Archive | Financial

Budget Speech

Spring Budget 2017: Summary points

On 8 March 2017, the Chancellor of the Exchequer, Philip Hammond delivered the 2017 Spring Budget. It was notably shorter than the Autumn Statement delivered in November 2016, but there are still some key points you should take note of. See our summary below. Economy The UK is forecast to be the second fastest growing […]

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Pay less tax: Choose the right contractor accountant

Choosing an accountant is a critical decision for any contractor. A good accountant is an asset to your business, handling your affairs efficiently and ensuring that you stay compliant with ever-changing legislation. Below, we highlight five crucial factors you should consider before taking the plunge. 1. Certification Anyone can call themselves an accountant or financial […]

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Taking the leap: What you should know about limited company setup

Forming a limited company can be a positive step for your business. It provides you with limited liability, tax efficiency and a professional image. However, the finances, accounts and taxes of a limited company require a somewhat different management approach than those of an individual. Below are a few things you need to watch out […]

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2016 Autumn Statement: Summary points

On 23 November, Philip Hammond the Chancellor of the Exchequer announced the revised Budget for the 2017-18 financial year and beyond. This is his first budget and is the first statement since the Brexit referendum. It will also be the last Autumn Statement in the UK, with the Chancellor decreeing that in the future there […]

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How to create a VAT invoice

Whether you are a freelancer, a sole-trader or a contractor in the UK, it’s essential to know how to create a valid VAT invoice. We share a few basic facts and tips to help you out. The basics Value added Tax (VAT) is charged on sales made. As a standard VAT-registered business, you charge VAT […]

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All about Flat Rate VAT

The Flat Rate VAT scheme is a commonly used option for contractors. This scheme is specifically aimed at those companies providing a service, as they generally don’t have large amounts of VAT to reclaim for business purchases. The basics If your business is VAT-registered, then the VAT you must pay to, or may reclaim from, […]

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How to claim a teacher tax rebate

If you’re a teacher in the UK, you may be due a tax refund from HMRC. Amongst others things, you could claim for professional body membership fees, specialist clothing, equipment and the use of your car for work purposes. Who is eligible? Anyone working as a teacher or in the education profession could be eligible. […]

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The benefits of being a contractor

There are loads of advantages to being an independent contractor in the UK. Besides having the freedom that comes with being your own boss, it can also mean more money and less tax. Tax efficiency Owning shares in a limited company entitles the shareholder to dividends. Dividends are taxed at different (lower) rates than salary […]

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What HMRC’s proposed IR35 tweaks mean for contractors in the public sector

HMRC is aiming to clamp down on contractors and self-employed workers who are not paying the correct amount of tax. Their efforts could see 90% of contractors either move to the private sector or increase their fees to compensate for the costs. The government is currently deciding whether to shift the responsibility for intermediaries’ legislation […]

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uk contractors

Never mind London, Manchester is perfect for UK contractors and freelancers

Many young professionals travel to the UK with the hope of starting a lucrative freelance career. These go-getters usually head straight for London, but as we’ve said before, the UK has more than one vibrant, international city. Let’s talk about Manchester. Take the sting out of London property costs First off, we all know that […]

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UK IT jobs on the rise

While it may come as a surprise to many, the first IT jobs data for the period immediately after the UK’s Brexit decision indicates that hirers in the sector are thriving. Figures show that almost 12,000 IT jobs were added to UK recruiter Reed Group’s website in the three weeks following the EU referendum; showing a 14% […]

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How to apply for a business bank account if you’re a contractor

Contractors looking to open a business bank account for their limited company should be warned that it will take some time. Due to the UK’s anti-money laundering regulations, opening this type of account often involves a lot of paperwork and face-to-face meetings. Authentication and regulations can cause delays If you’re hoping to open an account […]

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