Three quarters of self-employed have no pension
Editor | 7 August 2017
/ / / /

A survey of British workers has revealed that almost three quarters (73 per cent) of self-employed people have no personal pension.

The survey revealed that self-employed Brits contribute less to their pensions each month, start saving for retirement later and are less likely to know what’s in their pension pot.

With questions raised about pension provision for contractors, the survey suggests that the pension industry is not meeting the needs of the self-employed community. 

July 31st Summer tax deadline looms for self-employed

July 31st is little more than a week away, if you are self-employed then you may have to make a tax payment before this date, or risk a late payment fine.

In many ways it is the lesser known tax deadline. While January 31 looms large in the minds of all self-employed workers as the time when you need to get all your tax affairs in order and pay what you owe, the July deadline can be forgotten all too easily.

But remembering it is crucial if you want to avoid a fine and interest accruing on your HMRC debt.

The July 31 deadline is not the same as the January 31 deadline. You don’t have to submit another self-assessment; you just need to make a payment. 

With FreeAgent Mobile you can nail the daily admin tasks when you’re out and about, and we’re pleased to report they have just made it even simpler with the rollout of support for bills and estimates. You can find ‘Bills’ in the Money Out area of the app where you can now view, create and manage the incurred costs you haven’t paid yet. If you’re unsure about when to use the bill section then why not have a look at FreeAgent’s article on bills, expenses & bank payments. It’s clear and concise and should hel

With FreeAgent Mobile you can nail the daily admin tasks when you’re out and about, and we’re pleased to report they have just made it even simpler with the rollout of support for bills and estimates.

You can find ‘Bills’ in the Money Out area of the app where you can now view, create and manage the incurred costs you haven’t paid yet.

If you’re unsure about when to use the bill  section then why not have a look at FreeAgent’s article on  bills, expenses & bank payments. It’s clear and concise and should help.

If you are in front of a possible new client and they need an estimate to seal the job then this will be ideal for you.

FreeAgent Partner Meeting,Umbrella,Accountants,Contractor Accountants,Contractor

On the 5th July our Operations Director, Neil Armitage, will be attending the Strategic FreeAgent Partnership Meeting up at FreeAgent Headquarters up in Edinburgh.  

We’ve attended every partner summit so far and taken part in the self-employed tax summit.

Our partnership with FreeAgent is important to us as a practice as it’s the leading cloud platform for contractor accountancy which means we can be part of steering the direction FreeAgent travels so that we can provide even greater levels of service and portal usability to clients. We will report back after the meeting on developments that will affect our clients.

FreeAgent income soars by 41%

Cloud accounting software provider FreeAgent have seen their  income soar by 41% to £8m for the year to the end of March.

As Umbrella Accountant’s provider of choice for contractors and freelancers FreeAgent reported a net loss of £2.9m for the same period, including share-based payment expense of £0.8m, as the group continued to invest in scaling its business (2016: £1.3m).

Have you called in at the depot?

FreeAgent is a class leading piece of cloud accounting software and it has got there through constant improvements and innovations. 

We have attended a number of FreeAgent Partner events where the roadmap of future features and refinements has been shown and its comprehensive and far reaching with some really exciting developments ahead.

Updated IR35 rules for public sector contractors
Editor | 17 July 2017
/ / / / /

HM Revenue and Customs (HMRC) has released more information about the rules governing off-payroll contractors in the public sector.

HMRC updated its guidance on the rules, which have been in effect since April.

The updated guidance clarifies some sticking points that have confused contractors for months.

Since 6 April 2017, responsibility for determining IR35 status has passed from public sector contractors, operating through an intermediary, to the public sector body engaging the contractor.

Although the fundamental rules are the same, the April change is seismic in terms of how the rules are applied. 

taylor review, umbrella, Theresa May, employment rights, contracting, worker's rights, self-employment,

The review was commissioned last year by Theresa May to investigate modern employment practices after reports of some workers earning as little as £2.50 an hour through self-employment, which affords none of the protections than a normal employee receives.

In order to reduce costs in competitive marketplaces many companies have taken on workers but classed them as “self-employed” meaning they save money on national insurance and the worker is put at a disadvantage by missing out on a number of standard employment rights.

The current system of taking an “employer” to a tribunal to prove that they are in fact an employer and should be treating their employees with a more significant duty of care is both costly and time consuming. It is unlikely many workers will want to bite the hand that feeds it so they are trapped in a situation that means longer hours for less pay.

The chaotic introduction of the new IR35 rules
Editor | 16 June 2017
/ / / /

The controversial changes to IR35 legislation, which affect contractors working in the public sector, have been in place for more than two months now. Already it is clear that the new tax policy has had a number of unintended consequences that have made life more difficult for contractors and the public sector organisations that want to employ them.

Umbrella.co.uk celebrating national freelancers day 2017

Today is all about recognising the hard work and dedication that goes into operating as a freelance worker, and helping those workers be fully aware of how to manage their business as effectively and smoothly as possible.

Pages