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
    Highly Decorated Member Award 500 Likes Award

    JK2447 Petabyte Poster Administrator Premium Member

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    Wow, good to know, that's a strong decision to make isn't it
     
    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)
  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.
     
    Certifications: MSc MCSE MCSA:M MCSA:S MCITP:EA MCTS(x5) Security+ Network+ A+
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    JK2447 likes this.
  5. JK2447
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    JK2447 Petabyte Poster Administrator Premium Member

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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!
     
  7. drum_dude

    drum_dude Gigabyte Poster

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    Hey nisseki!

    No I didn't get affected by the IR35 Bank stuff because I took up a new contract back in Aug 2019. However, the place I was at is now FTC only...not sure if that has changed though.

    The new contract is with an IT Consultancy and I am placed with one of their clients. However, on the very day that the IR35 changes got cancelled or postponed, I was assessed as being outside of IR35.
     
    Certifications: MCP, MCSA 2000 , N+, A+ ,ITIL V2, MCTS, MCITP Lync 2010 & MCSA 2008, Sonus SATP SBC 1k/2k
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  8. nisseki

    nisseki Byte Poster

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    Glad you're still outside IR35 and more good news is the changes have been postponed. :)
     

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