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

By |November 12th, 2019|Categories: Blog, Contracting, Finance, News|Tags: , , , , , , |

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 can be affected by IR35. [...]

Are you inside or outside of IR35? 

By |November 5th, 2019|Categories: Blog, Contracting, News|Tags: , , , , |

The Intermediaries Legislation or ‘IR35’ as it’s most commonly referred to is a complex piece of legislation and knowing whether you’re ‘inside’ or ‘outside’ of it can be just as confusing. This article discusses what it means to be inside or outside of IR35 and explains who is responsible for determining your IR35 status. First, let’s recap why the Intermediaries [...]

Top things to consider when choosing a contractor accountant

By |October 29th, 2019|Categories: Blog, Contracting|Tags: , , , , |

If you’ve chosen to become a contractor, firstly, congratulations as you’re joining a growing club of skilled specialists. If you’re on the fence and aren’t 100% sure if contracting is right for you, download our free guide to contracting and see what it involves. Contracting opens up opportunities for you to work on different projects for differing clients here in [...]

Important IR35 update: be prepared for April 2020

By |October 21st, 2019|Categories: Blog, Contracting, News|Tags: , , , , , , , |

You will no doubt be aware of the proposed changes to IR35 (often referred to as the ‘off-payroll rules’) set to come into force from April 2020. Our aim here is to ensure you are aware of the support that we can offer and also the steps that you can take in order to ensure your IR35 status is assessed [...]

Could you benefit from the Rent a Room scheme? 

By |October 15th, 2019|Categories: Blog|Tags: , , , , |

Do you have a spare room in your home? Maybe your kids have grown up and have moved out? Or, you’ve moved into a new property and you find you have spare space?  Instead, of converting this space into a home gym that you’ll never use or using the room as a storage space, with the rent-a-room scheme you could [...]

Can I use company money to pay my personal mortgage? 

By |October 15th, 2019|Categories: Blog|Tags: , , , , |

We get asked lots of questions by our contractors, and this is one that comes up time and time again.  Contractors who work outside of IR35, often ask us this because they may have sums of money held in their business bank account to cover future tax liabilities. While it’s sitting there, it is earning very little interest.  Instead of [...]

Claiming interest on buy-to-let mortgages as a contractor

By |October 10th, 2019|Categories: Blog, Contracting|Tags: , , , |

Anyone who has rental property or works in tax will know about the relatively recent changes HMRC have made to how landlords are allowed to claim the interest on their mortgages. See below: % of Mortgage Interest can be deducted from profits % available as a basic rate deduction Prior Years 100% 0% 2017-18 75% 25% 2018-19 50% 50% 2019-20 [...]

Top tips for getting a mortgage when self-employed

By |September 30th, 2019|Categories: Blog, Top Tips|Tags: , , , , |

According to HomeLet’s Rental Index, the average rent in the UK is £941 per calendar month. Many people see this as ‘dead money’ - going straight into the landlord’s pocket, with little benefit for them. If you’re one of the thousands of people who decide to purchase their own home each month, as an independent contractor you may be concerned [...]

Charging interest on late payments

By |September 22nd, 2019|Categories: Blog, Finance|Tags: , , , , |

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 payments is one of the [...]

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