Monday, 6 February 2012
The IR35 Calculator Explained In Basic
IR35 is a section of tax legislation that was announced in 1999 and took full effect in April 2000. The legislation means that the revenue can tax some contractors as though they are employees of their clients. In turn this means that contractors caught by IR35 pay considerably more tax dropping their take home pay by as much as 25% although to work this out accurately one would need an IR35 calculator; many examples of which can be found online at the official HM revenue & customs site.The government introduced the IR35, and thus the need for IR35 calculators, in order to deal with tax
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