IR35 - Are you Protected?
The third in the series on IR35, we look at insurance.
Are you protected?
HMRC has stated that they will issue their determination requiring the unpaid PAYE tax and National Insurance contribution liabilities, including any late payment fines and interest to be paid by the end hirer.
On top of those liabilities and fines, HMRC have the discretion to issue a penalty up to 100% of the initial outstanding liability, so it's incredibly important to ensure you’re covered.
Does your insurance cover IR35?
When partnering with YunoJuno’s IR35 Management tool you can be safe in the knowledge that you have IR35 insurance that includes:
- £100,000 legal defence cover & £100,000 taxes, interest and penalties.
- Backed by Zurich Insurance.
- 4 year coverage post contract completion.
IR35 management and protection by experts
IR35 Safe by YunoJuno is the end-to-end IR35 solution created by the UK's largest provider of premium freelance talent. With IR35 Safe, companies can hire freelancers with confidence as well as manage all compliance issues on an easy-to-use platform. Collaborating with experts in tax, legal, finance and human resources, IR35 Safe delivers what your organisation needs to get in front of HMRC’s legislative changes.
Book a demo
Check out the other articles in the series:
Secure the best assessments.
To do the assessment you need to think carefully – it has more to do with working practices on the ground than contract terms but there are a number of factors that need considering. Being appropriately prepared will save your business time, money and keep you on the ride side of HMRC.
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Payments - how to manage this correctly in a post IR35 world
Managing payments to multiple freelancers across multiple business structures (PSC’s, Sole Traders and Umbrella Companies) will need a strong process and clear audit trails to show all tax obligations are met by your organisation. YunoJuno has grown to be the largest marketplace of elite freelancers in the UK, managing half-a-billion pounds of freelancer payments. Our platform makes the process of managing all your freelancer payments easy and fully compliant.
Check it out
| Aspect | Employee | Independent Contractor |
|---|---|---|
| Control and supervision | Direct control over how, when, and where to work | Freedom to set their own schedules and methods |
| Payment | Regular wages; taxes withheld by employer | Paid per project; responsible for their own taxes |
| Benefits | Health insurance, retirment plans, paid leave | Must arrange their own benefits |
| Termination | Often requires notice and may include severance | Can usually be terminated at any time without benefits |
| Tools and equipment | Provided by the employer | Typically use their own tools |
