Archive | Financial

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 […]

Continue Reading 0

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 […]

Continue Reading 0

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 […]

Continue Reading 0

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, […]

Continue Reading 0

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. […]

Continue Reading 0

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 […]

Continue Reading 0

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 […]

Continue Reading 0
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 […]

Continue Reading 0

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% […]

Continue Reading 0

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 […]

Continue Reading 0

A guide to tax planning

Income tax planning can make a big impact on the amount of tax you pay. Planning ahead allows you to take advantage of any opportunities to minimise your tax bill. The basics Tax planning is a term given to the process of utilizing your tax knowledge and tools to ensure that, if you are registered […]

Continue Reading 0
Mileage tax refund

Claim your mileage tax refund now

UK contractors often do work that requires them to move across the country-side. Even if you’re not a contractor, you can claim back a portion of the money you spend on your business-related transport. This is what is often referred to as a mileage tax refund. Who is eligible? Contractors, freelancers, permanent employees and even […]

Continue Reading 0

The benefits of filing your tax return early

It’s worth making time for tax before your December holidays. Apart from not having to worry about your paperwork when you should be relaxing, there are a few additional perks for those who submit their returns ahead of the 31 January deadline. While it can be tempting to leave your return to the last minute, […]

Continue Reading 0

IR35 – does it apply to you?

If you’re working as a contractor, you’ve probably encountered IR35 legislation. It’s essential to know your IR35 status as you could face steep penalties for avoidance. IR35 in detail Introduced by HMRC, IR35 is designed to ensure that only properly self-employed people receive the relevant tax breaks. There are tax and National Insurance contributions regulations […]

Continue Reading 0

How to spot an HMRC tax scam

You’re expecting a tax refund, when an email from HMRC pops into your inbox giving you the good news. All you need to do is click on a link to access the Pounds you’re due. Sounds easy enough, but is it genuine? We look at how you can spot an HMRC tax scam immediately. While […]

Continue Reading 0