Rumours surrounding potential changes to private sector IR35 are UK contractors' biggest concern, according to the latest research.

Following April's changes to IR35 in the public sector, research by tax adviser Qdos Contractor suggests murmurs now surrounding the future of IR35 in the private sector are having a negative impact on contractors.

The survey revealed:

* For 48% of contractors, rumours surrounding private sector IR35 reform are their main business concern

* 18% of contractors are most concerned by competition for contracts

* 17% are most worried by lack of support for the self-employed

* 10% are still feeling most concerned by recent public sector IR35 reform

* 7% cited other concerns, including Brexit and declining rates

While 36% of contractors said they wouldn't be deterred from working independently should private sector reform rumours be confirmed

* 33% would consider employment

* 19% would consider a different career to contracting

* 12% would consider alternative options, including emigrating to contract overseas, or early retirement

Qdos Contractor CEO, Seb Maley said:

"While murmurs surrounding any changes to private sector IR35 remain rumours at this stage, we urge the government to learn from previous mistakes and quickly end any confusion and uncertainty on the matter. One third of contractors surveyed revealed they would consider employment if private sector IR35 reform is enforced. This sends a clear, strong signal to government that reform to private sector IR35 should be avoided.

"Economically and socially speaking, freelancers and contractors are vital to the UK. They should not be left in the dark. Recent changes to public sector IR35 caused panic among contractors, public sector engagers and agencies. And while the dust has somewhat settled as hirers begin to get to grips with reform, a repeat performance in the private sector would not be wise.

"But the vast majority of the UK's independent workforce choose to work this way for the freedom and control it brings, rather than any tax advantages."

Here at Punchline we can see advantages and disadvantages of the potential changes for freelancers and employers alike. While it's right that freelancers shouldn't avoid tax, we don't want to see these workers, who are essential to the economy, taking home less cash every month. For employers, any extra red tape is always unwelcome, but clearer legislation could help them avoid getting into trouble.

What do you think? How will the changes affect you as a contractor? Email mark@moosemarketingandpr.co.uk