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How will my take-home pay be affected by IR35?

2019-11-12T11:59:25+00:00By |

Working through a limited company is one of the most tax-efficient ways to work as an independent contractor. This set up tends to work well for contractors who are deemed as working ‘outside of IR35’, but if you’re caught ‘inside IR35’ it’s highly likely you’ll pay more tax. Let’s look at how your take-home pay [...]

Charging interest on late payments

2019-09-24T09:42:28+01:00By |

According to the Federation of Small Businesses (FSB), late payments by clients causes 50,000 small businesses to go under each year. This is estimated to cost the UK economy £2.5 billion. For contractors and freelancers, the personal cost of late-paying clients can be more damaging than the financial cost. Worrying about cash flow and late [...]

How to improve cashflow in your contracting business

2019-09-03T11:03:24+01:00By |

According to research 8 out of 10 businesses fail within their first two years of operating. The number one reason is poor cashflow. The company could be making huge sales, but if their overheads are equally large or if their customers aren’t paying their invoices on time, the company could easily find themselves in financial [...]

IR35 in the private sector: draft legislation announced

2019-07-18T15:25:23+01:00By |

Contractors’ questions on the new ‘off payroll’ working reforms are beginning to be answered, as the government announces draft legislation for the Finance Bill 2019-2020.  IR35 in the private sector, as it is commonly referred to, is due to take effect from 6th April 2020. It is important to note that this is not entirely [...]

5 ways to increase your take-home pay 

2019-10-07T14:17:40+01:00By |

One reason why people choose to become contractors is that they can have the ability to earn more than they did as an employee. This is because they can charge higher rates and if they think about how they structure their work (e.g. working through a limited company versus working through an umbrella company) they [...]