IR35 extended

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IR35 to be extended IR35, HM Revenue and Customs’ initiative to determine whether non-payroll workers are really contractors or employees in disguise, is to be extended to private sector firms from April this year, with the burden of proving tax status likely to remain on individuals where smaller advice firms are concerned. This comes as research by recruitment consultancy BWD shows that the average total earnings for employed financial advisers reached £99,701 in 2018, an increase of 7% from £93,115 a year earlier, while the number of self-employed workers in the financial and insurance sectors has increased from 41,000 in 1997 to 86,000 in 2019.

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