Page 11 - Matthew Sharp News Today : Breaking News, Live Updates & Top Stories | Vimarsana

By Tom Lowe2021-02-25T06:00:00+00:00 Incorporated firms only need to apply new rules in the tax year following two years as a medium-sized firm Growing incorporated firms will have two years after transitioning from a small to a medium-sized business before they have to apply new IR35 tax rules, a tax consultant has said. Incorporated firms classed as small will be exempt from the IR35 off-payroll tax being introduced in seven weeks’ time, unlike medium-sized firms, which will be subject to the new rules. But incorporated businesses which are transitioning from small to medium-sized will only need to apply the new tax rules in the tax year following two consecutive years of being classed as medium-sized, according to Jessica Jensen, a product manager at software company Sage.

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