Regulation 72(5) Conditions A & B is important for IR35
Annually on the 19th May, companies or persons that are PAYEregistered are obliged to file a P35 return with HMRC. ProfessionalContractors and Freelancers who are trading inside IR35 have to declarethe PAYE deducted on the deemed payment.
As both a Director and/or an employee of a Limited Company manyProfessional Contractors and Freelancers do not realise that they couldbe personally liable to repay hundreds of thousands of pounds worth ofPAYE; subject to a Direction under Regulation & 72(5) Condition Aor B being applied.
For further information see our guidance on - Why Regulation 72(5) Conditions A & B is important for IR35