Contracting & Freelancing News
There are various benefits of setting up your own limited company including the financial safety net of limited liability, being able to claim a wide range of allowable expenses, and the opportunity to improve tax-efficiency. It’s easy to see why so many self-employed people and small businesses follow this path and choose to form a limited
Everyone is familiar with the famous Benjamin Franklin phrase that nothing is certain except death and taxes, and it’s true to say that taxes are a necessity. Taxation is an essential component of any economy and the taxes we pay fund public services such as schools, prisons, the NHS, defence and more. They also cover social
A Salary and Dividend Tax Calculator is a specialist financial tool to help contractors, freelancers and self-employed people operating through a limited company get easy and quick insight into their tax liability and take home pay. Essentially, they can help you to determine how best to structure your remuneration. When you operate through a limited company,
Time is a precious commodity for sole traders and all self-employed people. You will likely find yourself working on multiple projects with tight deadlines to meet. On top of that there are other responsibilities all sole traders face such as marketing your business and winning new work. Another obligation that can take up a lot of
The number of limited companies in the UK continues to increase over time as more and more people make the transition from traditional employment into self-employment. When setting up your own business, one of the first decisions you’ll have to make is on your operating structure. The business structure you choose will have different implications in
It’s fair to say that it’s been something of a turbulent year so far for the estimated 2.7 million landlords in the UK. The rental property market is becoming more complex over time and the regulations and challenges that landlords face are increasing. There’s also significant uncertainty in the property market. In this post we explore
The number of Contractors has increased in recent years and in an ever-evolving and dynamic job market, they add significant flexibility to the workforce. By working on a project basis, Contractors make their specialist skill sets easily available to businesses across a huge range of industries. There are many benefits of being a Contractor including the
Just as the British weather varies, so does the workload for professionals throughout the year. Certain industries have busier periods than others, but one that seems to be similar across the board, across different sectors, are the summer months. Whether you run a small business or you’re a contractor who takes on different projects throughout the
If you’re a contractor or self-employed, you’ll be familiar with the many benefits and advantages of this type of work. You work independently only answering to yourself with full autonomy over your career and your business. The earning potential is of course high, there’s scope to leverage significant tax-efficiencies and control over your hours means you
Whether you’re employed by someone else, you’re self-employed and run your own small business, one thing that everyone has in common is that we all must meet our tax obligations and make National Insurance contributions. In effect, National Insurance is a form of tax. For employees, National Insurance Contributions are deducted from salary each month. But
If you don’t have your tax deducted at source through pay as you earn, you’ll likely be familiar with self-assessment tax returns. If you fall into one of the below categories, you may need to submit an annual self-assessment tax return to HM Revenue & Customs so they can send you an accurate tax bill based
Thanks to making-tax-digital (MTD) legislation, the days of doing accounting by hand or using multiple spreadsheets are becoming a thing of the past. MTD is a Government initiative which aims to digitise and modernise the UK tax system to make it one of the most advanced in the world. The end goal is to increase accuracy
