Contractor loan schemes are dodgy. They are classed as tax avoidance. Should you get involved with one, then you are likely to find yourself firmly in the HMRC spotlight, and face hefty fines.
“Retain as much as 90% of your income”, the loan providers said. If you’re the cynical type, then alarms would have started ringing, and the world-weary words of your elders – “nothing is free in this world” – would have come flooding back.
Continue reading “Contractor loan schemes – they’re just too good to be true”
If you’re thinking of making, or have already made the gigantic leap from employment to self-employed, you’re probably wondering how you can get your business off the ground and start winning freelance gigs.
Effective advertising and connecting your business with people will go a long way in ensuring the gigs are lined up, as will building your brand and social media presence.
Continue reading “Freelance life: the power of self-branding”
When it comes to another mouth to feed in the family, the financial pressure can seem overwhelming, and that’s when you’ve got Statutory Maternity Pay (SMP) coming in from an employer.
But you’ve given up being employed in favour of being self-employed – so who is going to provide the maternity pay? The brutal truth is that you aren’t entitled to maternity pay from an organisation if you’re a contractor – no matter how long you’ve been working there.
Continue reading “Maternity pay for the self-employed”
IR35: two letters and two numbers that are enough to strike fear in the hearts of the self-employed.
But fear not: Contractor Supermarket is on-hand to make IR35 easy.
IR35 is often bogged down with boring legal jargon and technicalities, which causes panic. Luckily, Contractor Supermarket doesn’t do jargon, doesn’t do boring, and doesn’t create unnecessary drama.
IR35 isn’t as complicated as it’s frequently made out to be.
Continue reading “IR35 explained”
As a small business owner, there are many ways to save tax and become even more profitable in your business. However, with so much to do in your business and so many hats to wear, it can be difficult to keep track of which savings you are entitled to. With this in mind, you may wish to consider these tax-saving tips over the coming year. Whilst the individual savings may seem small they can add up, especially if claimed every tax year and by each director (where permissible).
Continue reading “12 Tax Saving Tips for Small Businesses”