RBS IR35 Contractor Decision – Bank Pledges to Keep Hiring Freelancers

0
10263
RBS IR35 Contractor Decision
RBS IR35 Contractor Decision

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!

If you know anyone else who would find this article useful, please share it with them using the social media buttons at the top and bottom of the page.

Ad – Contractor Services

When the IR35 changes were implemented in the public sector, rather than just pay the IR35 tax, most contractors inside IR35 decided to take the umbrella company route. If you are inside IR35, or caught by a blanket ban on Limited Company contractors, it would be worthwhile checking to see how much income you would keep using an umbrella company. Just fill out the form below and someone will be in touch to let you know.

If you think you can benefit from using an umbrella company, try the following:-

Simply Umbrella

Umbrella Companies for Locum Doctors, Agency Nurses, Vets, Dentists and GPs

Do you need some professional advice on which umbrella company is right for you? Do you want to get better returns from your Umbrella Company? Fill out the form below to receive expert advice.

For all necessary business insurance, including IR35, try Business Insurance for Contractors

Your Name (required)

Your Email (required)

Your Telephone (required)

Your Daily Rate (required)

Please Fill in Answer to Simple Quiz Question

Comments

ad

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.