Contents Introduction and Background The IR35 legislation Contractors and Coronavirus Contractors earnings and ways of working Life as a Contractor Contractors and financial services The road ahead Introduction and background Asking the big questions The contractor workforce is one of the UK’s most important assets, with the skills, flexibility and dynamism provided by these workers contributing £300bn to the economy annually. And as the role and value of contractors – both to the economy and society – grows in the post-pandemic world, so does the need to learn even more about this way of wo ..read more

Today the Chancellor delivered his Autumn Budget and Spending Review 2021. In his announcement, Rishi Sunak warned of challenging months ahead as the country continues to recover following the Coronavirus pandemic impact and stated that there is work to do to prepare for a post-COVID economy. That said, remained positive that we are entering a new age of optimism. As expected, there was very little that impacts contractors or the self-employed and most of the headline announcements were leaked in the week leading up to budget. We’ll look into what was announced below. Health and Social Care Le ..read more

Just over a year since the first Coronavirus lockdown has given us an opportunity to look back on a very challenging twelve months for contractors and businesses in general. Last year, multiple lockdowns led to economic uncertainty which meant many firms placed their contractor hiring plans on hold. In worse cases, businesses had no choice but shut their doors completely. Needless to say, this impacted the demand for contractors. That said, as entrepreneurs, contractors are accustomed to uncertainty, and in the face of this crisis, the independent workforce has certainly shown its resilience ..read more

In what was probably the most important budget since the end of the second world war, the Chancellor, Rishi Sunak, outlined the UK Government’s plan to help spearhead a recovery and tackle the economic impact of the Coronavirus. The UK has seen its economy fall by 9.9% in 2020 (the biggest decrease for 300 years) and has the biggest recession of all the G7 nations. But, what were the key talking points for contractors? In this article, we delve into the main takeaways for independent professionals and what they will mean to you. Extension of the furlough scheme The Chancellor confirmed that th ..read more

With a trade deal agreed at the eleventh hour and the UK’s departure from the European Union now complete, everyone is in a better position to understand what Brexit might actually mean for businesses and in turn, freelancers and contractors. On this page, which will be continuously updated with the latest information, we explain how things look to have changed for independent workers who have business interests in Europe. Living in Europe Having left the Single Market, which allows EU states to enjoy the free movement of goods, services and people, the rules for living in a European country a ..read more

The Self-Assessment Tax Return deadline is the 31st January, however if you’re yet to submit yours, don’t worry as there’s still time to gather everything you need and send off your tax return. Here’s a few helpful tips to follow: Gather and organise your documents Make sure all your accounting information is in one place, this includes records of sales and income, business expenses, VAT details, PAYE documentation if you employ someone, and personal income. It’s generally good practice to keep everything in one place, however if you can’t find everything, don’t tire yourself out trying to loo ..read more

The Coronavirus Job Retention Scheme (CJRS) has been extended for the second time in a week, the Chancellor confirming that the CJRS will now run until the 31st March 2021. This surprise announcement will be welcomed by many employees facing uncertainty as we enter national lockdown and whilst it offers minimal support to contractors working through their own limited company, it does offer some support to those with a salary in place. Businesses across the UK can claim, whether their business is trading or temporarily closed and there is no requirement for the business or employee to have acce ..read more

On 5th November, the government announced a further extension to the Coronavirus Job Retention Scheme (CJRS). The scheme will no longer end as previously announced on 2nd December 2020 having been extended to 31st March 2021. You will be able to access the extended CJRS even if you have not previously made a claim. The extended CJRS will operate as the previous scheme did, with businesses having the flexibility to bring furloughed employees back to work on a part-time basis or furlough them full-time. Initially the grant available will mirror that available under CJRS in August, with the gover ..read more

As part of his ‘Plan for Jobs’ announced back in July, Rishi Sunak unveiled the Job Retention Bonus. Further guidance has now been released confirming that the online portal to facilitate claims will be open from 15th February 2021 to 31st March 2021. The guidance will be updated before the end of January 2021 with details of how to access the online claim service. What is it? The Job Retention Bonus is a £1,000 one-off taxable payment to your business. You can claim this for each eligible employee that you furloughed and kept continuously employed until 31 January 2021. You do not have to pay ..read more

Following the cancellation of the Autumn Statement (Budget) yesterday, the Chancellor gave a speech in which he outlined his ‘Winter Economy Plan’. This is the government’s plan to protect jobs and support businesses over the coming months, following the announcement of further measures intended to curb the spread of Coronavirus. Job Support Scheme The headline announcement was the introduction of the ‘Job Support Scheme’. Intended to support businesses that are facing lower demand, the scheme will see the government top-up wages of employees that are working less hours. It will be introduced ..read more