Evidence that IT contractors are fleeing the country as a direct result of IR35 has begun to emerge with many choosing the USA and Holland to sidestep the heavy tax burden imposed by the new regulation, Accountancy Age reported today.
Professionals have revealed to Accountancy Age that they are turning to overseas work to escape the full burden of IR35 taking measures to register companies in places such as the Republic of Ireland where the tax regimes are less onerous.
Richard Marriott, an IT consultant from Redditch, has signed a contract to start work in Bridgewater, New Jersey, in August. He said: ‘I’ll have to leave my wife and family behind for months at a time. But I honestly don’t see – if you are subject to IR35 – how you stay in business.’
Stuart Ranson, has been commuting between Holland and his Hertfordshire home since January after ending his work in the UK because of IR35.
‘We’ve been called tax cheats by the government. I pay more tax than most taxpayers so how can I be a tax cheat?’ he said.
A survey by the Professional Contractor’s Group claims only around 40% of contractors say they will definitely stay in the UK.
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