The Chancellor Rishi Sunak has unveiled a package of measures designed to support the economy, limit redundancies, and support small businesses and the self-employed during the ongoing coronavirus
self employed Articles
Are you wondering why there are rainbows popping up in windows around your local area too?
With social distancing and restrictions due to coronavirus, children are connecting with each other by creating colourful rainbows and displaying them in their windows for passers-by to see and to spread hope and cheer.
It is thought this rainbow display trend began in Italy, but has quickly caught on in other countries.
Is your New Year’s Resolution to start working for yourself? You aren’t alone.
January is one of the busiest times for new company registrations as skilled workers target the money and freedom that can come with contracting.
But setting up isn’t easy. There are a lot of things to think about and if you plan your contracting journey properly now, you can save yourself several headaches down the way.
On 3rd March 2015 the Office of Tax Simplification (OTS) issued its report headed “Employment Status Report”. The aim of the report was to tackle the complexities in deciding whether a person was employed or self-employed for tax purposes and the issues on employment rights particularly for the low paid.
Ed Balls has received controversy for saying we should always get a receipt when paying cash-in-hand for a job, however small. He is quoted as saying he always gets a receipt even when paying £10 for having his hedge cut.
Whilst it would be great for all of us if everyone paid their fair share of tax, it is not that simple and unfortunately it is often the case that people are happy to pay cash if it means they can get a job done cheaper.
The coronavirus outbreak presents a special kind of business crisis for limited company contractors.
Many industries have already experienced a sharp contraction and analysts suggest that things are going to get worse before they get better. Thankfully, however, they’re also forecasting a relatively quick turnaround.
Businesses that were viable before the international pandemic will be viable again, limited company contractors just need to keep their personal service companies (PSCs) going for long enough to see the economy return to pre-crisis levels.
We would like to share some tips to help your business and your family keep going.
Most of Britain’s five million self-employed workers breathed a sigh of relief yesterday when the government announced that they would receive taxable grants to make up for lost income during the coronavirus pandemic.
Chancellor Rishi Sunak announced that freelancers and contractors would be able to claim up to 80% of their profits from the state if they could prove that they had been adversely affected. But the grants will be capped at £2,500 per month and not everyone will be able to claim them - including contractors that work through a limited company.
In this blog post, we include more details about the support package and who is eligible to receive it. There’s also some good news for limited company contractors that can’t claim the self-employed support.
HMRC has been forced to issue revised guidance to contractors engaged through employment intermediaries after it made a drafting error in the travel and subsistence rules.
So HMRC can tackle Employment Intermediaries that use false self-employment and offshore locations to reduce taxes and avoid employment rights.
HMRC want to know amounts paid to workers supplied by the Employment Intermediary where PAYE has not been deducted.
If you are self-employed or a sole trader it is important that you keep a record of all your business income and expenses in order that you can complete your annual tax return. You also need to keep a record of other income you receive i.e. bank interest, dividends etc.