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National Freelancers day saw appointment of self employed ambassador

20 November 2014

Yesterday marked a big day for independent professionals with National Freelancers Day being celebrated by self-employed people all over the country. Even the government joined in the fun by announcing that they have appointed David Morris MP as the UK’s first ambassador for independent professionals. With the numbers of freelancers still on the rise, and much talk of how the increase in s......

Tax projects launched to review employment status

18 November 2014

This week has seen the announcement of two reviews which could change the face of tax for those affected: one which will take a look at how the current employment status tests work and another which will look into the tax penalty system. The employment status review will be focussing on the differences between employment and self-employment and will investigate whether the tests used to es......

Could the French system help independent professionals in the UK?

13 November 2014

April 2015 will mark a change in the legislation surrounding the way businesses account for VAT when offering prompt payment discounts to their creditors. The current system allows businesses to issue invoices which include a figure which comprises a prompt payment discount and include that reduction in their VAT calculations. This may not seem like a matter for debate, but HMRC do not cur......

Are the self-employed being failed by financial providers?

11 November 2014

A spokesperson for one of the UK’s leading debt management companies has spoken out about their belief that the financial services industry needs to make more of an effort to provide products for the self-employed. With the number of independent professionals on the increase, Kensington Finance have predicted that the continuation of the trend towards self-employment will lead to 30 per cent ......

January deadline is not just for self assessors

06 November 2014

Most people who need to declare their income via HMRC’s self-assessment system will be only too aware that the 31st of January marks the deadline for completing the forms and paying any tax owed for the year ending 5th April 2014. However, those who have operated under the IR35 concession which allows them to delay submitting their final will also need to have all their affairs in order as th......

Potential pensions time bomb awaiting the self employed

03 November 2014

With the recent news focussing on the increasing number of self-employed individuals, and growing support for those championing the needs of independent professionals, there are some planning pitfalls which could leave them in dire straits when they want to retire. The UK may be the ‘self-employment capital of Europe’ but unless those who work for themselves make adequate provisions for their......

HMRC drops Business Entity Tests

31 October 2014

HM Revenue & Customs (HMRC) have announced that the Business Entity Tests used to establish whether individuals fall inside IR35 will be dropped from the beginning of the next financial year. Suggesting that the tests are “used very little” and that they are not “fulfilling their intended purpose”, the tax authority will withdraw them from April 6th, 2015. The Business Entity Tests invo......

Britain excels at being business friendly

31 October 2014

A new ranking of the most business friendly countries has placed Britain as one of the top ten nations. According to the "Doing Business 2015: Going Beyond Efficiency" report produced by the World Bank Group, the UK was joined by the likes of Hong Kong, Norway, Singapore and China. There are numerous factors that go towards making a country the per......

Recruitment sector resurges thanks to contactors

30 October 2014

New results show that the recruitment sector has resurged and surpassed pre-recession levels of revenue. The 2013/14 financial year saw the sector take a record £28.7 billion according to the Recruitment and Employment Confederation (REC). In the financial year 2012/13, the industry saw revenue of £26.5 billion. This rose by 8.2 per cent last year, exceeding the previous record of £27 billi......

Big data skills needed in abundance

30 October 2014

Contractors looking for the next area to gain new skills in might be interested to hear that many companies are longing for experienced experts in Big Data. A study by EMC Corporation found that many organisations feel they are being hindered because they don’t have the experience to leverage Big Data to their advantage. In new results, three fift......

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