ISC: IR35 & the Investment Management Industry
As we all know changes to the disguised employment regulation commonly known as IR35 come into force from 5th April 2020. The government has recently announced a review into its implementation, but this is not expected to halt the changes.
Companies within the investment Management sector have grown used to using an army of contractors to supplement permanent staff, helping to facilitate change. What options do these companies have following the changes?
- Take on more full-time staff – this is potentially a costly and inflexible approach once projects end, companies have grown used to paying for specialist knowledge only when they need it.
- Use a big 4 firm of consultants – a costly approach
- Employ contractors on short term or temporary contracts – additional overheads of running payroll and possibly falling foul of discrimination regulations when they have different terms to full time employees.
- Use a body shop – you’ll get resources but not much more.
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