As you may or may not be aware, there are a number of companies that will claim that they are HMR&C Approved!
However this is not the case, neither has it ever been. In a recent presentation given by HMR&C to the industry, they released a very clear statement to the public with regards to compliance.
Extract from IR35 Presentation by Sarah Radford, 16th January 2013.
You will often see:
- We have leading counsel’s opinion
- HMRC has agreed our model is compliant
- HMRC will not pursue you or your end client for arrears should they arise
- Bold statements by the promoters are no guarantee
- HMRC will always determine the facts of each individual case
So how do you make a call on an umbrella company, if there is no "official" governing body?
Any umbrella company stating "compliance", should be able to provide proof that they have been independently audited by a reputable chartered accountant, who will undertake a very thorough audit to ensure that the companies processes and procedures match up to the expectations of HMR&C.
For more information on the audit that Contractor Umbrella has undergone, please click here.