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Broker Renumeration and The Implications of IR35 with BKL
February 13, 2020 @ 4:00 pm - 5:30 pm
IR35 and the wider Broker Compensation
Broker compensation is under scrutiny from both HMRC and FCA. This round table will cover the implications of IR35 and what firms should be doing. The discussion will also review the FCA review of broker compensation as outlined in the April 2019 Dear CEO letter.
IR35 originally came into force in April 2000 in an attempt by the government to prevent tax avoidance. It is based around the premise that independent contractors were able to avoid tax payments by working through an intermediary such as their own limited company, rather than as employees under the PAYE scheme. As many firms employ Brokers on a self-employed basis this round table will discuss options available.
The wider topic of Broker Renumeration has been the focus of the FCA, who pinpoints poor and outdated remuneration models as a root cause of misconduct risk in this sector. In particular, the common “eat what you kill” remuneration model allows little or no room for firms to adjust compensation for non-financial performance measures, or to assess those measures in a fair and objective way. The round table will discuss the implications and advise on best practice.