35 will have on your business now, before the new year.
Seek professional advice
Businesses shouldn’t underestimate the importance of adequate IR35 preparations. In short, to avoid any penalties or liabilities, the correct procedures need to be in place. And it may be that you choose to lean on external support for advice.
That’s why we’re making it easier for food and drink manufacturers – with our specialist IR35 solution. From workforce analysis and SDS reports to insurance and supply chain compliance, Silven Protect can help you prepare for the new IR35 regulations.
Plus, we also have a new product – Teams as a Service – that can help you to access some of the best talent in the market as well as IR35 consultancy and support. This removes any risk from the supply chain and allows you to have peace of mind going into 2021.
For further information on how we can help your business prepare for the reform, don’t hesitate to contact our professional team on 0161 832 7463 or by emailing email@example.com. Let’s tick this off your to-do list before Christmas.