Bookkeeping

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What to expect from an HMRC IR35 inspection

2019-11-19T09:54:10+00:00By |

It’s hard to say how many IR35 inspections HMRC undertakes each year, but figures place it between 250 -1000+. If you need a refresher on what IR35 is and how it can affect you as an independent contractor, then everything you need to know can be found in our ‘Ultimate Guide to IR35’ Being the [...]

Top things to consider when choosing a contractor accountant

2019-10-29T17:36:04+00:00By |

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 [...]

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 [...]

Tax Planning for 2019/20

2019-10-03T15:34:00+01:00By |

For the 2019/2020 tax year, tax allowances and rate bands have increased. In this article, we demonstrate what that means to contractors in real terms, and offer our advice for trading as tax-efficiently as possible. 3 ways to trade tax-efficiently for 2019/2020 1. Use the optimum salary levels for 2019/20. There are two main scenarios [...]