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Contracting & Freelancing News

Tips for getting a mortgage as a contractor

There are numerous advantages to being a contractor, choosing your own hours, higher rates of pay and being your own boss, but a major disadvantage is securing mortgage funding. Below is a list of tips to help you: 1. Use a specialist mortgage broker The reality is that most lenders do not understand the contracting market and

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HMRC to enforce new reporting requirements for contractors

HMRC has publicised its plans to make changes to the way records are reported for recruitment companies. New regulations published last week will now mean that all agencies will need to provide the Revenue with details of all ‘workers’ they are involved with. Recruitment companies will need to inform HMRC of information on contractors employed via

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RTI penalties will affect contractors on 6th March 2015

As you may be aware the Real Time Information (RTI) scheme came in to place on 6th April 2013. Employers have been required to submit Payroll information to HMRC on a monthly basis and on or before the day they make the payment under this scheme. However penalties for non-compliance are only just being introduced for

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What lenders are contractor-friendly?

  Mortgage options for contractors have become more comprehensive in recent years. More lenders than ever before have realised the contractor workforce is growing, and have decided to alter their borrowing criteria in order to cater for them. Below are a list of ‘contractor-friendly’ mortgage lenders and a summary of what they offer: Roots Mortgages Gorilla

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Time is up to share your views on Contractor Travel Expenses

After the announcement by HMRC on 16 December 2014, we have all been anticipating the changes that will affect a contractor’s ability to claim for travel and subsistence expenses. Time is now up to share your views on the potential changes in the consultation document, so now we will have to wait for the outcome.  If

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MPs Call For Greater Regulation of Tax Advice Sector

Earlier this week leading firm PricewaterhouseCoopers (PwC) have come under intense criticism by a select committee of MPs. They have accused PwC of trying to promote tax avoidance “on an industrial scale”, this is following the leaking of hundreds of Luxemburg tax rulings. HMRC will be looking at putting a ‘code of conduct’ in place for

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Obtaining a Mortgage as a Contractor

If you are a contractor and have tried to secure mortgage funding in the past, you are probably aware that it is easier said than done. Lenders have become increasingly reluctant to lend to those on short term contracts, because of the assumption that they are high risk. The Solution There is an easy way to

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HMRC Penalties: too little too late?

HMRC are considering even more changes to their penalty system. As they revamp to accommodate more digital services, the department is now pondering the way penalties are issued, so that they get things right the first time! This is the subject of ‘HMRC Penalties: a Discussion Document’ that runs from 2nd February – 11th May 2015.

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Mixed News Regarding 2015 Contractor Prospects

The Association of Independent Professionals & the Self Employed (IPSE) have published largely mixed information with regard to UK contractor prospects for 2015. On a positive note, the IPSE suggest that UK contractors are likely to be upbeat in the performance and pay areas of working in 2015. Figures reveal that fourth quarter income for ISPE

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Seneca Group launches Gorilla Accounting

Seneca Group to launch new contractor accounting business. Gorilla Accounting, a refreshingly modern solution to contractor and PSC accounting has been launched from the Seneca Group. Gorilla will offer a slick and technology driven accountancy service to contractors and personal service companies – anyone who is self-employed and provides services through a limited company. The Gorilla

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