Jeremy Hunt, the new Chancellor, has wasted no time in overhauling many items in the Government’s recent mini-budget. Whether you agree with his changes or not, it’s hard to argue with the need to calm the economic and market turmoil brought about by the changes announced by Kwasi Karteng.
We won’t go into the full raft of changes announced yesterday (17th October 2022) – you can read them on the BBC HERE. Instead, we’ll focus on the IR35 changes he announced, as that’s one of the most controversial announcements and one that’s likely to affect many of the businesses and individuals we work with.
So, what was announced?
- The planned repeal of IR35 off-payroll rules has now been scrapped.
- End clients will continue to determine the IR35 status for contractors.
- End clients will also continue to complete Status Determination Statements for contractors.
Tuesday Bramley, National Account Manager at Quest Pay Solutions commented,
Even though we know this news will be disappointing to some contractors, we now have some certainty regarding IR35. As we all know, the IR35 legislation is both complex to understand and challenging to apply, but hopefully with this reversal now not going ahead, we can move forward with some certainty. What is clear from all of this – is that it’ll be more important than ever to ensure you’re working compliantly – and choosing a payroll specialist like Quest Pay Solutions can provide that added level of comfort, knowledge and security.
Find out more about the IR35 changes via these external resource…