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We are advised that:
* any IR35 liability for the director is deemed to fall due on 5 April 2002 or date of resignation if earlier (not the date of cessation of trading as we expected);
* there will be no Schedule D deduction for corporation tax purposes for the deemed payment as there will be no source of income as at 5 April 2002 against which to make the deduction.
Is this advice correct or should the date of the deemed IR35 liability be the date of cessation of trade i.e. the date that the IR35 contract ceased?
If the advice is correct:
* Does this have implications for other IR35 subcontractor companies where for example trading ceases shortly before 5 April because the IR35 director takes an extended holiday...
Please reach out to customer services at +44 (0) 330 161 1234 or 'customer.services@lexisnexis.co.uk' for further assistance.
