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While you were studying at university, loans from the Student Loans Company to cover the cost of fees and maintenance costs may have seemed like a godsend. But once you’ve donned the cap and gown and began post-student life in the workplace, you’re faced with the joyous task of having to repay them. 
 
If you’re a permanent or agency employee, you’ll likely give these repayments little thought. Like income tax and national insurance contributions, student loans are deducted for you, before you receive your net income. And unless you keep a close eye on your payslips, you may not even know how much you’re repaying each month. 
 
For contractors, this responsibility is all yours at the end of each financial year, so it’s important to be aware of how and when you should go about making repayments. 
Many of you may remember from your pre-contracting days that your employer offered free eye tests. But, as a contractor, what are you entitled to? 
At Effective Accounting we’re serious about providing you with an exceptional service, and that includes protecting your privacy and data. 
From 6 April 2018 minimum pension auto-enrolment contributions will increase from 2% (1% employer, 1% employee), to 5% (2% employer, 3% employee). Make sure you are aware of the change and we recommend advising your employees. 
The Chancellor detailed his Spring Statement today, 13 March 2018. The aim of the statement is no longer to announce tax and spending changes (that now occurs just once per year in the Autumn Budget) but simply to give an update of the overall health of the economy, an update on progress made since the Autumn Budget and an invitation to people to give views on any changes the government are considering. 
 
So, while no one was expecting any tax changes, the one pressing concern on all contractor’s minds (and mine!) was if there would be further word on the IR35 Private Sector Consultation mentioned in the Autumn Budget
With the self-assessment deadline (31 January, if you have forgotten) fast approaching, one of the most common questions we hear is "What do I do if I can't pay my tax bill?" If you are struggling with paying that dreaded tax bill, whether it be your self-assessment (personal tax), corporation tax or VAT, we have some advice for you... 
The Chancellor Philip Hammond delivered his Autumn Budget speech on 22 November 2017, at 12:30pm. The key points for freelancers, contractors and small business are set out below. 
As a contractor/freelancer operating as a limited company, you could be at risk of being investigated by the HMRC to see if you fall under IR35. 
Due to the changes to the tax rates on dividends that came into effect from 2016/17, many freelancers, contractors and small business owners may find that they fall into the self-assessment payments on account regime for the first time this tax return season. But what does it mean? 
If you need to borrow money from your limited company, you can do so with an interest-free, or low-interest Director’s Loan. So long as the company isn’t in financial difficulty, shareholders have offered approval, and the board have agreed on the terms, a director’s loan can be a very cost effective way of borrowing money. However, there are two common pitfalls you’ll want to avoid: paying additional Corporation Tax and Benefit in Kind Tax. 
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