Merry Christmas and a Happy New Year!

We look forward to keeping you up-to-date with all the latest contractor news throughout 2016.

Contractors should befriend pensions this Christmas

IFA: Use the festive holiday to unwrap a nest egg that's no longer stuffy or rigid.

Contractors should befriend pensions this Christmas

IFA: Use the festive holiday to unwrap a nest egg that's no longer stuffy or rigid.

Contractors' Questions: How to get the most out of my dual citizenship?

The allure of Switzerland and the UK each week will be spoilt by the tax reality.   

Petition launched to scrap digital tax accounts

Over 76,000 people object at being forced to report to HMRC 'at least' every quarter.

Dividend payers alerted to LDF's closure

Only 10 days left to register with HMRC for comparatively 'generous' terms.

Petition launched to scrap digital tax accounts

Over 76,000 people object at being forced to report to HMRC 'at least' every quarter.

Full stop to finish a text sends insincerity

Certain punctuation marks at the end of an SMS show how sincere 'u' really are.

Contractors warned against Autumn Statement complacency

Cap on contracting could be unveiled as early as next month, PSCs told.

Why distributions on winding-up never looked so taxing

Some liquidating contractors will rethink ahead of a big change to company distribution rules.

Why distributions on winding-up never looked so taxing

Some liquidating contractors will rethink ahead of a big change to company distribution rules.

Contractors' Questions: Will I owe UK tax when contracting in France?

Short stint across the channel isn't long enough to cancel a UK tax liability.

Why distributions on winding-up never looked so taxing

Some liquidating contractors will rethink ahead of a big change to company distribution rules.

OTS asks small companies to talk tax

Answers sought on why you went 'Ltd;' how much it costs to comply and what you'd change.

Why buy-to-let contractors must plan better

Shrewd contractors won't just wait for the shoe(s) to drop.

Why distributions on winding-up never looked so taxing

Some liquidating contractors will rethink ahead of a big change to company distribution rules.

Why buy-to-let contractors must plan better

Shrewd contractors won't just wait for the shoe(s) to drop.

OTS asks small companies to talk tax

Answers sought on why you went 'Ltd;' how much it costs to comply and what you'd change.

How to Choose the Best Cash Flow Management Tools for You

Brought to you by Spark Business® from Capital One®

Even in the calmest financial climates, cash flow management for small business owners can be a daunting task that’s tricky to get right. Get it wrong, and a business that’s technically turning a profit can suddenly end up cash-poor.

The good news is you don’t need an accounting degree to accurately forecast cash flow. There are plenty of user-friendly management tools to choose from, which you can tailor to meet your specific needs. Here are some tips for picking the right option for your business.

Identify your unique needs

There’s no one-size-fits-all policy to cash flow strategy. Each business has its own natural fluctuations, which can depend on a number of variables. It’s vital that your cash flow management tool takes all those things into consideration, whether it’s allowing you to factor in slower-revenue months, to the percentage of customers who refuse to pay up or simply having the freedom to choose the frequency of your projection reports. Having your dream list of personalized options ready while shopping around for a cash flow system could save you a lot of wasted energy (and money) after the fact.

Evaluate the tools in your arsenal

Before you go out and splurge on the so-called “best cash flow management tool ever,” take a look at the free options you probably already have in your arsenal. There are some fantastic tools included with many common business planning software packages, and others that you can access online—or even as part of your small business credit card. Now that you’ve already identified your unique needs, you’ll be able to easily see if any of these free cash flow management tools will work for you.

Set a budget – both time and money

If you do decide to purchase a standalone cash flow management tool after evaluating all of your options, be firm about how much time and money you want to invest in it. There are plenty of dedicated platforms out there—with varying price points and levels of complexity—you’ll absolutely be able to find one that meets your needs and the specific needs of your small business. The more basic tools start at around $9 per month, but can run as high as $49 per month and up when you’re dealing with more sophisticated software.

Since these standalone tools aren’t connected to any of your other business management programs or credit cards, you do need to factor in some extra time for importing updated data on a regular basis in order for your projections to remain accurate. The amount of time that will require will depend on how detailed you need your projection reports to be. Almost every dedicated cash flow management tool offers a 30-day free trial, so you’ll have plenty of time to play around with it and figure out what works best for you.

Visit Spark Business IQ by Spark Business® from Capital One® to help ignite positive change for your business today.

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Contractors' cash outlook: Autumn Statement 2015

IFA: The chancellor won't hold any punches and he'll focus on easy targets.

What contracting might look like after April 2016

Umbrella boss maps out the contracting landscape in a post-SDC world.

Osborne omits plan to payroll PSC contractors

No proposal in the AS to cap PSC contracting, but it could still be around the corner.

Why buy-to-let contractors must plan better

Shrewd contractors won't just wait for the shoe(s) to drop.

OTS asks small companies to talk tax

Answers sought on why you went 'Ltd;' how much it costs to comply and what you'd change.

Contractors' Questions: How to terminate my contract without a fuss?

Legal aid for when tricky clauses try to stop you leaving work. 

One-man bands hit hard in evasion crackdown

People who work for themselves help HMRC smash its target on jailing tax crooks.

John Lewis eyes 500 new IT workers

Retailer set to invest one million pounds in IT for each techie it takes on.

Deadline looms for company annual accounts

Seven-day processing time faces 'Ltds' filing paper forms by Dec 31st.

Contractors' Questions: Who's liable if I claim expenses but am 'SDC'?

Umbrellas (not contractors) will carry the can for undue tax relief on drink expenses.  

Contractors' Questions: Who's liable if I claim expenses but am 'SDC'?

Umbrellas (not contractors) will carry the can for undue tax relief on drink expenses.

9 Tips for Balancing Work and School

If you are like most students, you probably have to earn at least some money to keep up with living expenses.

You may even need to earn wages to offset some of the costs of your tuition and other educational expenses.

This means getting, at the very least, a part-time job.

Some students are able to balance work and school with no issues.

However, these students often do not have challenging class schedules, nor do they have particularly challenging jobs.

If you are in rigorous classes, if you work many hours per week, or if you have a job that is mentally or physically taxing, balancing work and studying becomes a big task to overcome. Don’t be discouraged. Many people have made it through college while also working.

Maybe you can apply a few of these 9 tips that are designed to help you balance work and study. If you are able to, you will find that you are a much happier student and a much happier worker. Most importantly, you may be able to use your current job to help propel yourself toward better things.

1. Be Fully Engaged

It doesn’t matter that you are working only part time. Any job you have while you are in school is going to be the first and possibly only job employers will see on your resume after you have graduated. Make the most of it, and contribute all that you can while you are on the job.

2. Talk to Your Adviser

If you read through your school’s yearly catalog, you will find a lot of advice on which types of classes students should take, how many hours they should attend school each week and when they should schedule their classes.

Unfortunately, these guidelines don’t usually take into consideration a student’s need to work. Talk to your adviser about your work schedule and they can help you find classes during times that do not interfere with work.

3. Don’t Pressure Yourself

It is much better to take an extra semester to graduate than it is to crash and burn out because you have tried to enroll in 21 hours of school while working part time. After all, you don’t want to find yourself in a bad position with your employer and your school.

4. Consider Working in the Summer

If you work in the summer, you may be able to take on a full-time schedule. This may give you a bit of a cash surplus to go toward your expenses. It can also give you the chance to get noticed by your employer.

5. Look for Work-Study Opportunities

There are a few benefits to doing this. The first is that you get paid work experience working with other students and instructors who have already accomplished many of the goals that you have set out for yourself. The second is that you will be able to closely coordinate your work and school hours.

6. Work at a Student-Friendly Business

One of the great things about living and working in a college town is that many of the businesses are understanding when it comes to the lifestyles and busy schedules of college students.

If you are looking for a job, ask other students which businesses are known for hiring college students. This will help you find an employer who understands if, for example, you need time off when final exams roll around.

7. Consider a Limited Schedule

This is especially true if you are a new freshman. In fact, it used to be the policy of many universities that freshmen could not work or even drive cars. That seems draconian now, but the policy of working limited hours seems to be a reasonable piece of advice.

After all, you can always ask for more hours to be added to your schedule. However, if you ask that our hours be reduced, you may risk seeming as though you are not capable of dealing with a rigorous schedule.

8. Get Plenty of Rest

Balancing school, work and life can be exhausting. In order to be successful at all three, you must get an adequate amount of rest. This may mean sacrificing your social life at times.

9. Be Proactive

If you have work demands that might interfere with school, or you have school demands that might interfere with work, let your instructors and employer know. They are more likely to be willing to work with you if they are made aware as early as possible. Both will also note your planning and forward thinking.

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Working while in college can be difficult, but it’s not impossible. You can succeed at both and set yourself up for a better career if you follow the tips above.

(Photo by Shantelle McLin / CC BY)

Finance Bill 2016: PSC contractors given a get-out

A 'no surprises' bill reads much better for limited companies than it does for brolly workers.

Finance Bill 2016: Travel & Subsistence Summary

Bullet point briefing on whether you can claim tax relief on expenses from April.

Finance Bill 2016: Travel & Subsistence Summary

Bullet point briefing on whether you can claim tax relief on expenses from April.

Finance Bill 2016: PSC contractors given a get-out

A 'no surprises' bill reads much better for limited companies than it does for brolly workers.

Finance Bill 2016: PSC contractors given a get-out

A 'no surprises' bill reads much better for limited companies than it does for brolly workers.

Finance Bill 2016: Travel & Subsistence Summary

Bullet point briefing on whether you can claim tax relief on expenses from April.

4 Reasons You Need an Accountant

Despite what popular culture would have you believe, accountants aren’t just human calculators.

Maybe you think they’re simply trained to fill in a tax return for some poor, unorganized soul.

In reality, they are highly trained business and finance experts with a lot to offer your company or brand.

If you don’t already have one, here are four reasons why you should consider making this all-important hire.

1. Saving You Time and Money

Nobody understands the phrase “time is money” better than a self-employed individual. In most cases, the only time you are earning is the time you are working, so anything that takes you away from your job is costing you money.

Dealing with finances then is a problem, as it is a time consuming task, especially as your company grows and has larger pools of income and/or expenses.

Bringing in a professional whose primary role is to maintain your finances means that your valuable time is not absorbed by filling in records or forms and can instead be focused on achieving business success.

2. Ensuring Tax Returns Are In Order

Confusion over tax returns, mismanagement of financial records or expenses claims that are not backed up by evidence can all lead to serious financial penalties and other difficulties that can damage, or at least interrupt, smooth business operation.

Accountants monitor and manage finances year round, through detailed bookkeeping. As a result, when tax season rolls around, you are safe in the knowledge that your returns will all be accurate and complete, and that you won’t be facing any nasty surprises later on in the year.

3. Negotiating With Suppliers

As an entrepreneur or small business owner, it is likely that your focus is on external aspects of your company. Whether it’s watching for trends, reacting to customer needs or creating marketable products or services, you are looking for ways to increase profitability from exterior sources.

An accountant however, is much more suited to looking at internal aspects of the company’s profitability, especially when it comes to suppliers. Their focus is on achieving the best prices for essential resources and therefore they are able to maximize profits by ensuring you are not overpaying for supplies.

4. Providing Business Advice

The business acumen of an accountant is not to be underestimated. While you may just be starting out on a new business venture, they have most likely been in the industry for many years. In order to become a qualified accountant, you must study the finances sector at a degree level, as well as gain a considerable amount of experience in the field.

You don’t spend all this time in the business sector without picking up a thing or two. These two sources of knowledge combined allow many accountants to become adept at spotting financial pitfalls, red flags and opportunities for improvement.

When developing a strategy, business campaign or picking up new customers, clients or property, discuss the move with an accountant as their counsel could be highly valuable. Occasionally, this advice may be difficult to hear — perhaps they suggest you avoid a move you are passionate about.

The fact of the matter is that an accountant does not have any emotional or sentimental involvement in your business or brand and can help make cold, hard, yet beneficial decisions you may have otherwise avoided.

(Photo by FirmBee / CC BY)

In HMRC Vs contractors, battle lines are drawn

Ten areas where the Revenue is squaring up to contractors -- now and for the future.

In HMRC Vs contractors, battle lines are drawn

Ten areas where the Revenue is squaring up to contractors -- now and in the future.

IT security contractors net five-figure pay rates

'Sky high' premiums on offer, notably for Cyber Security Crisis Managers.

MPs unite against curb on contractor expenses

Labour and Tory MPs team up to take on a 'short-sighted' plan to restrict T&S relief.

Companies House form-fillers get new guidance

How to avoid your company's paper documents being rejected is spelt out.

Contractors' Questions: Will changing office get round the 24-month rule?

London to Brighton is the type of 'significant distance' a client must move if you want to claim afresh.

Contractors' Questions: Will changing office get round the 24-month rule?

London to Brighton is the type of 'significant distance' a client must move if you want to claim afresh.

Contractors' Questions: Will changing office get round the 24-month rule?

London to Brighton is the type of 'significant distance' a client must move if you want to claim afresh.