Further Contract Eye Updates
Contractors can now make higher claims from late paying clients
Contractors can now claim higher compensation from late paying clients and agencies, thanks to the EU Late Payment Directive, which was implemented on 16th March 2013.
(Mar 31, 2013 in Money / Investing )
2013/14 Tax Rates - Guide for IT contractors
An overview of the key tax rates, bands and allowances for the 2013/14 tax year, including Corporation Tax, Income Tax, NICs, Dividend Tax and various tax-free allowances.
(Mar 26, 2013 in Tax )
Corporation tax - guide for contractors
An overview of Corporation Tax and how it applies to limited company contractors.
(Mar 25, 2013 in Tax )
PCG plans legal action over public sector contractor rules
The PCG has called on its members to help back a new campaign to challenge the Government's public sector rules which force contractors to prove that they are meeting their tax obligations.
(Mar 24, 2013 in News )
Can limited company contractors benefit from the April 2014 Employers' NI cut?
From April 2014, all employers will be provided with a National Insurance tax cut. Will a typical limited company contractor benefit from this new allowance?
(Mar 22, 2013 in Tax )
Help to Buy mortgage scheme - overview for IT contractors
One of the more daring policy changes announced in the 2013 Budget was the implementation of a new 'Help to Buy' scheme, under which the Government will help prospective home buyers raise the deposits they require to secure a mortgage.
(Mar 21, 2013 in Money / Investing )
Budget 2013 - key points and industry reaction for IT contractors
The Chancellor delivered his Budget speech today at 12.30. Here are the key points, as they relate to IT contractors.
(Mar 20, 2013 in News )
Budget 2013: PCG calls on Chancellor to provide IR35 certainty
In a strongly-worded news release, the PCG says it 'desperately' wants the Chancellor to address three key business issues in tomorrow's Budget.
(Mar 19, 2013 in IR35 )
Get the most out of your contractor pension before tax year end
Our partner IFA provides some useful advice to contractors on making the most of their available allowances before the end of the current tax year.
(Mar 18, 2013 in Money / Investing )
Government targets offshore payroll companies
This weekend, in advance of Budget 2013, the Treasury says that it will put in place new legislation to outlaw payroll companies which use offshore corporate structures to avoid paying National Insurance.
(Mar 17, 2013 in News )
Oil and gas workers set for bumper pay rise in 2013
A poll of over 900 oil and gas firms has found that the majority believe that salary levels are rising too fast in the industry, with average wages expected to surge by 15% this year. Of course, this can only be a good thing for contract workers.
(Mar 15, 2013 in Market Reports )
IT contractors seek more job security as economy remains flat
According to its latest client survey, giant group says that IT contractors are increasingly seeking longer-term assignments, and the associated 'job security' they bring.
(Mar 13, 2013 in Market Reports )
Why should contractors choose a specialist accountant?
Given that all qualified accountants should be able to keep the books of your average limited company contractor, why do most contractors hire specialist accountancy firms?
(Mar 12, 2013 in Contractor Accountants )
Budget 2013 - what can IT contractors expect?
What do the UK's leading accountants expect to be announced on March 20th when George Osborne delivers his fourth Budget?
(Mar 11, 2013 in News )
Are you reclaiming the business expenses you are entitled to?
Research by a online accounting software provider suggests that the majority of contractors may not be reclaiming all the expenses they have personally incurred on behalf of their limited companies.
(Mar 7, 2013 in News )
Choosing an IT contractor bank account
If you're starting out as a limited company contractor, here are some tips for choosing the best business bank account for your company.
(Mar 6, 2013 in Money / Investing )
Limited company director - duties and obligations
If you are a limited company contractor, there are a number of duties you must perform as a company director. You also have several financial and legal responsibilities that you should be aware of.
(Mar 5, 2013 in Limited Company )
HMRC deal with Isle of Man to clamp down on offshore tax avoidance
The Government has formed a new agreement with the Isle of Man to clamp down on taxpayers who have attempted to hide funds offshore.
(Mar 4, 2013 in News )
Time needed to complete IT job interview process doubles
The time it takes to complete the interview process for a typical IT role has doubled over the past five years, according to a specialist recruiter.
(Mar 1, 2013 in News )
Contracting site says HMRC IR35 test fundamentally flawed
An industry site says that HMRC's risk assessment tool, the business entity test, bears 'little relevance to reality', after one third of contractors deemed to be 'high risk' after taking the test would fall outside IR35 if the actual legislation were applied.
(Feb 26, 2013 in IR35 )
Two IT consultants sent down for tax evasion and fraud
Two men who ran an IT consultancy firm have been jailed for tax evasion and fraud, after they were found to have hidden cash away in offshore accounts.
(Feb 25, 2013 in News )
Committee calls on Government to 'name and shame' tax avoidance scheme providers
Following its latest session, the Public Accounts Committee says that tax avoidance schemes providers are 'running rings' round HMRC, and those who market or use such schemes should be named to discourage others.
(Feb 22, 2013 in News )
Forum discusses office holder change, number of live IR35 cases
The latest notes from the IR35 Forum have been published online. The group of experts discussed the addition of 'office holders' to IR35's scope, and how the overhaul of HMRC's IR35 regime had progressed.
(Feb 19, 2013 in IR35 )
The benefits of having a website for your contracting business
Having a business website has a number of benefits for contractors, and given the low cost of entry, there isn't really an excuse not to have one these days.
(Feb 18, 2013 in Contract Work )
Limited company dividend vouchers and board meeting minutes
If you have any retained profit in your limited company, these funds may be distributed as dividends to the company's shareholders. So, what are dividend vouchers used for?
(Feb 14, 2013 in Limited Company )
Most contractors prefer contracting to traditional 'employment'
The latest SJD Accountancy contractor survey shows that average rates have continued to rise, and a large number of respondents said that their work/life balance has improved as a result of going contracting.
(Feb 13, 2013 in News )
How to give your contractor LinkedIn profile a boost
Here are some tips to ensure you maintain a cutting edge LinkedIn profile, and increase you chances of getting re-connected to old colleagues and noticed by prospective clients.
(Feb 11, 2013 in Contract Work )
Healthy outlook for Oil and Gas contractors
The latest Oil and Gas survey shows that contract rates rose across the board in 2012. The majority of respondents expect the demand for contractors to remain constant or increase in 2013.
(Feb 8, 2013 in Market Reports )
Guide to setting up a limited company
How to set up a limited company for your new business. What are the legal requirements?
(Feb 6, 2013 in Limited Company )
How do you know if an accountant is 'qualified'?
There are few things more worrying than trusting somebody else with your money, but when you choose an accountant you're effectively doing just that.
(Feb 5, 2013 in Contractor Accountants )
IR35 'office holder' change - has impact been underestimated?
The notes from a recent legal seminar show that some legal experts believe that the 'office holder' IR35 amendment to the Finance Act 2013 will have much more of an impact on the recruitment industry than many have predicted.
(Feb 4, 2013 in IR35 )
Tax return process a 'challenge' for ranks of new freelancers
Despite record numbers of taxpayers meeting the tax return deadline this year, a leading accounting body says that freelancers face a 'tax maze' when it comes to self-assessment.
(Feb 1, 2013 in News )
How do you close down a limited company?
You set up your company, it was a successful operation, but now you've moved on and the company is just sitting there. How do you go close a limited company down?
(Jan 30, 2013 in Limited Company )
National Insurance (NIC) guide for IT contractors
National Insurance Contributions guide for contractors and freelancers, updated with 2013/14 rates.
(Jan 28, 2013 in Tax )
Give your contracting business a professional image
Many contractors would benefit from creating a professional image for themselves and their companies; to help stand out from the crowd, and impress potential clients.
(Jan 25, 2013 in Contract Work )
Security clearance guide for IT contractors
What is security clearance, and why is it required for certain Government IT contract roles?
(Jan 24, 2013 in Contract Work )
Can I reclaim expenses from before I formed my limited company?
If you have recently set up a limited company, can you reclaim back any of your pre-formation costs?
(Jan 23, 2013 in Tax )
Do you need to appoint an accountant for your limited company?
When you set up in business as a limited company contractor, do you have to appoint an accountant? What are the benefits?
(Jan 22, 2013 in Contractor Accountants )
IT developer outsourced his entire job to Chinese freelancers
As a result of a security audit carried out on behalf of a US-based firm, network logs showed that a developer had outsourced his entire job to an IT consultancy firm based in China.
(Jan 21, 2013 in News )
Online freelance hiring set to surge in 2013
Elance, one of the leading online outsourcing firms, predicts that this year will see a doubling in the amount of work freelancers will conduct via the web.
(Jan 18, 2013 in News )
Parasol takes lead on umbrella company expenses reforms
A leading contractor umbrella provider has tightened its expenses policy to limit non-receipted expense claims to food and accommodation costs, and has urged other PAYE umbrella firms to do the same.
(Jan 17, 2013 in News )
Do all IT contractors need to register for self assessment?
If you are unsure whether or not you need to register for self-assessment, the answer is always 'yes' if you are a limited company contractor, and 'maybe' if you are an umbrella company employee.
(Jan 16, 2013 in Tax )
Stringfellows' dancer found to be 'self employed' as EAT decision reversed
In a long-running employment status case, a former Stringfellows' worker has been found to be 'self employed' rather than 'employed' by the Court of Appeal, after an earlier Employment Appeal Tribunal decision was overturned.
(Jan 15, 2013 in News )
AWR - Swedish Derogation model tested at Tribunal for the first time
An Employment Tribunal has made one of the first court decisions relating to the Agency Workers Regulations, in a case where agency workers were 'flipped' onto a Swedish Derogation contract.
(Jan 12, 2013 in Agency Workers Regulations )
Contractors who pay VAT late likely to attract greater HMRC scrutiny
The latest in a series of HMRC campaigns to 'encourage' individuals and businesses to meet their tax obligations is aimed at businesses that fail to file their quarterly VAT returns on time.
(Jan 12, 2013 in News )
Recruitment agencies in spotlight as Managed Service Company investigations increase
The Government has stepped up the number of firms it is investigating via the Managed Service Company legislation for underpayment of tax and National Insurance.
(Jan 11, 2013 in MSC Legislation )
IT contractor tax planning tips to consider before year-end
Contractors have a small window of opportunity to make tax planning decisions to minimise their tax liabilities before the end of the 2012-13 tax year.
(Jan 11, 2013 in Money / Investing )
Why an 'IR35 friendly' contract must reflect reality
An employment status expert explains why complying with IR35 involves much more than simply having an 'IR35 friendly' contract in place.
(Jan 10, 2013 in IR35 )
IT contractors more confident about public sector opportunities in 2013
A poll by a leading contractor service provider suggests that the percentage of contractors who see the public sector as the leading source for new assignments over the next year has risen significantly since the credit crisis began.
(Jan 9, 2013 in Market Reports )
Startup Guide :: Choosing an accountant or umbrella provider
If you are looking to hire an accountant or join an umbrella scheme, chances are you will be influenced by what you read on the web, the powers of persuasion of your recruitment agent (if applicable), and the views of people in your industry.
(Jan 8, 2013 in Start-Up Guides )
How will the new Child Benefit eligibility rules affect IT contractors?
Many contractors will be affected by the new Child Benefit eligibility rules which come into force today. The new rules include a controversial anomaly that may come back and haunt the Coalition.
(Jan 7, 2013 in Tax )
Online contractor accounting - what are the benefits?
Most contractor accountancy firms have embraced web-based technology to some degree, but what benefits can you gain from using online accounting software?
(Jan 6, 2013 in Contractor Accountants )
IR35 rules - a guide for IT contractors
A concise overview of the IR35 rules. How IR35 came into force, and what the implications are if you are caught.
(Jan 4, 2013 in IR35 )
Firms favoured IT contractors over permies during 2012
Contractors were favoured over permanent staff during 2012, according to APSCo, as clients continue to be unwilling to commit to the additional costs of taking on employees.
(Jan 3, 2013 in Market Reports )
