IR35 postponement makes Interim Executives an option once again
This week’s government decision to postpone the implementation of the Off-Payroll Tax (IR35) to the private sector until April 2021 is a welcome announcement that will alleviate the pressure on businesses amid the current uncertainty of the COVID-19 pandemic.
Chief Secretary to the Treasury, Steve Barclay MP announced in the House of Commons, “This is a deferral in response to the ongoing spread of COVID-19 to help businesses and individuals.”
In a climate that is changing every hour, this comes as welcome news, particularly for the life science industry, as self-employed people and Interim Executives will be essential in tackling the global challenges caused by this outbreak.
There is a crucial need for life science organisations to bring on new employees with the expertise necessary that supports the work to overcome this pandemic. This may involve shifting the direction of the company for the short term and with current economic uncertainty, taking on new full time employees will not necessarily be a viable option.
This postponement allows leaders to find Interim solutions without having to worry about cumbersome government tax restrictions.
Interim Executives fill gaps in talent or expertise and provide a fast and effective solution to a range of business issues. Interims are an excellent solution because:
- They fulfill a company’s needs without the commitment and expenses associated with long term hires
- They are used to “parachuting-in” at short notice and being immediately effective
- They are agile and and used to working from home
- Many are highly experienced in disaster recovery & crisis management
- They will be “suitably overqualified” – providing experience and stability in uncertain times
Throughout this unprecedented healthcare crisis, it is even more important to keep the life science sector going and to drive projects faster than ever. The removal of the IR35 barrier will help all our life sciences colleagues on this mission.
The RSA Group is experienced in bringing you qualified people quickly and efficiently to take the pressure off and give you more time to focus on driving your business forward in these challenging times.