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Contractor Finances - News and Views
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Freelance contracting may be encouraged following meeting between PM and business leaders
Umbrella company and Ltd Company contractors anticipating the loss of public sector placements may be intrigued by a recent meeting between Prime Minister David Cameron and some of the UK’s business leaders. The subject under discussion was the future of private sector growth, an issue which is becoming more pressing as the government’s spending cuts [...] -
Income splitting under attack
Tax director John Whiting and his team have been looking at ways to prevent income splitting, which is used by husbands and wives to split the income produced by a family business, as he deems the tax saving made ‘unfair’. John and his team at the Office of Tax Simplification (OTS) has stated that they will [...] -
A Wake-Up Call to Contractors: Get Expert Advice on Pensions
The market in contractor finances has become far more intricate than many in the UK’s contracting community appreciate, with the result that significant numbers may not be making adequate provision for pensions according to an expert. Phil Perry, who is co-director and co-founder of Ark Financial Planning, has warned that a majority of people simply do [...] -
Contractors Should Look to London in the New Year CBI Predicts
The prophets of doom have been enjoying something of a high season in the aftermath of the government’s deficit reduction plans; whilst economic forecasts need to take reasonably accurate perspectives on future trends, there’s always room for interpretation. And a danger attached to the more dire interpretations is that they run the risk of becoming [...] -
When Prevention is Better than the Cure. Late Payment and Ltd Company Contractors
Freelance contractors who work through their own Ltd Companies are frequently faced with a major problem: late payments. A large proportion of small businesses in the UK fail in their first year not because of unprofitability but because of cash flow difficulties. And this is hugely exacerbated by clients who fail to settle their fees [...] -
Contractors Unlikely to See Higher Returns on Savings
The canny freelance contractor who has been careful with their contractor finances may be disappointed by a prediction concerning future monetary policy. Those with savings who were hoping to finally see an improved return on their nest eggs are unlikely to have much to celebrate about, one leading expert has suggested. Alan Young, who is senior [...] -
New Tax Avoidance Clampdown Launched by Treasury
Ltd Company contractors in particular may wish to seek advice from a qualified contractor accountant in the wake of a new announcement from the Treasury. It seems that a new clampdown on tax avoidance is about to take effect. David Gauke, the Exchequer Secretary to the Treasury, has revealed a raft of changes to the legislation, [...] -
More Belt Tightening in 2011 as IoD Predicts Lower Growth Rate
It’s no exaggeration to declare that the UK’s freelance contracting community has taken a heavy pounding in the wake of the recession, in virtually all sectors of the economy. Just as many freelancers are looking for signs of renewed growth, a new report has appeared which suggests that contract jobs could be squeezed even further [...]