Starting with the more positive news for business motorists to come out of Phillip Hammond’s debut Autumn Statement, fuel duty has been frozen for the seventh consecutive year, meaning that contractors aren’t faced with having to dig deeper in order to put fuel in their vehicles, and nor are the firms some of them work for, such as couriers or construction companies.

The lamentable state of UK roads often results in delays along with damage to vehicles’ wheels, suspension and other components, so additional welcome news for contractors who drive is that an extra £1.1 billion will be provided by the government by 2020-21, aimed at relieving congestion and upgrading key roads. £220 million will also be spent on alleviating notorious pinch-points, helping the self-employed make more efficient use of their valuable time.

As a FreeAgent Premium Partner, Umbrella Accountants would like to congratulate FreeAgent on their recent flotation on the London Stock Exchange.

The company  was set up in 2007 by the three founders, Ed Molyneux, Olly Headey and Roan Lavery who were finding nothing suitable for their accounting needs in the marketplace. Set up with the intention of making accounting less painful for end users the company has gone from strength to strength since then winning prestigious Software Satisfaction Awards and thousands of new users along the way.

Umbrella Accountants moved to FreeAgent over two years ago because we also wanted to make handling finances as simple as possible for our contractors so it was a natural fit. We have attended Partner conferences at the head offices Scotland where we have seen much of what the future holds for the software, as well as taking part in round table discussions on tax changes that affect contractors and freelancers.

Congratulations once more to everyone at FreeAgent and we look forward to continuing to grow with them.

Tomorrow Umbrella.co.uk staff will be observing a two minute silence for Remembrance Day. We will be turning our phone systems to answering service for approximately 8 minutes from 10.55am. Thank you for your support and normal service will resume immediately after.

It was at this time, on the 11th hour of the 11th day of the 11th month in 1918 that World War I formally ended. It's a chance for us all to remember the sacrifices made by the armed forces and civilians, in times of war, both in the past and present.

Congratulations to Mark Hancock, Marketing Executive, who won Employee of the Month for October. Mark is a marketing graduate who joined us in May having spent 6 months working in Los Angeles as a design intern for a large art gallery. Mark has consistently impressed everyone with his enthusiasm, design skills and ability to multi task across all areas of marketing. Well done Mark!

The Chancellor’s first Autumn Statement contained some pretty eye-watering sums. The estimated cost of Brexit at £58.7bn and an extra £122bn of borrowing in this parliament are two of the biggest.

There were some positive numbers though. £26bn to fund investment in housing, transport, digital technology and research and development will prove valuable to contractors in some of these industries.

Others, meanwhile, will be left counting the cost of tax increases. Here are seven of the most important points for contractors and limited company owners.

A study completed as part of a broader investigation into the ‘gig economy’ could end up costing you up to £1,000 in National Insurance Contributions (NICs) if you work more than one job.

A survey, which was commissioned by the government, has concluded by recommending wholesale reform of the NIC system for employed and self-employed people with multiple jobs.

If applied, the recommendations would see NI applied on a ‘per person basis’, which would effectively mean a tax increase of up to £19 for some multiple job workers (nearly £1,000 per year).

Completed by the Resolution Foundation, the study represents part of a broader examination into tax and employment regulations in the modern era.

It found that many of the assumptions underpinning the so-called ‘gig economy’ were false. 

Pickup trucks are the backbone of many successful businesses around the UK, with the added bonuses of mean styling and toweringly lofty driving positions, the latter having become increasingly desirable for private motorists too. To date, only the Volkswagen Amarok has flirted with taking the pickup truck segment upmarket, but an announcement from Mercedes-Benz means that construction businesses and tradespeople will be able to combine the best of all worlds when its new X-Class takes to the road. It’ll be available in two distinct versions, the choice coming down to how ‘hands-on’ one’s job role is.

Lucy qualified as a chartered, certified accountant in 2011, and was most recently admitted into Fellowship by the ACCA. She has been working with both small and medium sized businesses and individuals for the past 8 years, providing accountancy services ranging from day to day book keeping to insolvency. She enjoys looking at all commercial aspects of a business and helping assist it to grow and flourish. Lucy is a self confessed foodie who enjoys nothing more than visiting a good eatery with family and friends.