I have quite a few anxious IT contractor clients who are getting increasingly worried about the off payroll rules coming in on the 6 April 2020. One paranoid soul even asked me if I will still be able to trading after 6 April 2020 and was worried he would be left 'deserted' like all the Thomas Cook passengers!
More and more of my clients are contacting me about how to close down and the tax implications, etc. In addition, I am hardly getting any new referrals coming through which makes things doubly worse (although I slightly attribute this to the uncertainity over our trading relationship with the rest of the world) .
I believe Lloyds, HSBC, Barclays, M&G Investments and Morgan Stanley will no longer be using ltd company contractors from 6 April 2020.
Is there anyone else in this situation? What are you going to do?
Any ideas of how many of your clients will close down? Judging by emails I am expecting at least 20% of my client base to disappear.
I know this sounds horrible but if one (or two) of the large contractor factories (I mean accountancy firms) collapse hopefully this releases a few thousand contractors into the open!!!