IR35 changes for contractors to the public sector


Are you a contractor to the public sector?

Reforms to the off-payroll rules (also known as IR35) come into effect from April 2017 for the public sector. This means that the responsibility for accessing IR35 status will move from the contractor / personal service company (PSC) to the public body that is engaging them.

The reaction from some public sector bodies is that they no longer want to work with Limited companies – as they do not want to have to deal with the hassle of assessing the status of each of its contractor workers.

Contractors are being told to convert to a PAYE umbrella or you don’t have a job.

For many contractors to the public sector this means that they will be left with a limited company which they no longer need.

Close your limited company in the most tax-effective way

If your limited company is solvent (i.e. it can pay all of its bills), a Members’ Voluntary Liquidation (MVL) is likely to be the most tax-efficient way for you to close it down.

By using an MVL the funds to be distributed are subject to Capital Gains Tax, rather than Income Tax. If you qualify for Entrepreneur’s Relief (ER) you can benefit from a 10% marginal rate on distributions. This means there can be considerable tax savings for the director(s) of the company.

Our standard fee for an MVL is £995 (+VAT, +disbursements).

We aim to distribute the assets of the company after 35 days from the date of Liquidation.

Find out more about our MVL service

Our Senior Partner: John Bell

John is a Fellow of the Institute of Chartered Accountants and a Licensed Insolvency Practitioner.

He graduated with BA (Hons) from Liverpool’s John Moores University in 1986. He then moved to London, where he worked for Grant Thornton and Smith & Williamson during which time he gained his qualification as a Chartered Accountant. In 1994 John gained his Insolvency Licence and established Clarke Bell. Since then John has gained extensive expertise in all matters relating to the strategies and practicalities of both Corporate and Personal Insolvencies.


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Manchester

3rd Floor, The Pinnacle
73 King Street
Manchester
M2 4NG

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Contact

Phone: 0161 907 4044
E-mail: [email protected]

Our office

Licensed Insolvency Practitioners for over 24 years

A member of:

The Institute of Chartered Accountants Association of Business Recovery Professionals Insolvency Practitioners Association
Business Debt

Business Debt

Thank you for all your help with the liquidation matters. You were a joy to deal with.

MVLs

MVLs

Our MVL was handled in a timely manner and I was kept informed of progress throughout.

Insolvency

Insolvency

Thanks to the help I received from Clarke Bell, I am able to pay off my debts in a reasonable and realistic manner.

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