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FAQs

Budget November 2017 – Key Points for Contractors

Overall a quiet budget for contractors, the main talking point before, and after, was the private sector IR35 reforms which it would seem are now inevitable. There were some silver linings however, with the announcement of consultations and discussion documents leading stake holders and contractors to believe they will have some input into the reforms, unlike the quickly […]

Posted under on Thu 23rd November 2017

IR35 in the Private & Public Sector

  April’s Reform The public sector IR35 reform has now been in effect since April 2017, however it is too early to assess if the changes have been a success. It may well take well over a year before the full impact of the changes are known, however recent articles point to huge delays in […]

Posted under on Tue 5th September 2017

Profit Extraction Solutions for Companies

How much can I retain? Between 82% and 85% after all charges Which company structures qualify? Our solutions can be used for almost any structure Which company officers qualify? Directors Partners Senior Personnel Do I have to close the company? No, our solutions can be used whether the company is active, dormant or closing down Can the solution […]

Posted under on Thu 31st March 2016

What is IR35?

‘IR35’ is legislation that HM Revenue and Customs (HMRC) uses to establish whether a contractor is truly self-employed, or claiming self-employment status, and therefore, avoiding tax. HMRC considers that self-employed person should be able to prove the following: Choose When, How and Where They Work When is a self-employment not self-employment? Someone who has fixed hours, […]

Posted under on Mon 4th January 2016

What is my IR35 status?

As a Contractor or Freelancer you have tax advantages that permanent employees do not, Prosperity Pay will ensure you retain more of your hard-earned money, however, it is essential that you or your provider know how the UK tax authorities deal with self-employed people. This is a complicated set of rules known as IR35.

Posted under on Mon 4th January 2016

Do I pass the IR35 test?

To summarise, there several factors the tax authorities will observe to establish if you pass the HMRC IR35 test.   Substitution – Could you send an alternative to do your work in your absence? Control – Do you choose where, when and how the work is done? Mutuality of Obligation – Is your client obliged to […]

Posted under on Mon 4th January 2016

Do I need insurance?

Yes, this is a necessity for the following reasons: You have legal obligations to your clients, ultimately if you make an error, it is your responsibility, whilst rare, in financial terms, this can be devastating. Which type of insurance do I need? Call us and we can guide you through your requirements, after all you don’t want […]

Posted under on Mon 4th January 2016

How long does it take to get started?

You can start working with us within hours, simply provide the relevant documentation and you are good to go

Posted under on Mon 4th January 2016

Are there any fees when I’m not working

No, you are not charged when you are not working

Posted under on Mon 4th January 2016

What if I switch agency?

No problem at all, all Prosperity Pay require are the new contract details and the details of your new agency, once received we can get everything setup with the new agency, simple.

Posted under on Mon 4th January 2016