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self employed

Just a week after the 2017 Spring Budget when Chancellor, Philip Hammond announced an increase in Class 4 National Insurance Contributions for the UK’s self employed workers, he has decided that the proposed tax increase isn’t a good idea after all!

Responding to wide criticism from Tory MPs and the perceived attack on millions of self employed workers, including the ‘white van man’, Hammond has written to MPs informing them of his decision to reverse the proposed NI hike.

His letter reads; Continue…

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Millions of small business owners will see the amount of tax they pay go up following the Spring 2017 Budget.

Chancellor Philip Hammond announced in his Budget speech, plans to increase the taxes paid by the self-employed and limited company directors.

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As the name suggests, a dual sim phone allows you to have two sims in a single phone. There are a variety of reasons why people may want access to two different phone numbers on a single device.

A dual sim phone could be of particular use to self employed people, freelancers and business owners who want to be able to handle personal and work calls separately, but don’t want to carry two different phones.

The facility to have separate numbers for work and personal contacts, with tailored voicemail messages can help you to be more professional and create a better impressions with potential customers. With dual sim phones seemingly solving a communications conundrum for many small business owners we asked telecoms expert, Dave Millett, to share his insight into them; Continue…

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The gig economy is one of the UK’s fastest growing ways of working. According to IPSE, the body representing UK freelancers, there are now around 1.9 million freelancers in the UK alone. And the global figure is upwards of 50 million people earning a living from freelancing.

The rise in popularity of freelance working is creating more opportunities for those looking for more flexibility and control over their own lives, but joining the growing ranks of the self-employed does bring its challenges.

So if you’re thinking of going it alone and starting up as a freelancer, here’s what you need to do to be a successful freelancer in the gig economy; Continue…

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One of the main benefits of becoming self employed is the ease with which you can start up and run your new business.

You can even become a sole trader (another term for self-employed) whilst working as an employee for someone else, so you can test the water and see if you’re suited to working for yourself.

Here are 5 things you need to do when you decide to go self employed: Continue…

One of the first, and most important decisions you make when you set up a new business is to decide what type of legal structure you should work under.
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The inspiration to start a business can come anywhere at any time: in the pub, in the shower, in the supermarket, walking the dog. How many times has someone you know announced they’ve had a great business idea? And how many of those eureka moments ended up getting no further than a few notes on a napkin?

Why was this? Too much hard work involved? Concerns over starting a business being too risky? Worries about it needing too much commitment?

But those aren’t barriers to every business idea taking off; some ideas do make it from conceptualisation to conclusion. The difference? Dedication and passion. And perhaps necessity. Continue…

Although the sole trader route, which is commonly referred to as being self employed, is the most popular way of running a business in the UK, there are significant advantages of operating as a limited company.
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In this concise guide, we look at the taxes you will encounter if you start your own business as a sole trader, and other things you should bear in mind before taking the plunge and becoming self employed.
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Becoming a sole trader is the simplest way to get your new business off the ground.

You can start trading immediately, subject to any industry-specific licences or insurances you might be required to have.

As a sole trader, you will have complete control over your business and finances. You can adapt quickly to any changes in your business, without having to concern yourself with a great deal of bureaucracy.
Continue…

National Insurance is a deduction from earnings, set up originally to fund various State benefits such as the NHS, the State pension and other welfare-related schemes.

In reality, it is just another tax. In fact, as standard income tax rates have remained constant for many years, NI rates have soared.

In this guide we look at how National Insurance works, and what your National Insurance Contributions (NICs) will be as a small business person. The guide has been updated with the NIC rates for the 2016/17 tax year. Continue…

The simplest way to start a business in the UK is to become self employed. This is also commonly referred to as becoming a sole trader.

There is minimal paperwork to take care of, and you don’t have to pay any company formation costs. However, you do need to formally register as self employed with HMRC, and assume responsibility to pay your own income tax and National Insurance liabilities.

Here are the steps you must take to if you want to become self employed, plus the other aspects you will also need to consider when working for yourself: Continue…

UK graduates interested in freelancing or self-employment feel their university should have done more to support them, according to a new study by business insurance broker PolicyBee.

The study, which surveyed just over 1,000 recent graduates, found that 62% of graduates said freelancing or self-employment was not discussed at all by their university’s career department. Continue…

Before deciding to become self-employed, it’s a good idea to think through the implications of working for yourself…
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A change is afoot for the UK’s self-employed workers, and it’s good news for some 1.7million one-man bands!

From 1st October 2015, if you are self-employed and your work activity poses no potential risk to the health and safety of other workers or members of the public, then Health and Safety law will not apply to you.

So are you one of the sole traders that no longer has to worry about complying with Health & Safety legislation? Continue…

The type of structure you use will depend on a number of factors unique to the business you want to start. In this article, we look at the main structures – sole trader, limited company, partnership and LLP and highlight the pros and cons of using each one.
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Starting a new business is an exciting time but getting the administrative side of things set up can be quite a time-consuming process. However, if these initial tasks are completed in a thorough and efficient manner, things are more likely to run smoothly and you can focus on the more exciting aspects of running your own business.

There are a number of different legal matters which need to be addressed before setting up a new business. Seeking good advice to help you through the planning and setup process ensures your business is built on solid foundations andcan provide protection when things do not go to plan.

Being prepared for any legal issues that could occur and having a good understanding of business law is essential when setting up a new company; lacking both could lead to a make or break situation. This guide is here to help you get your business off to a flying start and make sure you are both prepared and protected for what the future holds. Continue…

Making the decision to become self-employed can be daunting, especially if you’ve been an employee on a regular salary with all the perks that can bring, like a pension, holidays and sickness pay.

The transition from this relative security to going it alone is not always easy, but there are steps you can take to help protect you financially should the need arise, allowing you to concentrate on growing and developing your business. Continue…

How to set up in business as a partnership

June 5, 2015

If two or more people wish to go into business together, and don’t want to set up a limited company, a partnership offers a simple way to get started. It is similar in many ways to going the sole trader route for an individual.

What is a dormant limited company, and when might one be useful for a small business?

May 5, 2015

A dormant company is one that doesn’t trade and has no accounting transactions. There are two main situations where owning a dormant limited company can be useful for start-ups and small business owners;

Travel and accommodation expenses for the self-employed

February 10, 2015

Are you a self-employed individual? Do you have to travel on business, and does that travel ever entail an overnight stay away from your home? Do you know exactly which of the travel and accommodation expenses you can legitimately claim back? If you get it wrong, you could pay too much tax, or worse still […]

What is a sole trader?

November 11, 2014

There are around 2.8 million sole traders in the UK. It is the most popular, and simplest, way of starting and running a business. In this guide, we take a look at what exactly a sole trader is, the key things you need to know about becoming a sole trader, and whether it is the […]

Limited company or sole trader – which is best for me?

September 11, 2014

One of the first tasks you will have when starting up your business will be to decide whether to set up a new limited company, or become self-employed. If you choose to go self employed, this could be either as a sole trader, or as a partner in a partnership. The different business structures each […]

Surge in number of self-employed since 2008

February 7, 2013

Data released by the Office of National Statistics this week shows that the total number of self-employed has reached an all-time high of 4.2 million, with almost 370,000 extra people working for themselves since the economic downturn started in 2008.

Truly transferable skills overlooked by employers

August 16, 2012

Setting up or running a business of your own takes a certain set of skills, and you might think they’re the same ‘transferable skills’ that employers look for in top-class job candidates.

Small businesses could save billions by going limited

June 27, 2012

A professional services site says that small businesses could be ‘wasting’ over £4bn each year in unnecessary taxes by setting up as sole traders and partnerships rather than taking the limited company route.

Get your skates on and register with HMRC

December 13, 2011

We’re into December, which means there’s less than 2 months left until all self-assessment tax returns must be safely with HMRC, warns Emily Coltman ACA, Chief Accountant at FreeAgent.