Good morning all,
With the new off payroll rules coming in during April 2020, does anyone think that a lot of accountancy firms that specialize in serving IT contractors could see their client base slashed by around 20% - 30%?
I am not sure if this will be a good thing or bad thing for me?
Although I stand to lose a large chunk of my client base, I potentially stand to pick up some clients if larger firms such as SJD, Crunch, Nixon Williams, etc get bowled over.
Also, why on earth are firms like Clearsky, Brooksons and JSA buying out loads of smaller IT contractor firms in light of the new off payroll rules? Surely these guys will struggle to pay pack the loans that they have taken out to buy their acquisitions when their client base is slashed? Also, presumably they will struggle to grow as fewer and fewer roles will require limited companies in the first place.
I think the Free Agent owners did the smart thing by cashing out and selling to RBS because presumably their client base will be slashed too.
Great time to be an umbrella company though (assuming Labour don't get elected).
2020 is sure going to be stressfull time (assuming the off payroll rules don't get postponed).