IPSE condemns Lloyds IR35 decision

(2 minutes to read)

Lloyds Banking Group has made the decision to either scrap contractors or force them into umbrella companies.

Lloyds have told its contractors that, due to IR35 changes, they would have to either move onto PAYE, work through third-party umbrella companies or stop working for the bank altogether.

The Association of Independent Professionals and the Self-Employed has condemned the decision, saying the move could not only harm the self-employed, but also long-term flexibility and productivity, and warned other businesses not to follow suit.

IPSE’s Deputy Director of Policy, Andy Chamberlain, explained,This is a short-sighted and extremely damaging decision – and not just for the self-employed. It will be bad for contractors and bad for business.

“IR35 is impossibly complex, and for a long time, we have warned the government against forcing this complexity onto businesses across the UK.

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“The risk is that they will panic, as Lloyds seems to have done, and harm the self-employed and the wider economy.

“The self-employed are an enormous asset to UK businesses and the economy as a whole. They provide businesses with invaluable flexible expertise and, as a result, add over £275bn to the economy every year. Decisions like this risk undermining that immense value.

“Perhaps worst of all, this may just be a taste of things to come when the changes to IR35 come into force next April. We urge the government to halt and rethink this dangerous policy. Now, facing an uncertain economic future, this country needs the flexibility and dynamism of the self-employed more than ever, and the government must do more to support them.”

To find out more about contracting please contact Jaime on 01442 795 100 or email jaime.thorpe@dolanaccountancy.com.

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Dolan Accountancy was set up by Simon J Dolan, the man behind the well-known brand SJD Accountancy. With over 25 years experience in the contracting marketing, Dolan Accountancy has the heritage, reputation and credibility you can trust. Working closely with our sister company, Contractor Umbrella, it means we can offer one low cost, fixed fee package at £95 + VAT per month. This gives you the flexibility of using both our Limited Company Accountancy Services and our award winning Umbrella Service, for one inclusive cost. We don’t believe in tiered packages or hidden extra fees, instead we aim to give you everything you need, including:

  • Free Company Formation – This is where it all begins. Once you have decided on an available name, we will form your company free of charge (if using our accountancy services) and it will be ready for you to use in as little as three hours.
  • Free use of Contractor Umbrella – With changes in Public Sector IR35 Legislation we understand that sometimes you are required to contract via an umbrella company. We will keep your limited company ticking over, while you work margin free via our sister company, Contractor Umbrella.
  • A Dedicated Accountant – Your accountant will be there for any company or personal tax advice that you require. We will never outsource work, even to internal teams.
  • Free Access to FreeAgent – The founder behind the multi award winning FreeAgent platform was one of Simon’s first clients, therefore it only seems fitting that we offer all of our clients access to FreeAgent, free of charge.
  • Free Business Banking – We have decided to waive our commission so our clients can use Tide free of charge for the first year.
  • Unlimited IR35 Status Reviews – We will review all of your contracts for IR35 purposes and provide you with our professional opinion as to its status.
  • Free Registered and Director’s Service Office Address – Sometimes you just don’t want your home address on display at Companies House. When you sign up to our accountancy services, we will offer the use of our address as an alternative.
  • Your Business and Personal Taxation Needs – This includes Company Accounts, Director’s Personal Tax Return, VAT Returns, Payroll, Corporation Tax and Dividend advice, to name just a few.
  • Same day payments- We offer same day payments as standard providing funds are received into our account by 9am, for no additional fee.

If you’d like to find out more about how Dolan Accountancy can help you and your business, please give us a call on 01442 795100 or email sophie.lewis@dolanaccountancy.com or jaime.thorpe@dolanaccountancy.com.

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