5 things you need to consider for IR35

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There needn't be a one size fits all approach to the IR35 regulations, especially now that the world of work has changed so much since April. 

With new IR35 legislation just around the corner, develop have put together some advice to help you understand IR35 reforms. Here are key five things you need to consider. 

1. Know where you stand
The changes to IR35 regulations only apply to large and medium-sized firms. To be deemed this type of organisation two of these three statements will apply to you: 
Your balance sheet total is greater than £5.1m 
You have 50 or more employees
Your turnover is greater than £10.2m

2. Read the room
There have been plenty of unexpected hurdles this year. The COVID-19 pandemic has changes the world of work for the foreseeable future - perhaps forever - and some of those changes will impact IR35 implementation. With almost 25% of the UK's entire workforce currenly working away from an office environment the lines have been blured further between contractors and full-time employees.

3. Be flexible
When IR35 reforms were introduced into the public sector in 2017, the number of contractors across all sectors fell by 8% while the number of contract vacancies reduced by 10%. It's an important time for contractors, as well as businesses that contract them. Some contractors are now on the lookout for permanent roles; hiring from this group would be a huge boost for your business so keep the door open. 

4. Plan ahead
You may not be hiring contractors right now, and therefore you may think IR35 changes don't apply to you. But you shouldn't rule out hiring contracts in the future. The list of benefits is lengthy and if your growth plans are ambitious remember to consider contractors in your hiring decisions. 

5. Let develop help you
IR35 reforms do not mark the end of contract hiring. To help you, we've got an IR35 product that provides individual IR35 assessments which produces a comprehensive SDS. develop becomes responsible for taking on all risk enabling you to retain existing contractors and allows you to hire skilled contractors moving forward. 

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