Contractor confidence slips to record low
Editor | 7 September 2017
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The latest Freelancer Confidence Index, measured by the Association for Independent Professionals and the Self-Employed (IPSE), has shown the poorest outlook on record in the second quarter of 2017.

Despite a continuation of high day rates for contractors, the survey showed that only 19% of freelancers were confident about how their business would perform over the next year. This was down a whopping 9% on Q1 2017. 

Umbrella contractors, High paid contractors, Umbrella working, FCSA, Umbrella vs Limited company,

New research from the Freelancer and Contractor Service Association (FCSA) shows that umbrella working is being adopted by more and more high-end professionals in a range of sectors.

The research, which compares umbrella working in 2015 and 2017, also found that umbrella employees are enjoying better rates of pay and longer, more stable assignments.

In 2017, the FCSA found that 73% of umbrella workers were earning more than £15 per hour, compared with 53% in 2015.

The average length of an assignment more than doubled in two years from 14 weeks in 2015 to 29 weeks this year. The average length of employment with the umbrella company also increased from 30 weeks to 46 weeks. 

The new Tax Evasion Legislation for Recruitment Agencies
To prevent tax evasion, the new tax law makes recruiters criminally responsible.
 
Following on from recent tax scandals, including the Panama Papers and various loan write-off schemes, a new corporate “failure to prevent” offence is being introduced from 30th September with a severe penalty regime that should make all agencies sit up and take note.
 
With unlimited fines and the possibility of a criminal record a clear target is being painted on the backs of any part of the staffing supply chain that isn’t compliant. Of vital importance is the fact that an agency can be convicted even if no intent is established and the agency has not benefited financially from the arrangement.
 
 
 
 

 

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
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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. 

Back to school: Four new skills contractors can learn for free

It’s September again. The days are getting colder and the nights are drawing in.

For parents, it’s also the time of year for new school uniforms because the long summer break is coming to an end and the kids are heading back to school.

Now, with an explosion in the availability of free online courses on everything from cookery to investing in stocks and shares, learning new skills isn’t just for children anymore.

If you want to increase your earning power and run your contracting business more effectively, pick a course below and get learning.

Some public sector contractors missing out on 30% of income after IR35 changes

Some self-employed contractors lost 30% of their income in the wake of IR35 reforms that took effect in the public sector this in April.

As the dust settles around the changes IT recruitment company, CW Jobs, found that more than 70% of their clients saw a reduction in income after the IR35 reforms.

Of these contractors, a quarter saw a reduction close to 30%.

The IR35 reforms mean that contractors who work solely or primarily for public sector bodies are being taxed as if they were regular employees of that company. But are no receiving any of the accompanying benefits such as such pay or holiday entitlement. 

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

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