Contracting & Freelancing News
Property owners and landlords have faced an increasing number of challenges in 2023 due to economic conditions, compliance reforms and changes to legislation including a reduction in the dividend allowance, a decrease in the Capital Gains tax-free allowance and a change to Corporation Tax and the rate payable. Being a landlord can be a busy occupation
Way back in March 2015, then Chancellor of the Exchequer George Osborne first broached Making Tax Digital in his Spring Budget announcement. 9 months later HMRC published their Making Tax Digital strategy. But what is Making Tax Digital, and how will it affect you as a self-employed person? What is Making Tax Digital? Making Tax Digital
As a contractor operating through a limited company you will have no doubt heard of IR35 legislation already. If you’re a sole trader, you can breathe a sigh of relief as you’re unaffected. IR35 was first announced way back in 1999 in a seemingly innocuous press release by the Inland Revenue (now HMRC). The press release
If you’re a relatively new business owner, you might want to take care of everything yourself, including your business accounting. After all, having full control and autonomy is a key reason why many people make the leap into self-employment. But the picture can quickly change! As your business ramps up you’ll come under increased time pressure
When you appoint Gorilla Accounting, you receive full access to FreeAgent Accounting Software free of charge inclusive in our great-value fixed-fee accountancy packages. In this post we examine what FreeAgent Accounting Software is, the reasons why you need it and the many ways that online accounting software can benefit you and your business. What Is FreeAgent
If you’re self-employed, the words ‘self-assessment tax return’ may well evoke a feeling of dread or frustration, but it doesn’t have to be that way! Self-assessment tax returns aren’t an issue for most people in conventional employment as their tax is deducted at source through pay as you earn, but the picture is different for most
Sole trader is the most popular business structure in the UK with well over 3 million sole traders currently operating. In this post we’ll examine the reasons why as we outline the main sole trader business benefits and why this can be the right structure for you if you’re looking to make a quick move into
There’s been good news recently if you’re looking for a Contractor Mortgage. The Bank of England unexpectedly put a hold on the interest rate and it’s predicted that mortgage interest rates will fall as a result. But for many people securing a mortgage isn’t easy, and that’s especially true if you work as a contractor. Due
As we enter Autumn and look towards the last few months of the year and the busy Christmas pull-up, navigating your finances as a small business can sometimes feel like you’re treading water. With so much to do to keep your small business moving forwards during a cost-of-living crisis, balancing the books and ensuring the cash
There are many advantages of being self-employed and working as a contractor or freelancer. Flexibility, freedom, independence, a good work/life balance and a high rate of pay are just a few of them. But on the flipside, contractors also face a degree of risk. As a self-employed contractor you effectively work alone and don’t have the
Inflation in the UK has been a huge talking point within the industry throughout the past year, with many families and businesses struggling with the rise of interest rates. This week, the Bank of England kept the base rate at 5.25% – the highest level it has been in 15 years. However, many did find this
If you have a VAT-registered business and have previously submitted a late VAT return or payment, you may be familiar with the default surcharge scheme. For VAT return periods starting on or after 1st January 2023, the default surcharge scheme has now been replaced and a new late submission financial penalty scheme applies if you submit
