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My client is an independent financial adviser (IFA) who amongst others works through an FSA registered 'umbrella' organisation. The client formed a limited company and as the director and majority shareholder draws income from the company as dividends. His own company is not FSA registered. The nature of the work is such that he sources his own appointments carries out all of the due diligence work on those potential clients and if they source mortgage or other financial products as a result of his advice he then earns a commission through the 'umbrella' organisation. A number of IFAs work like this to pool compliance costs and office services.
I consider that this falls outside of the ambit of IR35. Whilst he uses his own tools and equipment it is the service and back up that is the support mechanism and were...