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Posts tagged “Contractor”

The Chancellor Philip Hammond delivered his Autumn Budget speech, a little earlier than in previous years, on 29 October 2018, at 3.30pm. The key points for freelancers, contractors and small business are set out below. 
I wrote recently about Tax Avoidance Schemes to remind you of the basics. Now to appraise you of the developments this year, including the new legislation giving HMRC more power to tackle this tax avoidance. 
HMRC is always keen to tackle tax avoidance and for the past 1-2 years it has focused its attention on “tax avoidance schemes”. Contractors are the most common target for such schemes whilst claims of 90-95% take-home pay may sound appealing, they are a honey-trap that you need to avoid! 
In recent years, increasing numbers of accountants are outsourcing clients accounts, tax returns and payrolls to contracted service providers in the UK and overseas. What does this mean for clients? And does it matter to you? 
For as long as I can remember, I have hated running. I would always try to find a way out of running events on school sports days and look for ways to avoid cross country. I even remember being on the sports field with the PE teacher, Mr Nelson, glancing over at me “running” around the field, and me walking but moving my arms and legs in a running motion! I am sure he wasn’t fooled! 
One of the most common questions I am asked my contractors and other small business owners is “I work from home; can I claim the costs of the rent?” In the blog post, I will explain what you need to consider and what you may be able to claim. 
Getting a mortgage when you are an employee is straight forward – 6 months’ payslips, P60 and some bank statements for proof of earnings, but once you are contracting or self-employed, although you are probably earning substantially more, it is proving it that causes the biggest headache. With more hoops to jump through and boxes to tick, here are my top 6 tips. 
Thinking of becoming a contractor or setting up a small business? You’re not alone. According to the Office of National Statistics (ONS) self-employment has risen steadily since 2000. In fact, it’s widely believed that self-employed workers are the backbone of the British economy. If you’re abandoning a steady job in search of the freedom and success that contracting can offer, you need to know the key implications. 
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? 
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