The UK tax year runs from 6th April to 5th April the following year, which means the new tax year of 2017/18 is starting soon on Thursday 6th April. As a contractor and businessperson, there are things you can do to prepare for the new tax year and set yourself up for success.
It appears that Chancellor Philip Hammond has set his sights on the self-employed as he aims to extinguish “tax-motivated incorporation”, announced in Budget 2017 today, 8th March.
The clauses for Finance Bill 2017, published Monday 20th March, details the new rules for how the intermediaries legislation (IR35) will be determined for public sector contractors and freelancers working through a personal service company (PSC). The new rules come into effect on 6th April 2017 and affect payments made on or after that date.
Working through an umbrella company is the easiest way to operate as a contractor and once you have signed up, you will have a minimal amount of ongoing administration. However, do you know how an umbrella company actually works? Read our article to find out more about the processes involved when you sign up with an umbrella company.
The Spring Budget was announced last Wednesday, 8th March. It sparked plenty of backlash around measures to increase tax revenue from the self-employed, particularly the Chancellor’s plan to increase to Class 4 National Insurance Contributions (NICs), which has now been cancelled.
The Association of Independent Professionals and the Self-Employed (IPSE) has published its study findings on how much freelancers contribute to the economy. The study revealed that freelancers in the UK contributed £119 billion to the economy in 2016.
Flexible working is certainly one of the most popular reasons people decide to take up contracting on a full-time basis. However, do contractors really take advantage of the opportunities available to them? If you’re a contractor, you owe it to yourself to get away for a long weekend and have some fun!
Did you know that if you’re married or in a civil partnership, you could be entitled to a tax break of up to £432? The marriage allowance could save couples hundreds, yet only a few are taking advantage of this tax perk.
It’s a well-known fact that as technology progresses, there is an increasing need for cyber security, i.e. protecting IT infrastructure from malicious cyber attacks. This is especially true where businesses deal with sensitive and personal data, such as financial information.
As a contractor or freelancer with your own limited company, time is money. Even though you work for yourself, you are contracted to make sure you complete the job to the best of your ability.
