Low interest rates have made borrowing money cheaper than ever, but interest rates could start to rise in the next 12 months. If you’re paying off a mortgage, it could affect your outgoings and the full cost of borrowing. The Bank of England (BoE) first cut interest rates to record lows following the 2008 financial crisis as a way to support the economy during the recession that followed. In November 2017, the rate was increased from 0.25% to 0.5% and increased again to 0.75% in August 2018, suggesting the central bank would gradually raise rates to “normal” levels. However, this was reversed ..read more

Being a contractor at Christmas comes with its own set of challenges and in reality, they’re different for everyone. Weighing up working, financial and family responsibilities is difficult at this time of year. Without proper planning, it can feel inevitable that at least one of these areas will suffer, so it’s worth considering how things outside your control may affect you. Working hours and self-employed income It’s often said that when you’re self-employed you set your own hours, but this is only partially true. While you have more autonomy over your schedule as a contractor, there are ple ..read more

The world of work has changed significantly in just a couple of generations and spending your entire career in the same job has become unusual. In fact, it’s said that the average Brit now has 12 jobs during their lifetime, meaning upheaval is likely to be a feature of your work landscape from time to time. While technological advancements and evolving attitudes have led to steady change over the years, the Covid-19 pandemic has accelerated the process. Now, with the world getting back to ‘normal’, it may be the time to start thinking about the next step in your career. For others, the pandemi ..read more

The Chancellor, Rishi Sunak, presented his third Budget on Wednesday 27th October 2021 – an update of the government’s plan for the economy based on the most recent economic reports from the Office of Budgetary Responsibility and a Budget that will prepare the UK for a post COVID “age of optimism.” As predicted, he unveiled a number of measures to balance the books after spending billions during the Covid pandemic. Although, you could be forgiven for thinking that the Prime Minister announced the most important tax news of the year on 7th September, with the advanced announcement of the new He ..read more

The IR35 rules that came into effect in April 2021 are designed to crack down on contractors obtaining tax benefits through their limited company if they work in the same way as employees. But what happens if an end client is treating you like an employee? Will this affect your Status Determination Statement (SDS) and the decision they come to about whether you fall inside or outside of IR35? As more of us think about returning to offices and other workplaces in the wake of the pandemic, there’s a chance this will become a more pressing consideration. If you’re a contractor worrying about an e ..read more

Many recruitment businesses have opted to control their own supply chain by selecting an approved or preferred supplier list (PSL) of contractor accountancy and umbrella company service providers, and each will have had their own reasons for doing so. Why have PSL (preferred supplier list) There are a compelling range of benefits to be gained by recruiters who implement a PSL. Some use a PSL to manage compliance risks & to give their client’s reassurance that their extended supply chain is robust. Others offer a PSL to help contractors make informed decisions that further mitigate business ..read more

Setting out in the world of self-employment is never easy. Although you’ll undoubtedly enjoy the freedom of being your own boss, ditching the financial security of the 9 to 5 can often seem downright unthinkable. Instead of earning a steady, reliable wage, you’ll be required to source your own clients and maintain full control of your finances as an umbrella employee. For many contractors, setting up as a limited company simply involves too much financial responsibility, especially if they’re new to contracting or just working on a short-term assignment. Fortunately, umbrella compani ..read more

April 2021 has been and gone, and after a year of delays, the new IR35 rules have now come into effect. The world of contracting didn’t implode, but many contractors are still adjusting to the new way of working, so don’t worry if you’re one of them. While it felt like contractors had much more control of their tax status prior to the changes, there’s still a way to ensure you’re not unduly penalised – Flex. This unique service makes navigating the realities of working in both a limited and umbrella capacity within the same year more straightforward. A tale of two contractors Take our two cont ..read more

You might have already read our article on how the ‘new’ way of working caused by the Covid-19 pandemic has affected the recruitment industry. However, one thing we haven’t touched on is the environmental impact. With more people working from home – as well as the potential for a hybrid mix of remote and office working to become popular – how have our carbon footprints been affected? This matters more to recruiters than might be expected. Companies looking to cut their carbon emissions have seen that remote working is a quick win, while environmentally minded contractors may be looking for rol ..read more

Nobody could have predicted the huge shift in recruiting practices that has occurred over the past year. In fact, the evolution of HR processes and the switch to digital we have seen may have taken decades to achieve if it weren’t for the necessity brought about by the Covid-19 pandemic. While ways of working and recruiting have had to quickly adapt to an ever-changing environment during lockdown, it will have a profound effect on the future of the workplace. Unlike the immediate need to vacate the office, the return can be slower and more measured, with each business navigating their own way ..read more