This article originally appeared in IPSE Magazine issue 59. IPSE, the Association of Independent Professionals and the Self-Employed, is the UK’s largest representative body for the self-employed community, including freelancers, contractors, consultants and independent professionals. We exist to support and enable our members, and the wider population of self-employed, through a range of support services,…
Our ‘Insider Interview’ series has been created to provide insight to those who are considering contracting. Our series starts with Nigel, who has been contracting for over nine years. Q&A Why did you choose contracting? I was tired of being an employee and looked forward to the challenge of being able to demonstrate to clients the…
A global survey conducted by YouGov recently revealed that in general, 2016 appeared to be a challenging year for the world. 2016 has seen many ups and downs, not only in the self-employment sector but also politically and economically through the EU referendum with the possibility of the UK leaving the single market – creating…
Many contractors feel that they are at a disadvantage when applying for a mortgage at some high street lenders due to their non-traditional employment status. Capricorn Financial, one of London’s premier brokers, which provides specialist mortgages to contractors, has written valuable advice on this topic below. There are an estimated 1.4 million British ‘contractors’ working…
It’s that time of year again where the self-assessment tax return deadline 2015/2016 is almost upon us. We hope that you are keeping up to date with all of your paperwork since it can be all too tempting to switch off before your holidays have even begun. If you are processing your own tax return…
More and more people in the UK are becoming contractors as each year goes by, with the current figure making up for 32% of the UK working population but numbers are expected to rise. Contractors have also helped to grow the UK’s economy over these last few years and this is mainly due to the…
As we are now weeks away from Christmas, and the holiday season is in full swing, we cover the most common queries about festive and annual event deductible expenses. Annual Christmas party as deductible expenses Your limited company can claim its festive or annual party as deductible expenses for corporation tax purposes. The cost…
One of the most frequently asked questions from our clients on the VAT flat rate change for a limited cost business is: “what is counted as ‘goods’ when determining if they need to use the higher rate of 16.5%?” According to HMRC guidance, ‘goods’ are movable items or materials exclusively used in your limited cost…
Former BBC presenter, Christa Ackroyd has lost her legal battle with HMRC and is now facing a fine of £419,151 in outstanding income tax and national insurance contributions covering tax years: 2006/07 to 2012/13. This ruling made by the first tier tribunal (FTT) was based on the judgement that despite Ackroyd working through a PSC…
If you are affected by off-payroll reforms and are considering alternatives such as Umbrella employment, it’s helpful to understand AWR.
Across the UK, contractors and temporary staff are receiving notably higher pay rates. The REC disclosed that the steepest inflation in contractor pay rates recorded was in London. However, across the board, wages were continuing to rise, extending this trend to 62 months. Contractor pay rates accelerating at an exceptional rate REC director of…
‘Effective from 1 April 2017, The VAT flat rate scheme (FRS) for businesses with limited cost is set to increase to 16.5% from their current rate, based on defined criteria for a limited cost trader.’ What is a Limited Cost Traders? According to HMRC guidance, a limited cost trader will be defined as one whose…
Due to severe weather conditions, our offices are closing early at 4pm today to ensure our employees can get home safely. Our offices will be open on Monday as per the usual hours. We apologise for any inconvenience caused and thank you for your understanding.
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