Lloyds latest to confirm PAYE only beyond March 2020

Lloyds Banking Group have today announced that they will only engage contractors under PAYE from March 2020 onwards.

Our clients have advised that Lloyds will not extend PSC contractors beyond 20 March 2020, with contractors being given three options: leave at the end of their contracts, join Lloyds as a permanent or fixed term employee (dependent upon the role), or join an umbrella company/PAYE arrangement.

Lloyds also confirm in their internal communication document that this policy will apply even if the legislation does not go ahead as currently drafted.

Impacted contractors have been advised that a representative from their division will be in contact with them from 9 October with more information about how this change will affect their role.

If you are a contractor at Lloyds and want to check your current IR35 status, please see our review services.