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IR35 will not stop RBS using contractors

Freelance contractors in the financial sector have received some good news, as the Royal Bank of Scotland (RBS) has stated that it will continue to use them despite the upcoming IR35 private sector rollout.

This decision is in stark contrast to the way other big financial institutions have responded to the reforms, as the likes of Morgan Stanley and HSBC are choosing to stop using limited company contractors completely due to IR35. RBS is indicating that it will use the time between now and the changes coming into effect – in April of next year – to determine the best way of continuing to employ contract workers.

The bank, which has branches in Liverpool and Chester, contacted all of its current freelance contractors by email to let them know that it is committed to continuing to make use of their services in the future, as well as to provide advice about how to remain outside of the coming IR35 private sector changes. Many of these workers will also likely be talking to a self-assessment accountant to ensure they avoid any problems.

Talking to Contractor UK, one freelance worker stated that:

“RBS seems to be pro-contractor because as far as we can see (the bank has got) people looking at how they can maintain a contractor market to deliver change.”

Experts within the legal and insurance sector are arguing that, by opting to go on employing contractors despite the IR35 reforms, RBS could reap the benefits of talented freelancers that rival financial institutions are choosing to cut themselves off from.

Posted by Peter
July 9, 2019

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