Finally landed myself a great Accounts Assistant job!

Makkusu

After a couple of unsuccessful interviews and being adamant to hold on tight for the right opportunity I've finally landed my first Accounts Assistant role in a local firm, ahhhh, that feels good! Currently self-studying Level 4 and they're ICAEW authorised which is a dream come true for me!

One thing you guys may be able to help me with. Their website says they deal with contractors & freelancers amongst other typical things, I haven't come across much about dealing with contractors in my studies, is there much of a difference in the work that I'll be doing?

I've come across a lot of these accountancy firms that specialise in dealing with contractors and have online portals etc. they all mention something about IR35 which I currently have no idea about. :S

Any idea?

May I add it'll be my first full-time salary... ever!

wbauk2002

Well done, I want one lol, how did you find it

janwal

Congratulations on getting the job, I wouldn't worry too much about the things you don't kno I'm sure they will be happy to teach you. Maybe worth reading up on IR35.

Well done again!!

Jan

Richard

Makkusu wrote: »

they all mention something about IR35 which I currently have no idea about. :S

Any idea?

Well done on getting the job!!

Very basically, IR35 is tax legislation that prevents someone leaving their job, setting up a personal service company (limited company), then returning immediately as a contractor to do the same job, as a way of tax avoidance.

JodieR

IR35 is the legislation which applies when when an individual is effectively working for one company (the 'contractor') but instead of being on their payroll they have set up a small Ltd Comany and invoice the contractor through the Ltd company. The IR35 legislation basically says that any money which the individual extracts from the Ltd company should be taxed as if the individual was an employee (thereby minimising any tax advantage they may be trying to obtain by taking dividends instead of a salary).
It's a bit of a beast to deal with as it's relatively new legislation and there seem to be a number of grey areas and loop-holes which haven't been patched yet.
Basic sole trader subcontractors are usually straightforward to deal with though, so long as they are bright enough to remember to keep their paperwork!
Good luck with your new job