Banks starting to snub limited company contractors

Discussion in 'IT Contracting' started by nisseki, Oct 1, 2019.

  1. nisseki

    nisseki Byte Poster

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    Barclays are the next bank to stop hiring IT contractors who are using their own limited companies months before the IR35 affects the private sector.

    For more info, please see link below:

    https://www.contractoruk.com/news/0...y_contractors_2019_due_ir35_changes_2020.html
     
  2. JK2447
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    JK2447 Petabyte Poster Administrator

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    Wow, good to know, that's a strong decision to make isn't it
     
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  3. nisseki

    nisseki Byte Poster

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    I wonder if Drum Dude has been affected by this? If I recall correctly he was contracting for a large bank.

    Contractors are being told to either take a pay cut, go perm or leave.
     
  4. Sparky
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    Sparky Zettabyte Poster Moderator

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    Been talk of this for a while now. A few of my mates have gone perm to avoid drama.
     
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    JK2447 likes this.
  5. JK2447
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    JK2447 Petabyte Poster Administrator

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    I'm a landlord and I already feel targeted. This seems like another route to stop people doing well. I wouldn't mind but we all spend this money. That is then taxed. It's becoming an incredible amount of work to get ahead :(
     
    Certifications: VCP4, VCP5, VCP6, VCP6.5, VMConAWS Skill, BSc (Hons), HND IT, HND Computing, ITIL-F, MBCS CITP, MCP (270,290,291,293,294,298,299,410,411,412) MCTS (401,620,624,652) MCSA:Security, MCSE: Security, Security+, CPTS, CCA (XenApp6.5), MCSA 2012, VSP, VTSP
    WIP: VCAP 6.5 DCV (Design)
  6. nisseki

    nisseki Byte Poster

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    The worse hit contractors are ones affected by the loan charge. Loan schemes were legal and recommended by accountants but now contractors who used these schemes have received big tax bills with interest and fines going back 20 years.

    This has caused at least 8 people to commit suicide and others stressed, loosing their livelihoods!
     

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