The new Umbrella Rewards COVID-19 area has been created for you and your family within the portal. To access help and support during these challenging times simply log in to the Umbrella Rewards portal here.
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.
It is always scary pushing the submit button on your self-assessment. Even for veteran contractors, sending the final document can be unnerving because traditionally, HMRC doesn’t have much sympathy for mistakes.
Two organisations representing the interests of small business owners and self-employed workers have urged the Chancellor to deliver a budget that backs enterprise on Wednesday.
George Osborne, they argue, has to recognise the impact that small businesses have on the economy in terms of driving growth and creating jobs.
At a time when tax and pension changes are making things difficult for business owners, it is crucial that the Budget statement sends a strong signal to small businesses.
The Federation of Small Businesses (FSB) used its pre-budget statement to urge the Chancellor to reform business rates and simplify the tax system.
If you are a contractor or freelancer working in the UK you may have been pitched the tax benefits of paying yourself through an Employee Benefit Trust (EBT).
With an EBT contractors receive just a basic wage equivalent to the Statutory National Minimum Wage. The remainder of their gross earnings go into an EBT, usually offshore. The company making the payment also claims Corporation Tax relief on these payments. The trust then “loans” back the money to the contractor and this loan is not therefore taxable. The loan is never repaid. In effect you receive your wages tax free.
EBT’s have been used from such professions as IT Contractors to Premier League Footballers.
Freelancers are feeling the latest inflation rise more than employees, according to the Association for Independent Professionals and the Self-Employed (IPSE).
The warning for freelancers came after the Office for National Statistics revealed that inflation rose by a higher than expected 2.7% in August.
Measured by the Consumer Prices Index (CPI), this was the highest monthly price increase in six months.
Jordan Marshall, IPSE’s Policy Development Manager said: “Freelancers will be especially hard hit by this jump in inflation not only because, unlike employees, they pick up their own business costs, but also because they travel more to win and work on different contracts. They will particularly feel the effect of the 13.5 per cent jump in air fares, because many of them take up contracts overseas and travel long distances in the UK.
Freelancers and self-employed people will be well accustomed to criticism from employed friends and colleagues.
A poll carried out by leading accountancy software provider FreeAgent has found that nearly a third (30 per cent) of self-employed people say they work more than 48 hours per week.
In the House of Lords Grand Committee meeting on 10th November 2015 Lord Palmer speaks out about the rushed amendments to the March Finance Bill 2015 and the good work umbrella companies do in aiding the efficient collecting of taxes.
The key points raised by Lord Palmer were:
“The March 2015 Finance Bill—not the Bill before us today—had a clause added to it without consultation, and was enacted two days after that addition was made. The Government did not notify the umbrella company sector that it would be making those changes at that late stage. In speaking today, I am seeking that the Government should think again with the current Bill and repeal the section in question.
A large proportion of UK individuals will at some point experience debt problems. Levels of debt can easily get out of hand or changes in circumstances, such as an unexpected drop in income, can make previously affordable debts unmanageable.