In the April 1999 budget, this IT friendly,
business-friendly government introduced a stealth tax that is designed to put us all out
of business. It was not mentioned in the budget, but sneaked out in a press release called
IR35 and the name has stuck ever since.
Along with extra tax (up to 25%) to pay comes an
administrative nightmare, because everything has to be looked at two ways: once, the
correct way, as income or expense of the company and then again (the IR35 way) as income
or expense (perhaps) of the person.
But fear not; we cannot reduce the tax that you
need to pay, but we can take away the nightmare. We can also make sure that you
do not get any nasty surprises.
At the moment the details are unclear, but they are
bound to include keeping very precise records and you can rest assured that Independence
will be continuously updated to provide you with a simple means to comply.