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Growing and shrinking pains
Key points
- The small business exemption concerns the size of the client.
- Companies Act 2006 s 382 contains the key tests on whether a company is considered small.
- The company must be small for two consecutive years to meet the exemption.
- Checks will be needed every tax year to decide whether a company is eligible for the exemption.
The introduction of the new off-payroll working rules for the private sector has been delayed by 12 months until April 2021 – a sensible move given the uncertain times we live in.
As a result of the Covid-19 crisis many businesses are likely to be smaller by April 2021 than they were at the start of 2020. The off-payroll rules do contain an exemption for small businesses but it should not be assumed that those that shrink in this way will be...
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