Category: News

What’s the Latest on IR35?

What’s the Latest on IR35?

There was great news for self-employed people in Jeremy Hunt’s recently delivered Autumn Budget Statement including a cut to class 4 National Insurance contributions and the abolishment of mandatory class 2 NICs which all equates to an increase in take home pay without impacting access to benefits. In another tax break, full expensing was also made

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The Lowdown on Contractor Mortgages

The Lowdown on Contractor Mortgages

In recent years it’s become more challenging to secure a mortgage. Mortgage rates have risen and everyone has been impacted by the cost of living crisis. High energy, fuel and food costs have been making a dent in people’s incomes which has made it harder to cover mortgage payments, and lenders have reacted accordingly. Many high

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Kaye Adams wins IR35 case against HMRC

Once again, HMRC have failed to prove their stance against a celebrity. This time Kaye Adams has won her 9 year long IR35 case, despite this being HMRC’s fourth attempt to win the appeal against Atholl House Productions Limited, Kaye Adams’ limited company. HMRC failed to show that they were correct in claiming her engagements with

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Are there any Disadvantages of being a Sole Trader

Are there any Disadvantages of being a Sole Trader?

One of the most important decisions you’ll make when you start out in self-employment is which business structure you’ll operate through. The majority of self-employed people will run their business either as a sole trader or through their own limited company. There are a lot of factors to weigh up and the decision depends on your

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Understanding The Simple Assessment Tax Scheme

Understanding The Simple Assessment Tax Scheme

When you’re self-employed, ensuring compliance with your tax obligations can be a daunting and time-consuming prospect, especially if you don’t have an accountant. The clue is in the name, and Simple Assessment was introduced by HMRC in 2017 to make the self-assessment tax return process less onerous and more accessible for eligible taxpayers. What is Simple

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The 2023 Autumn Budget Statement and What it Means for You

The 2023 Autumn Budget Statement and What it Means for You

It doesn’t seem like 5 minutes since the Spring Budget was delivered 8 months ago in March, but today the Chancellor of the Exchequer, Jeremy Hunt, delivered his Autumn Budget Statement to the House of Commons outlining his economic plan for the UK. With cost of living pressures continuing to bite, the expectation was that focus

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The Importance of an Accountant when you’re Self-Employed

The Importance of an Accountant when you’re Self-Employed

Being self-employed is something that many people specialising in an array of industries strive to become. The prospect of working for yourself, setting your own hours and reaping the benefits when it comes to the profits make those who take the plunge question why they never did it sooner. With the advantages comes many added pressures

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The Advantages of a Private Limited Company

The Advantages of a Private Limited Company

If you’re making the move into self-employment, one of the key decisions you’ll need to make at the start of the process is what the operating structure of your business will be. The vast majority of self-employed people will either operate through their own private limited company or as a sole trader. What is a Private

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The Flat Rate VAT Scheme Demystified

The Flat Rate VAT Scheme Demystified

Before delving into the nuances of the Flat Rate VAT Scheme, it’s worth looking at what Standard Rate VAT is and how it works when you’re charging it on the services or goods that you sell. Value Added Tax (VAT) is a consumption tax that’s applied to both the sale and purchase of most goods and

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How to Find An Accountant that's Right for You

How to Find An Accountant That’s Right For You

If you’re self-employed, you are an expert in your field. Whether you’re an IT Contractor, Freelance Designer or anything in-between, you have a skillset that you can sell to your clients and make a good living along with all the benefits that come with self-employment. Like most things in life, there are upsides and downsides and

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Accounting services with Gorilla Accounting

Simplify your Finances: Accounting Services from Gorilla

Whether you’re a sole trader, landlord or you run a limited company, managing finances and staying compliant with tax regulations can be a daunting task. However, with the right support from an accountant, you can easily navigate keeping your books balanced. The intricacies of accounting, especially in the ever-changing landscape of tax laws, require expertise and

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The Role of an Accountant for Limited Company Success

The Role of an Accountant for Limited Company Success

Whether you’re a contractor, freelancer, locum or anything in between, running a successful limited company is about more than consistently delivering the highest level of service to your clients. The financial management of your business underpins its success. This includes accurate record-keeping, tax compliance and optimisation, monitoring of KPIs and strategic planning. Working with a limited

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