The Status Determination Statement (SDS) – do you have yours?
As a Limited Company contractor the IR35 reform has probably played a big part in your year so far, including ensuring you were ready for whatever it had up its sleeve for you. But has your end hirer / client [...]
A guide to dividends and what you need to know as a Limited Company contractor
For Limited Company contractors, dividends are a fantastic way to maximise your take home pay and increase your tax-efficiency, but getting your head around them can be a little tricky. Whilst it’s always a good idea to have the [...]
The VAT Deferral Scheme
On February 11th HMRC announced that as part of its COVID-19 support, all VAT registered businesses were able to defer their VAT liabilities generating between March 20th and June 30th 2020 to help with their cashflow. In this blog [...]
Thinking about a career in contracting? Here’s everything you’ll need to get going in 2021
Congratulations on your decision to take the leap into contracting! What a fantastically exciting career you’re about to embark on. So where do you start? In this blog we guide you through the key areas you’ll need to consider before [...]
Preparing for IR35 – a checklist of everything you need to consider and start doing now
The IR35 reform has been talked about, planned and postponed, but as we inch ever closer to April its myth is quickly becoming a reality. Whilst we’re unable to stop it from happening, we can ensure we’re all ready [...]
New to contracting? Top tips for staying on your path to success
Congratulations on your new career in contracting! Whilst it’s an exciting time there’s plenty to get your head around, especially if this is your first time in self-employment.But fear not! The experts here at SG Accounting have put together this [...]
Coronavirus business support measures
Rishi Sunak today announced that the government will cover up to two thirds of workers' wages if their hours have been reduced due to the coronavirus pandemic. It is hoped that the ‘Jobs Support Scheme’ will help to reduce [...]
Finding the right contractor accountant for you
As a Limited Company contractor you’re busy, and you don’t want to spend your free time dealing with a poor accountant. Chasing late filings, dealing with confusing communication or paying for a substandard service shouldn’t be something you’re having [...]
How can I carry out a credit check on my customers?
Many people love the idea of running their own business but are concerned about the stability of self-employment. In theory, it should be simple; you do the work, you invoice your customer and they pay you. But there may [...]
How do Director’s Loans work?
HMRC classes a Director’s Loan to be “money that is taken from the company that isn’t either a salary, dividend or expense repayment, or money that you’ve previously paid into or loaned the company.” A Director’s Loan can be [...]
How are Director’s Loans taxed?
A Director’s Loan can be taken when you need money to cover a personal expense, or if you need to purchase a new piece of work equipment, for instance. In fact, there are no rules detailing what the money can [...]
Charging interest on late payments
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 [...]
Grants and loans available to contractors
Small businesses including contractors and freelancers have become a driving force in the UK. The latest figures by IPSE – the Association of Independent Professional and the Self Employed, puts the number of self-employed at 4.8 million, who contributed £275 [...]
How to improve cashflow in your contracting business
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 [...]
Contracting abroad: Why professional advice is a must
If you’re offered the opportunity to contract abroad, it may be tempting to grab your passport and rush off to the airport. Not many people would blame you for doing this, as depending on the country you’re contracting in, you [...]
Top tips for dealing with stress an IT contractor
The IT sector can be a highly pressured environment, with clients demanding you get systems or projects up and running within the shortest time possible. This can lead you to working long hours to meet these tight deadlines. While you [...]
Tips on how to use LinkedIn for your contracting services
Love or loathe social media, it’s hard to ignore it. Since its launch in 2003 LinkedIn has grown to be one of the top ten biggest social media platforms – it has over 500 million global registered users with 25 [...]
Should IT contractors have their own website?
Research by APSCo (Association of Professional Staffing Companies) shows that the demand for IT professionals has increased by 28% year-on-year. And our own research into contractor salaries (available in our article ‘Top paying contractor roles’) shows that IT contractors are [...]
How to generate leads as a contractor
The vast majority of contractor’s secure work through a recruitment agency as it takes the hassle out of job searching and recruiters have access to more job opportunities. Yet, by marketing your contracting business it’s possible for clients to approach [...]
Upskilling and CPD for contractors
As an independent contractor the majority of your time is spent on client work (as this is what pays the bills!) but as more people choose to become contractors (figures for 2018 show that there around 1.77 million people are [...]