The ‘influencer phenomenon’ began around 2009 with YouTube but quickly spread to other platforms, including Instagram. Before that, this type of career didn’t exist, but it’s become a viable business model for people looking to become self-employed. As accountants for social influencers, we understand it can be difficult to focus on growing a business when you
The House of Lords Finance Bill sub-committee has recently launched a new inquiry into a reform of the IR35 in the Private Sector, specifically implementing the new off-payroll rules. In this blog, we’re looking into this new inquiry. We will be exploring what this IR35 inquiry means, what happened with the previous inquiry, and what The
As a contractor or freelancer, you must be ready for everything, including the unexpected – even if you don’t believe bad things can happen. As we’ve seen from the pandemic, circumstances can change at any moment, so it’s crucial you do your best to safeguard your business and livelihood. This can include taking out income protection
If you’re a doctor or veterinarian, you may have considered going locum. While it may not be the right choice for everyone, there’s no denying the benefits you can get when you change careers, such as the possibility for higher wages and more control over your schedule. So, in this article, we’re taking a look at
Freelancers are self-employed individuals offering their services to multiple clients, usually earning an income on a per-job basis instead of making a consistent hourly wage or salary. They typically charge hourly or daily rates for their time, expertise and any work they produce for their clients. Whilst freelancing work can be short term, it can also
Are you new to contracting? Or still thinking about taking the leap into self-employment? No matter where you are in your journey, there are several things that you should know about when setting up your limited company. And, as we’re contractor accountants, we have a lot of knowledge to impart – and experience to share –
So, you’ve made a mistake in your HMRC submission – now what? Having the correct information on the documents you submit is crucial, but mistakes can and do happen. However, the question does arise: if, as a self-employed individual, you realise there’s an error, should you disclose it to HMRC voluntarily? In this article, we’re taking
Want to start a business? If so, you’re not alone. At the start of 2020, there were 5.94 million small businesses in the UK, which goes to show many people are interested in becoming their own boss. There are many different types of businesses you can set up, including online ventures. If you’re planning to open
Making Tax Digital (MTD) continues to be a key topic of discussion, especially as changes to the legislation are set to affect business owners, including landlords and agents. MTD for Income Tax Self-Assessment will apply from April 2024 for unincorporated businesses and for landlords with a total income of over £10,000 a year. So, as accountants
Earlier this week, Boris Johnson announced a new health and social care tax to be introduced to the UK in April 2022. The goal of the tax is to raise funds to pay for care sector reforms and contribute towards NHS funding in England. The new tax will see a hike in National Insurance contributions from
Many doctors and veterinarians opt to become locums instead of remaining in full-time employment. This offers them several advantages, including flexibility, better pay and better work-life balance. However, becoming a locum also comes with several tax responsibilities, which you should be aware of before leaving your job or changing careers. It is also worth noting that
Whether you’re a sole trader or a contractor, managing your money is one of the most important things you can do – not only for the present, but also to prepare for the future, especially when you stop working. Financial planning for the self-employed means considering pensions, taking out dividends, sorting out your taxes, etc. As
