What is IR35? IR35 is a tax legislation aimed at “disguised employees” who set up limited companies to work and get paid, but avoid income tax and national insurance contributions (PAYE). In the UK, if you are a contractor, you work in the public sector or engage with...
When your tax bill comes in, do you want to be caught out? This is called “bill shock”, and it’s the reaction of many a newly qualified contractor when they get their first set of accounts and discover the amount they owe in tax. When you work for yourself, you are...
Setting your day rate When you first start as a contractor it can be a bit of a stab in the dark when it comes to pricing your services. If you charge too little then you are selling yourself short. But if you go in too high, clients won’t touch you. So, it’s...
The thought of HMRC compliance may well be enough to make you curl up in a ball as a first time contractor. There’s so much to do that it’s easy to fall behind or get something wrong and be hit with fines (£100–£1,000) or even an HMRC enquiry. You want to be out there...
The Limited Company – Why Use One? For the vast majority of contractors a limited company is the obvious choice. It is more tax efficient than working as a sole trader and gives your business a more professional image. A limited company means your private and business...
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