- Wednesday, 14 November 2012 09:34
Get paid quicker and improve your IR35 Status!
These are the promising words from UC Finance, who recently have launched a brand new finance solution aimed at providing contractors with useful and accessible finance, giving some much needed relief to contractors.
UC Finance is helping professionals trading through their own limited company who are potentially affected by IR35. With the promise of an improved cash flow and quicker payments, to getting paid weekly, they suggest that you may want to look into the option of securing corporate finance for your limited company.
Increase your direct cash flow
UF Finance are expressing that this choice would not only increase your direct cash flow, but your IR35 status would also be greatly improved. Raising corporate finance establishes that as a contractor, you are sufficiently managing financial risk, and in turn not only strengthens your IR35 position, but provides strong grounds when needing to determine your professional status.
HMRC make this clear, stating that -
“Individuals who risk their own money by, for example, buying assets…and bearing the running costs and paying for overheads…are almost certainly self-employed"
This comment is no small matter, and any limited company that is at any risk whatsoever of IR35 enquiry or HMRC involvement cannot overlook its importance.
Many companies find that they may be subject to an IR35 enquiry, and if your company is potentially at risk HMRC will consider a number of factors, trying to ascertain whether or not you are classed as being in business on your own account. This obviously stems from the tax office’s search for those regarded as disguised employees, and is what the IR35 legislation is based on. HMRC states that ‘’Employees are not usually expected to risk their own capital’’.
In the past, banks and moneylenders have been generally unwilling to lend in this marketplace, and this trend still exists today. Thankfully for contractors, however, the solution is here. Timesheet Finance™ is a low cost weekly finance option aimed specifically for Freelance Contractors. This brand new service is an excellent addition to the existing facilities offered by UC Finance, providing weekly, timesheet based payments and lending to limited company professionals on a welcomingly fast paced and simple basis.
UC finance’s ground breaking and refreshingly simple to use calculator determines the low cost in obtaining these benefits.
Working alongside Qdos Contractor to launch this initiative, the aim is to provide contractors with an accessible and simple to use tool that can be used and shared at ease.
Qdos are a tax advisory and contractor insurance specialists, being one of the UK’s leading experts on IR35 and HMRC matters. They are able to provide and help you with contract assessments and competitively priced small business insurances to ensure that your company is both protected and compliant.
Quote ENHANCEMYIR35STATUS to receive 5% discount on your UC Finance service charge for the first six months, and a 5% discount on QDOS IR35 Status Reviews.