IR35 Bank Cartel
It looks as if Deutsche Bank have left the IR35 bank cartel after the Government U Turn on IR35. We have heard that other big players in the British banking system, like HSBC, Lloyds and RBS are going to continue to blanket ban contractors using personal services companies.
That’s even though a contractor’s IR35 status is no longer their responsibility. Contractors’ IR35 statuses have reverted back to being the responsibility of the contractors. for the next year.
Contractor Questions On IR35 Bank Cartel
- Are the UK’s Major Banks Dropping their IR35 blanket banning policy on PSC contractors?
- Will the banks still be able to operate an IR35 bank cartel policy on contractors?
- How easy will it be for blanket ban banks to hire new contractors?
Are the UK’s Major Banks Dropping their IR35 blanket banning policy on PSC contractors
Still the major UK banks are sticking to their guns and blanket banning PSC contractors.
I wonder what their shareholders would think of that. Companies have a duty to do their best for shareholders and not for Governments. However, those that run our major banks don’t appear to give a t*ss what anyone thinks.
Let’s hope a few more banks smash this IR35 bank cartel and allow contractors to go back to go back to using their personal services companies up to April 2021.
We will continue to give good publicity to those who do revert. We shall also put the spotlight on those who do not revert – for no apparent reason.
Will the banks still be able to operate an IR35 bank cartel policy on contractors
The Government have been forced to make a U Turn on IR35. Perhaps the hiring marketplace will force a change on those arrogant banks who want to keep contractors subservient.
It will now be even easier for those contractors who want to refuse to go PAYE to quit those banks. The banks still hope to operate the IR35 bank cartel and continue down the blanket ban path as though nothing has happened.
How easy will it be for blanket ban banks to hire new contractors
Let’s see how many contractors they can hire in the open market when they are effectively offering much less than other companies and even other banks.
That may concentrate their minds. What they may do is to keep their current contractors under the current IR35 bank cartel lock and key of PAYE but allow contractors who are new hires to use their personal services companies. See how long that will last once the other contractors get to hear of it.
Let’s hope we can bring you further news of companies reverting – especially other banks. And lets hope that Deutsche Bank are just the first bank of many to punch a hole through this IR35 bank cartel.
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