RBS IR35 Contractor Decision
We now have the long awaited RBS IR35 contractor decision on whether they will continue to take on UK contractors. The answer is that they will. Indeed they sent out an email to their contractors reassuring them of this and even offering advice on how to stay outside IR35.
This is very refreshing in the wake of the decisions by other banks and finance companies like HSBC, Lloyds, Morgan Stanley and M&G Investments to stop taking UK contractors from this autumn.
Three cheers for RBS. Their contractors must be delighted by this news. When they saw the email from the bank in their in-tray they must have expected the worst.
How RBS IR35 Contractor Decision Affects Contractors
RBS are now looking at how they can keep their flexible contractor workforce long past the IR35 implementation date in the private sector of April 2020.
According to the Royal Bank of Scotland’s email:-
‘Staying outside IR35 is crucial for the financial health of contractors. Nothing is certain in an IR35 case, but here we put together some factors that seem to point to IT contractors being outside IR35.’
Bank Giving IR35 Advice to Contractors
So, they’ve gone even further and are offering contractors advice on how to remain outside IR35. That sounds like a real commitment to their contractors.
The RBS IR35 contractor decision will surely mean that that they will get the choice of all the best contractors. They can especially rely on getting CVs from the best contractors from HSBC, Lloyds, Morgan Stanley and M&S Investments.
Maybe it is worth investing in a few RBS shares.
Contractors Cheer RBS IR35 Contractor Decision
While contractors should cheer the RBS IR35 contractor decision, especially those at the bank, they should also remember that the scores is still 4-1 against contractors in the banking & finance sector.
And remember, also, that a poll of companies by Brookson Legal showed that 59% of all companies are considering have a standard response to the new IR35 rules. They mean no longer taking limited company contractors by that.
The contracting profession will still be taking a severe hit starting from this Autumn. However, the contractor fightback has begun.
Three cheers for RBS!
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