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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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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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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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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 […]

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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 […]

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5 productivity tips for freelancers

Doing more, in less time, is a key differentiator between freelancers who succeed and those who don’t. To help you get the most out of your day, we’ve put together our top five productivity tips for freelancers. 1. Develop a routine While freelancing means you don’t necessarily need to keep traditional office hours, having a […]

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Self Assessment tax returns in numbers

As the 2016/2017 tax year kicks off, we look back at a few interesting facts and figures from the last tax season. HMRC collected a record-breaking £163,109 million in income tax in the 2014/2015 tax year from 11.25 million taxpayers. 1.14 million taxpayers chose to submit their returns by the tried and trusted paper-in-the-post method. […]

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UK is leader in IT contractors

With a booming economy and increased business opportunities, UK businesses are making extensive use of IT contractors. A recent survey shows that, with usage at 76%, these numbers are significantly higher than the international average. A new study, from IT resourcing specialist Experis, surveyed executives in ten countries who were responsible for hiring IT employees. […]

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