10 Recent Blog Posts https://gorillaaccounting.com/blog/ Shows a list of the 10 most recent blog posts. Business Insurance https://gorillaaccounting.com/blog/business-insurance <p>As you are in business of your own account, you will not be covered by any insurance policies belonging to clients to whom you supply your services. The majority of contract engagements will, therefore, require you to have business insurance to protect yours and your client's mutual interests. The common insurance policies for contractors are:</p><p><strong>Professional Indemnity </strong>- this is to cover your business for the cost of legal defence or damages awarded to a client in respect to professional negligence, poor advice, errors or omissions. </p><p><strong>Public Liability</strong> - this is to cover your business for claims coming from members of the public for personal injury or damaged property caused as a result of the services supplied by you. </p><p><strong>Employees Liability </strong>- this is to cover your business for claims brought about by employees working for your company.</p><p>Gorilla Accounting work with Kingsbridge Contractor Insurance, a specialist insurance provider who offer a combined PI, PL &amp; EL package specifically for contractors and freelancers, to whom we can introduce to assist with their business insurance cover. </p><p> </p><h2>Personal Life Cover/Private Medical</h2><p>Generally, insurance of this nature, if claimed from the business, will be considered a benefit in kind on the part of the director/employee on the basis that ordinarily the cost of these would be met personally. However, there is a tax efficient life policy available to limited company directors, relevant life cover.</p><p>Due to the way that relevant life policies are set up, via a discretionary trust, premiums are tax deductible for Corporation Tax (without creating a benefit in kind on the director) and benefits are paid from the trust which sits outside of the death estate (chargeable to Inheritance Tax).</p><p> </p><p><strong>Gorilla Accounting work with <a href="https://gorillaaccounting.com/our-services/relevant-life-policy/">The Insurance Surgery</a> who offer Relevant Life Cover, as well as other personal insurance products and can make an introduction via your accountant if you would like some more information.</strong></p> Wed, 21 Feb 2018 00:00:00 +0000 https://gorillaaccounting.com/blog/business-insurance BBC Presenter left to pay £420k tax bill after IR35 ruling https://gorillaaccounting.com/blog/bbc-presenter-left-to-pay-420k-tax-bill-after-ir35-ruling- <p><strong>Christa Ackroyd, a BBC presenter, has lost a battle against HMRC after they ruled she was caught by IR35 legislation, leaving her a tax bill of £419,151, as reported by <i>The Register</i>.</strong></p><p>The <i>Look North</i> presenter has lost her appeal for the tax year 2006/07 to 2012/13, meaning that she owes National Insurance Contributions and Income Tax incurring £419,151. </p><p>The UK tax tribunal ruled that her contract was caught by <a href="https://gorillaaccounting.com/resources/ir35/">IR35,</a> Intermediaries Legislation.</p><p>The case has been an eye-opener for IT contractors after the IR35 reform came into play last year, ruling that the end client, or recruitment agency would now be responsible for determining the IR35 status of contractors working for a public-sector body.</p><p>Ackroyd told the tribunal that she worked through a PSC (Personal Service Company) as recommended by the BBC, which her accountant confirmed to be tax compliant.</p><p>Tribunal Judge, Jonathan Cannan, said,</p><blockquote> <p>"In our view the most significant factors in the present case include the fact that the BBC could control what work Ms Ackroyd did pursuant to the hypothetical contract. It was a seven-year contract for what was effectively a full time job.</p> <p>"Standing back and making an overall qualitative assessment of the circumstances we consider that Ms Ackroyd was an employee under the hypothetical contract. If the services provided by Ms Ackroyd were provided under a contract directly between the BBC and Ms Ackroyd, then Ms Ackroyd would be regarded for income tax purposes as an employee of the BBC."</p> </blockquote><p><strong>Gorilla Accounting is a specialist accountancy firm, exclusively for Contractors and Freelancers operating through a Limited Company or Umbrella Solution. If you would like more information, get in touch with our New Business Team by calling 0330 024 0406 or email info@gorillaaccounting.com.</strong></p> Mon, 19 Feb 2018 09:00:00 +0000 https://gorillaaccounting.com/blog/bbc-presenter-left-to-pay-420k-tax-bill-after-ir35-ruling- Taylor Report - Employment Status Consultation https://gorillaaccounting.com/blog/taylor-report-employment-status-consultation- <p><strong>In response to the Taylor Report which suggested a number of changes to be made to the employment status framework, the government have launched a consultation document titled ‘Employment Status Consultation.’ </strong></p><p>The consultation has been launched in order to seek views on how to make employment status rules for employment rights and tax clearer for individuals and businesses. The deadline is set for 1 June 2018.</p><p>This is intended to help Government form an action plan into how employment status can be reformed, including tools which help determine employment status. The end result is to identify differences in status and rights between workers and employees and the codification of this.</p><p>The consultation description states,</p><blockquote> <p><i>“</i><i>We’re seeking views on whether the options proposed in the </i><i><span style="text-decoration: underline;"><a href="https://gorillaaccounting.com/blog/rounding-up-the-taylor-report-for-the-self-employed-">Taylor Review of Modern Work Practices could</a></span></i><i> achieve more certainty and clarity for businesses when determining employment status, particularly in relation to the realities of the modern labour market.</i></p> <p><i>“</i><i>We are also seeking to understand the potential impacts and implications of those proposals. In addition, this consultation considers whether there are alternative approaches that could better achieve these aims. For tax, this consultation considers the tests that define the boundary between those currently taxed as employees and those who are taxed on a self-employed basis.”</i></p> </blockquote><h2>Taylor Review – Modern Working Practices</h2><p>The Taylor Review proposes the term ‘dependent contractor’ which should be used in order to distinguish those eligible for workers rights. The report states:</p><blockquote> <p><i>“The status of ‘dependent contractor’ should have a clearer definition which better reflects the reality of modern working arrangements, properly capturing those more casual employment relationships that are on the increase today – an individual who is not an employee, but neither are they genuinely self-employed.”</i></p> </blockquote><p>More details can be found on the Department for Business, Energy and Industrial Strategy (BEIS) <a href="https://www.gov.uk/government/consultations/employment-status">website</a>. </p><p><strong>Gorilla Accounting is a specialist accountancy firm, exclusively for Contractors and Freelancers operating through a Limited Company or Umbrella Solution. If you would like more information, get in touch with our New Business Team by calling 0330 024 0406 or email info@gorillaaccounting.com.</strong></p><p><strong> </strong></p> Thu, 15 Feb 2018 09:00:00 +0000 https://gorillaaccounting.com/blog/taylor-report-employment-status-consultation- Late Payments - pay up or face legal action https://gorillaaccounting.com/blog/contractor-late-payment-legal-challenge- <p><strong>Business groups will be able to seek legal action on behalf of its members for late payments under new legislation introduced in the wake of the Carillion scandal, as reported by <a href="https://www.thetimes.co.uk/article/cbi-can-chase-late-payers-to-court-following-carillion-collapse-8qwssqffp">The Times</a>. </strong></p><p>The liquidation of the UK’s second largest construction company, Carillion, highlighted that contractors and small businesses were expected to wait more than 120 days to receive payment. </p><p>The new rules will mean that trade bodies will be able to seek injunctions for contractors who are paid late by private companies or state departments.</p><p><strong>The government <a href="https://www.gov.uk/late-commercial-payments-interest-debt-recovery">state</a> that when a payment becomes late,</strong></p><blockquote> <p>You can claim interest and debt recovery costs if another business is late paying for goods or a service.</p> <p>If you haven’t already agreed when the money will be paid, the law says the payment is late after 30 days for public authorities and business transactions after either:</p> <ul><li>the customer gets the invoice</li> <li>you deliver the goods or provide the service (if this is later)</li> </ul><p>You can agree a longer period for payments from one business to another - but if it’s longer than 60 days it must be fair to both businesses.</p> </blockquote><p>The news comes after the government estimated that the economy would be boosted by £2.5bn if contractors were actually paid on time.</p><p>OpenOpps which is a database displaying public contracts has estimated that 30,000 small businesses are owned money due to the collapse of Carillion, and an additional 450 contracts with 208 different public sector bodies require renegotiation, as told to <a href="https://www.contractoruk.com/news/0013416tiny_suppliers_alerted_clients_doing_carillion.html">Contractor UK.</a></p><p>As a contractor or freelancer, it can be difficult to chase late payments, but the appointment of Paul Uppal, <a href="https://gorillaaccounting.com/blog/new-small-business-commissioner-steps-into-role-">Small Business Commissioner</a> is also expected to assist smaller businesses in dispute resolution with larger businesses, including late payment.</p><p>To ensure that there are no hiccups during the payment process, enforce strict payment terms, such as a fee for late payment. When producing your invoice, include a breakdown of your provided service and payment information. Thirdly, if the client is a repeat offender, it could be worth considering legal action.</p><p><strong>Gorilla Accounting is a specialist accountancy firm, exclusively for Contractors and Freelancers operating through a Limited Company or Umbrella Solution. If you would like more information, get in touch with our New Business Team by calling 0330 024 0406 or email info@gorillaaccounting.com.</strong></p><p> </p> Tue, 06 Feb 2018 09:00:00 +0000 https://gorillaaccounting.com/blog/contractor-late-payment-legal-challenge- Gorilla Accounting launches 2018 Ethereum Competition https://gorillaaccounting.com/blog/gorilla-accounting-launches-2018-ethereum-competition- <p><strong>Gorilla Accounting has introduced a one-of-a-kind Cryptocurrency Competition for Gorilla Accounting clients, exclusively for 2018. We have x1 Ethereum coin to give away in our free Cryptocurrency Coin Raffle, the more tickets you earn, like raffle tickets in a prize draw, the better your chances of winning.</strong><strong> </strong></p><p>If you’re an existing client of Gorilla Accounting, or a new client, you can take advantage of our exclusive offer by <a href="https://gorillaaccounting.com/cryptocurrency/?utm_source=blog&amp;utm_medium=opt%20in%20link&amp;utm_campaign=launch%20blog%20">opting in here</a>. Now let’s talk Ethereum – in January 2018, Ethereum was the second most popular Cryptocurrency in the world. As with all Cryptocurrency, it fluctuates by the minute, <a href="https://www.coingecko.com/en?ref=wticker">track the value of Ethereum here</a>.</p><h2>How it works:</h2><p><strong>Opt-in/become a client - x1 ticket </strong></p><p>To join the Cryptocurrency Competition, opt-in using the link above. Once you do so, you will be entered into the Cryptocurrency Competition and receive x1 ticket.</p><p><strong>Follow us on social - x1 ticket (x4 max)</strong></p><p>If you follow us on social media, we’ll award you x1 ticket for each platform that you follow/like. We’re always sharing handy tips and top tip guides so follow us on <a href="https://twitter.com/GorillaAccounts?lang=en">Twitter</a>, <a href="https://www.instagram.com/gorillaaccounting/">Instagram</a>, <a href="https://www.facebook.com/gorillaaccounting?__hstc=45629947.493c6bdff922454b3a28155cf27ecda9.1516700538737.1517481129533.1517566717865.19&amp;__hssc=45629947.6.1517566717865&amp;__hsfp=3188210745">Facebook</a> and <a href="https://www.linkedin.com/company/gorilla-accounting/?__hstc=45629947.493c6bdff922454b3a28155cf27ecda9.1516700538737.1517481129533.1517566717865.19&amp;__hssc=45629947.6.1517566717865&amp;__hsfp=3188210745">LinkedIn</a>.</p><p><strong>Refer a friend - x1 ticket </strong></p><p>For every friend or family member that you <a href="https://gorillaaccounting.com/contact-us/refer-a-friend/?utm_source=blog&amp;utm_medium=link&amp;utm_campaign=launch%20blog">refer over to Gorilla Accounting</a> that successfully becomes a paying client, you’ll receive x1 ticket (per referral) and £100 (per referral). No limits. </p><p><span>On December 18, we will collate all tickets and randomly select our winner.</span></p><p>Daniel Fallows, Director of Gorilla Accounting, said,</p><blockquote> <p>“After playing around with just a thought, to transforming it into a real campaign, I can finally announce that our Cryptocurrency Ethereum Competition is up and running.  We're always thriving to make Gorilla Accounting as distinguishable from other contractor accountancy firms as possible. </p> <p>“We're not in the industry to fit in, we’re here to reflect on the creativity of the contracting sector, and by launching the Ethereum Raffle, it’s an added benefit to being a Gorilla Accounting client.”</p> </blockquote><p>*For full terms &amp; conditions of the competition, please <a href="https://gorillaaccounting.com/assets/Gorilla-Ethereum-Competition.pdf">click here</a>.</p><p><strong>At Gorilla Accounting,</strong> <strong>we offer an</strong> <strong><a href="https://gorillaaccounting.com/our-services/contractor-accountancy-services/">all-inclusive accountancy</a> package for Contractors and Freelancers</strong> <strong>for just £85 plus vat per month.</strong> <strong>If you have any questions, get in touch with a member of our New Business Team by calling 0330 024 0406 or email</strong> <a href="mailto:info@gorillaaccounting.com"><strong>info@gorillaaccounting.com</strong></a><strong>.</strong>  </p> Fri, 02 Feb 2018 09:00:00 +0000 https://gorillaaccounting.com/blog/gorilla-accounting-launches-2018-ethereum-competition- Revealed: Most odd excuses to HMRC for missing Self-Assessment deadline https://gorillaaccounting.com/blog/excuses-to-hmrc-for-missing-self-assessment- <p><strong>The self-assessment cut-off date is 31 January 2018 – and if this deadline is met late, HMRC will impose a £100 fine.</strong></p><p>A list of the most bizarre excuses received by HMRC for late tax returns has finally been revealed, and here’s our warning to you, it gets weird.</p><p>Her Majesty’s Revenue &amp; Customs (HMRC) said that last year, around 840k missed their deadline and also expressed concern around expenses as a number of illegitimate claims were submitted, much to their disappointment. </p><p>We’re going to dive straight into the wacky world of imaginative business owners across the UK who missed the deadline, and in return, delivered HMRC with a narrative explaining their reasons behind it. Here goes:</p><p>1. I couldn't file my return on time as my wife has been seeing aliens and won't let me enter the house.</p><p>2. I've been far too busy touring the country with my one-man play.</p><p>3. My ex-wife left my tax return upstairs, but I suffer from vertigo and can't go upstairs to retrieve it.</p><p>4. My business doesn't really do anything.</p><p>5. I spilt coffee on it.</p><p>All of the above reasons were rejected.</p><p>Angela MacDonald, HMRC director general of customer services, told <i><a href="http://www.thisismoney.co.uk/money/smallbusiness/article-5279361/Most-bizarre-excuses-late-tax-returns-revealed.html">This is Money</a></i>:</p><p>“Each year we're making it easier and more intuitive for our customers to complete their tax return.</p><p>“But each year we still come across some questionable excuses, whether that's blaming a busy touring schedule or seeing aliens. </p><p>“However, help will always be provided for those who have a genuine excuse for not submitting their return on time.”</p><h2>250 days of sausage &amp; chips</h2><p>Now let’s talk expenses. Some of the expense claims which were submitted to HMRC which were rejected include the following:</p><p>-       A three-piece suite for my partner to sit on when I’m doing my accounts</p><p>-       Birthday drinks at a Glasgow nightclub</p><p>-       Vet fees for a rabbit</p><p>-       Hotel room service – for candles and prosecco</p><p>-       £4.50 for sausage and chips for 250 days</p><p>As a limited company contractor, you will be able to claim certain expenses that have been incurred wholly, and exclusively for the purpose of running your business.</p><p>For more information on claiming expenses or submitting your self-assessment tax return – <a href="https://gorillaaccounting.com/assets/download/Gorilla-Accounting-Limited-Company-Guide3.pdf">download our Limited Company Guide</a>.</p><p><strong>At Gorilla Accounting,</strong> <strong>we offer an</strong> <strong><a href="https://gorillaaccounting.com/our-services/contractor-accountancy-services/">all-inclusive accountancy</a> package for Contractors and Freelancers</strong> <strong>for just £85 plus vat per month.</strong> <strong>If you have any questions, get in touch with a member of our New Business Team by calling 0330 024 0406 or email</strong> <a href="mailto:info@gorillaaccounting.com"><strong>info@gorillaaccounting.com</strong></a><strong>.</strong> </p><p> </p><p> </p> Wed, 24 Jan 2018 09:00:00 +0000 https://gorillaaccounting.com/blog/excuses-to-hmrc-for-missing-self-assessment- Gorilla Accounting handpicked as one of the UK’s best firms https://gorillaaccounting.com/blog/gorilla-accounting-handpicked-as-one-of-the-uk-s-best-firms <p><strong>We are delighted to announce that Gorilla Accounting has been added to <a href="https://www.handpickedaccountants.co.uk/">Handpicked Accountants</a>.</strong></p><p>Handpicked Accountants is a service that features a free online searchable database and a personalised accountant matching service. It aims to take the lottery out of finding an accountant for small business owners and company directors, by only featuring the very best UK accountants that have been thoroughly vetted by their expert team.</p><p>Launched by <a href="https://www.begbies-traynorgroup.com/">Begbies Traynor Group</a>, Handpicked Accountants currently features around 1,000 of the UK’s 320,000 accountancy firms – these being the only ones that have met the stringent standards required for inclusion.</p><p>Therefore, rather than small business owners and company directors having to rely on either potentially unreliable personal recommendations, or merely sticking a pin in a map, a simple search of Handpicked Accountants will put them in touch with accountancy firms in their area, that they know that they can trust to do a great job for a fair and reasonable price.</p><p>At Gorilla Accounting, we offer an <a href="https://gorillaaccounting.com/our-services/contractor-accountancy-services/">all-inclusive accountancy</a> package for Contractors and Freelancers for just £85 plus vat per month, and our intention is a simple one – to fulfil your accountancy needs.  </p><p>David Tattersall, Head of Client Relations at Handpicked Accountants, said,</p><blockquote> <p>“Gorilla Accounting are exactly the type of firm that we want to include in Handpicked Accountants. They are dedicated to providing a high level of specialist service to their specifically contractor and freelancer clients, offering a clear and value-for-money pricing plan that makes their services available to all.</p> <p>“Their innovative use of cloud-based accounting software also allows their clients complete control and transparency over their finances whilst also knowing that everything is in safe and experienced hands.”</p> </blockquote><p>Daniel Fallows, Director of Gorilla Accounting, commented,</p><blockquote> <p>“Being part of Handpicked Accountants is a real honour for us. We believe in providing an exceptionally high-level service to our clients, and by using our expertise to deliver a specialist accountancy service, our clients can be proud of what we have on offer.”</p> </blockquote><p>In order to do this, we offer a client service guarantee which means that as a Gorilla Accounting client, if you contact us before 4pm, we can guarantee a same day response.</p><p><a href="https://www.handpickedaccountants.co.uk/search/gorilla-accounting-bolton">Our Handpicked Accountants listing can be found here.</a></p><p class="p1"><strong>For more information, get in touch with our New Business team on 0330 024 0406 or email <a href="mailto:info@gorillaaccounting.com">info@gorillaaccounting.com</a>. </strong></p> Thu, 18 Jan 2018 09:00:00 +0000 https://gorillaaccounting.com/blog/gorilla-accounting-handpicked-as-one-of-the-uk-s-best-firms Stamp of Approval – Does your company name need it? https://gorillaaccounting.com/blog/stamp-of-approval-does-your-company-name-need-it- <p><strong>There are more than 3.5 million limited companies registered in the UK, with about 500,000 new incorporated companies, and in light of this, there’s a strict list of guidelines for the names which will require approval from the Secretary of State.</strong></p><p>Companies House lists over 100 points which need to be considered when naming a limited company, 135 to be exact. Amongst this, the rules typically imply that if a limited company name represents one used by a public body, a regulatory body or a government institution – the name will often be rejected.</p><p>The list of <i>Sensitive words and expressions specified in regulations that require the prior approval of the Secretary of State to use in a company or business name</i> can be <a href="https://www.gov.uk/government/publications/incorporation-and-names/annex-a-sensitive-words-and-expressions-or-words-that-could-imply-a-connection-with-government#Bank">found here</a>. </p><p>A Freedom of Information (FOI) request submitted by BBC Wales obtained a list of company names which were rejected by Companies House as they were considered to be offensive.</p><p>Some of the rejected names include, Sod it Systems Limited and Titanic Holdings.</p><p>A companies house spokesman told the <a href="http://www.bbc.co.uk/news/uk-wales-politics-42016501">BBC</a>,</p><blockquote> <p>"The index of company names is a publicly available statutory register and it's important that it is not abused by being used to register offensive names.</p> <p>"A company must not be registered by a name if, in the opinion of the Secretary of State its use by the company would be offensive.</p> <p>"The registrar acts on behalf of the Secretary of State and in forming that opinion considers whether a name would be offensive in any way to the general public."</p> </blockquote><p><a href="https://beta.companieshouse.gov.uk/company-name-availability">The company name availability checker can be found here.</a></p><p><strong>Read More: <a href="https://gorillaaccounting.com/blog/contractor-guide-naming-your-limited-company-">Contractor Guide: Naming Your Limited Company </a></strong></p><p><strong>At Gorilla Accounting,</strong> <strong>we offer an</strong> <strong><a href="https://gorillaaccounting.com/our-services/contractor-accountancy-services/">all-inclusive accountancy</a> package for Contractors and Freelancers</strong> <strong>for just £85 plus vat per month.</strong> <strong>If you have any questions, get in touch with a member of our New Business Team by calling 0330 024 0406 or email</strong> <a href="mailto:info@gorillaaccounting.com"><strong>info@gorillaaccounting.com</strong></a><strong>.</strong> </p><p> </p> Tue, 09 Jan 2018 09:00:00 +0000 https://gorillaaccounting.com/blog/stamp-of-approval-does-your-company-name-need-it- Three inspiring quotes every Freelancer should live by https://gorillaaccounting.com/blog/three-inspiring-quotes-every-freelancer-should-live-by <p><strong>It’s January, so many of us will be feeling the New Year blues after winding down for Christmas, Boxing Day and New Years. It takes a while to jump back into the work-life routine, especially for a Contractor, as this typically means that you’re required to be a self-motivator as you’re your own boss.</strong></p><p>The beginning of 2018 is when seeking for motivation feels like an arduous task, for both the employed and the self-employed. We’ve gathered some inspirational quotes which we think every contractor and freelancer should live by – it’s the motivational fuel you need to ride through January. </p><p>Whilst scrolling through our newsfeed through our newly launched Instagram page, (follow - @<a href="https://www.instagram.com/gorillaaccounting/">gorillaaccounting</a>), we stumbled upon some words of wisdom which will help get you through January.</p><h2><a href="https://www.instagram.com/p/BdfvovPBEjW/?taken-by=freelancewisdom">@freelancewisdom</a></h2><p>Freelance Wisdom, better known as ‘Creative Lady Collective’ dishes out some notable inspiration, advice and encouragement for creative female freelancers. This is one to note which was said by Audrey Elise, a freelance independent designer.  </p><blockquote> <p><i>“Everyone in every level of business, in every industry has things that don’t go as planned. As long as you accept it, roll with it and learn from it, you’re doing okay.”</i></p> </blockquote><h2><a href="https://www.instagram.com/p/BOCe40SBhQ5/?taken-by=thefreelancer.co">@thefreelancer.co</a></h2><p>The Freelancer Co Magazine uses their Instagram to share what powers the Gig Economy, ‘one sticky note at a time’. This one is one of our favourites because it takes a back-to-basics approach - you learnt the skill, you learnt to sell the skill and you learnt to live off the skill.</p><blockquote> <p><i>“Give me a fish and I'll eat it, but if you teach me how to use the boat and fishing net, I could feed myself and start a fishing business.”</i></p> </blockquote><h2><a href="https://www.instagram.com/p/Bc7cDhLHHk7/?taken-by=entrepreneur">@entrepreneur </a></h2><p>This one is from Brian Chesky, Co-Founder and CEO of Airbnb, as posted by Entrepreneur. He began with a modest idea at his drawing room table with the intention to solve a problem, to becoming one of the largest participants in the sharing economy.</p><blockquote> <p><i>“Instead of solving high-profile problems, try to solve something that’s deeply personal to you. Ideally, if you’re an ordinary person and you’ve just solved your problem, you might have solved the problem for millions of people.”</i></p> </blockquote><p>As a gig economy worker, you typically ride alone which means setting your own routine, scheduling time off work according to your own calendar and picking and choosing contracts according to your appetite. As well as a self-starter, you’re a self-motivator which is a powerful tool in the working world.</p><p>Before you go, don’t forget to follow <a href="https://www.instagram.com/gorillaaccounting/">Gorilla Accounting on Instagram</a>.</p><p><strong>Gorilla Accounting is a specialist accountancy provider for Contractors and Freelancer across the UK, if you’re interested in <a href="https://gorillaaccounting.com/our-services/contractor-accountancy-services/">what we have on offer</a>, feel free to <a href="https://gorillaaccounting.com/contact-us/general-enquiries/">get in touch</a>.</strong></p><p> </p><p> </p> Thu, 04 Jan 2018 09:00:00 +0000 https://gorillaaccounting.com/blog/three-inspiring-quotes-every-freelancer-should-live-by DWP publishes report on pensions auto-enrolment https://gorillaaccounting.com/blog/dwp-publishes-report-on-pensions-auto-enrolment- <p><strong>The Department for Work and Pensions (DWP) released their report into automatic pension enrolment which proposes that a number of different ‘interventions from 2018’ will be tested to identify the best solution for the self-employed workforce.   </strong></p><p>The government is aiming for workers to save whilst working, to ensure security and independence after retirement. By 2019/20, it’s estimated that an extra £20 billion will be put aside every year into workplace pensions as a direct result of automatic enrolment. </p><p>The Secretary of State for Work and Pensions, said in the <a href="https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/668971/automatic-enrolment-review-2017-maintaining-the-momentum.PDF">report</a>, “As per our manifesto commitment on the self-employed, the government’s aim is to use the principles and learning of automatic enrolment to improve pension participation and retirement outcomes among self-employed people."</p><p>Research led by IPSE, the Association of Independent Professionals and the Self-Employed, <a href="https://gorillaaccounting.com/blog/why-the-self-employed-could-be-under-pensioned-when-hitting-retirement">recently found</a> that 37% of IPSE members don’t have a pension, while 16% don’t save for retirement at all.</p><p>In a bid to tackle the self-employed being under pensioned or pension-less, IPSE welcomes the DWP auto-enrolment review. Jonathan Matthews, IPSE’s Senior Policy Advisor, <a href="https://www.ipse.co.uk/our/news-listing/ipse-welcomes-dwp-auto-enrolment-review.html">said</a>, </p><p>“This review is a definite step forward in the Government’s approach to pensions for the self-employed. Not only does it acknowledge the true diversity of the UK’s self-employed community; it also accepts that one-size-fits-all solutions simply will not work.<br><br>“The report acknowledges that among the self-employed, while some groups have made provisions for later life, others need targeted interventions to get them saving. DWP has done the right thing by deciding to take the time to try different solutions to fit this hugely varied sector. IPSE will continue its work in this field, sharing the results of our own research as soon as they are available.” </p><p>As a contractor, it may prove difficult to contribute towards a pension due to the nature of the working style, but different paths are being explored to help make this easier. Read ‘<i><a href="https://gorillaaccounting.com/blog/plans-to-help-self-employed-roll-in-pension-savings-">plans to help self-employed roll in pension savings’</a> </i>for more information.</p><p><strong>At Gorilla Accounting, we work with various specialist pensions providers to deliver regulated pensions advice. For more information, ask a member of our New Business team on 0330 024 0406.</strong></p> Thu, 28 Dec 2017 14:00:00 +0000 https://gorillaaccounting.com/blog/dwp-publishes-report-on-pensions-auto-enrolment-