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Contracting & Freelancing News

What you need to know about the flat rate scheme

The Flat Rate VAT scheme was introduced in 2002 and is available to all contractors and small businesses and is different to the standard VAT scheme. You are required to pay a percentage of turnover rather than paying VAT on the difference between sales and purchases. You are still able to charge clients the 20% VAT

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Support the Petition Against the New Dividend Tax

An entrepreneur has launched a petition against the new dividend tax that is likely to affect many contractors and freelancers operating within limited companies. The petition is open until the 24th February 2016 and currently has over 8,000 signatures. The government are required to respond to a petition if it gains over 10,000 signatures and must

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HMRC Improve Documents for Supporting Mortgages

Not only are the banks gearing up to make it easier for contractors and freelancers to obtain a mortgage, HMRC are on your side to make it easier too. HMRC have recently teamed up with the Council of Mortgage Lenders to improve online documents. Both the Tax Calculation (SA302) and the Tax Year Overview have become

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IT Contractors: Lowest Figures in Over Two Years

The slowdown that affected the temporary technology market during July has continued into August causing the weakest monthly growth reading for IT contractors in over two years. The Recruitment & Employment Confederation scored IT contractor demand at 58.7 in their latest reports, which is the lowest figure since June 2013. Despite positive demand for IT contractors

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PAYE: Overpayments & Underpayments

Taxpayers who are currently employed and paid through PAYE could be issued with tax reconciliations between now and October 2015, HM Revenue & Customs has confirmed. If you are believed to have underpaid or overpaid income tax in the 2014/15 tax year, you will receive a P800 form. Alongside this, HMRC has published guidance on the

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Tax Credits for Contractors: What You Need to Know

As you’ve made the transition towards becoming an independent contractor, you may have heard the suggestion of applying for working tax credits from any number of well-meaning friends or family members. Although it sounds like it isn’t worth the hassle, even making just a ‘protective claim’ can have serious benefits for you and contractors like you,

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HMRC Launch Beta Site

The lives of contractors and freelancers look to become simpler with HMRC’s release of the test version of the online personal digital account. This follows a previous blog on our site about the full version of the service and a private beta site has been launched, with only selected users able to use this. Invites from

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6 Things You Should Splash Out On When Going Solo

In one of our recent blogs, we talked about the dangers of overspending on your overheads when striking out alone as a contractor or freelancer operating through a limited company. Some came as no surprise, while others were not as expected. The reverse of all this is actually true as well, however: there are some overheads

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A Dip in Self-employment

IPSE (The Association of Independent Professionals and the Self Employed) have raised concerns over self-employment including contractors and freelancers and have directed warnings towards the Government if they want to maintain a healthy, flexible and growing economy. They claim that the Government must provide a greater amount of support to allow this to happen. Chris Bryce,

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A Future for Buy-to-Let Investors?

Contractors and freelancers who earn additional income using the buy-to-let method face a decrease in profits due to changes that have been put in to place from the recent Summer Budget and tax advisers expect a large amount of activity due to this. The alterations will affect clients as changes to the taxation of landlords will

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Why should the OTS be changed?

Contractors and freelancers should be becoming quite familiar with the OTS, with the recent changes and proposals that affect them. Andrew Tyrie, chairman of The Treasury Select Committee, has restated his call towards George Osborne to not only expand the Office of Tax Simplification (OTS) but also to strengthen the issue. On the 18th August, an

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How Can Freelancers/Contractors Upsell to Clients?

When you’re a freelancer or contractor, you have a much closer relationship with your clients, as you’ll be dealing with them directly for the entire duration of your time working solo. This relationship allows you to spot opportunities where clients could benefit from new opportunities you can offer, or you may need to increase your pricing

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