Why do I need a Contract Review?

27th July 2016

By Walker Smith’s Senior Marketing Executive, Caroline Martell.

Having your contract reviewed is a simple yet crucial part of being a contractor. Not only does it give you the best line of defence should the taxman come calling, but it will give you a clear understanding of your working practice and IR35 status.

Worryingly, many contractors today sign on the dotted line before checking their contract. We advise against this, as it could result in an IR35 enquiry if HMRC deems the contractor to be at high risk of being inside of IR35.  An IR35 enquiry will not only last for years, but it could result in you losing money in the long term, from things like backdated tax, interest and IR35 penalties.

By having your contract checked by an experienced, legal expert, you’ll not only get peace of mind knowing that you and your business is fully compliant but it will also demonstrates to HMRC that you’re responsible in your tax management.

So wanting to minus all the stress that comes with IR35, we provide an IR35 Contract Review for every contractor who signs up with us, and a full review every time you change contracts if you sign up to our Premium Package.

With no hidden agendas and no extra charge, at Walker Smith we pride ourselves on being fully compliant and never push our clients into solutions which aren’t suitable for them or their business. So even if you are working inside of IR35, we provide a range of services to facilitate your needs and manage your finances in the most tax efficient way.

How it works?

Our tax experts will collect all the relevant information including the nature of the work being carried out and the terms of the engagement, and then produce a detailed report focusing on all significant clauses within the contract, both positive and negative. This report will highlight any amendments and improvements which need to be made, such as to the contract wording or your everyday working practise, to help enhance and improve the contract itself.

We ensure that each client is updated throughout the process, until completion where you’ll then be given a written summary of the status of your engagement, with a decided ‘pass’ or ‘fail.’ And again, in the result of a ‘fail,’ we will work with you and your agency to ensure we find the best solution possible.

Once your contract has been reviewed, we will judge whether you are at a low, medium or high risk of falling inside the legislation. From there, we will work with you and the agency to ensure you continue to operate in the most compliant manner.

Our contract review service is not only quick, dependable and simple, but with our dedicated accounts experienced in all contractor legislation queries, you know you’ll be in safe hands.

Call us today on +44 (0) 161 359 3235 or email us on demandmore@walkersmithglobal.com to speak to an expert and arrange your contract review.