Have you heard of IR35 yet?
Chances are that if you havent, you soon will.
Thats because it comes into effect from April 6 and could have a major impact on all medium or large-sized private sector businesses which employ contractors.
From that date, responsibility for deciding the employment status of those contractors for tax purposes will switch to the employer doing the hiring and away from the contractor themselves.
If you are a freelancer or contractor working almost exclusively for one company, theres a significant change on its way which could affect you.
New tax regulations called IR35 come into force on April 6 and could change the way you are regarded by the Inland Revenue.
Up until now, self-employed contractors have been responsible for sorting out their own tax and National Insurance payments.
That has brought some benefits as well as the annual headache of completing a tax return and making sure it gets to HMRC in time to avoid any penalties which is why the taxman now wants to ensure everybody is employed on the same basis.