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 [...]
Tax planning for 2020/21
For the 2020/2021 tax year, tax allowances and rate bands have, in the main, remained the same. In this article, we demonstrate what that means to contractors in real terms, and offer our advice for trading as tax-efficiently as [...]
Can I furlough myself as a Limited Company Contractor?
Under the Government’s Coronavirus business support measures announced this week, it has been indicated that some Limited Company contractors may be covered by the ‘Job retention scheme’ and therefore can furlough themselves if unable to work due to Covid-19. There [...]
How to challenge a client’s IR35 determination
In 2017 when changes to the Intermediaries Legislation (IR35) were rolled out in the public sector, meaning end-clients were responsible for determining the IR35 status of limited company contractors, some employers took the decision to place all contractors inside IR35. [...]
Should I refuse IR35 contracts?
It’s estimated that thousands of independent contractors will be affected by the private sector IR35 changes. Even though concerns have been raised by organisations who represent contractors, freelancers and consultants, the changes are on track to come into effect [...]
Your options when working inside IR35
With April quickly approaching and the proposed IR35 changes to private sector contracts set to come into force, we’re continuing to delve deeper into IR35 and the potential implications it will have on contractors. Our ‘IR35 Survival Guide’ addresses [...]
IR35 April 2020 – essential FAQs
With IR35 changes in the private sector just around the corner, find out here exactly what is happening, how the change might impact you and what action can be taken to protect your contracts and take home pay. What’s [...]
24-month rule for travel and subsistence explained
Being a director of a limited company, entitles you to claim for legitimate expenses that relate ‘wholly, exclusively and necessarily for the running of the business.’ A full list of allowable business expenses is available in our Expenses Guide. Included [...]
Did you know you can claim these as a business expense?
At the last count, unclaimed business expenses cost UK small businesses a whopping £238 million each year. That’s a lot of money that could be lining small business owner’s pockets. We constantly remind the contractors we work with to claim [...]
Can you claim your Christmas party as a business expense?
Christmas is a great time for celebrating and reflecting on your achievements over the last year. Contractors often ask us if they can claim the cost of a Christmas ‘do’ as an allowable business expense. The good news is that [...]
What is a Director’s Loan Account?
An area that contractor’s often ask about is Director’s Loans. Based on the questions we get, we’ve put together a comprehensive guide that covers everything you need to know, such as who can take a Director’s Loan, guidelines for taking [...]
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 useful [...]
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 [...]
Everything you need to know about Director’s Loan
Being a director of a limited company comes with lots of responsibilities. One aspect of the role, which sometimes gets played down, is understanding the myriad of complex rules and legislation that come with running a limited company. A Director’s [...]
Social media and your IR35 status
IR35 status is a major concern for most contractors, as depending on where your fall, i.e. ‘inside or outside’, determines what taxes you’ll pay. Status determination is based on satisfying several conditions, specifically; Direction and Control, Right of Substitution and [...]
What to expect from an HMRC IR35 inspection
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 [...]
How will my take-home pay be affected by IR35?
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 [...]
Are you inside or outside of IR35?
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 [...]
Important IR35 update: be prepared for April 2020
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 [...]
Could you benefit from the Rent a Room scheme?
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 [...]