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The Budget October 2021
Autumn Budget 2021 The Chancellor Rishi Sunak presented his third Budget on 27 October 2021. In his speech he set out the plans to “build back better” with ambitions to level up and reduce regional inequality. Main Budget proposals Tax measures include: a new temporary business rates relief in England for eligible retail, hospitality and leisure properties for 2022/23 a change in the earliest age from which most pension savers can access their pension savings without [...]
Taxevo’s tips on how to save money as a freelancer
When you’re busy freelancing and focusing on bringing the money in, you might not be aware of things you’re doing (or not doing) that could mean the money is then slipping back out. In this blog we look at the top ways in which you can save money as a freelancer. Time is money Being self-employed means that every second of yours is precious, and if a client wants any of that time then they [...]
Treating yourself and staff to a summer social – what you can claim as a business expense
The sun is shining, almost everything is open again and it finally feels like summer, hooray! You’ve worked hard throughout the pandemic and now that we’re all allowed to socialise again, it’s a good time to get out and enjoy everything that’s available to you. So whether you’re contracting or freelancing alone or you have employees, you’re able to claim some of the cost from HMRC. But before you go ahead and order the champagne [...]
How to avoid losing your contract if you caught Covid-19
If you’re a seasoned freelancer chances are you’ll have experienced a client cancelling a contract at some point during your career, and as a result of the pandemic work has never been more unstable for any of us. If a contract gets cancelled it’s a major inconvenience and one of the less desirable parts of freelancing, but sadly it’s inevitable. Whilst you can’t stop it from happening, you can try to prevent it and ensure [...]
When should you hire an accountant?
When you first started your contracting or freelancing career you may have had the capacity to keep on top of your accounting, but as your career grows and your accounting needs becoming more complex you may find yourself needing an extra hand. In this blog we look at when that might be and what sort of advice and support you’ll need from your accountant. How old is your business? As a new contractor you may [...]
What tax will you pay if you’re freelancing on the side?
Whilst the COVID-19 pandemic has caused an unprecedented amount of economical upset across the world, for a few it has given them the opportunity to explore the world of freelancing and what it can offer in terms of a profitable side-gig to their normal 9-5. But how can you freelance freely without getting into trouble with the taxman? In this blog we show you what tax you can expect to pay when freelancing on the [...]
Your tax year-end checklist
Ensure you make the most of your tax-saving opportunities before April 5th. The end of this tax year is almost upon us, so now is the time to act and ensure you’ve done everything you can to reduce your tax bill. In this blog we look at the top ten ideas to consider to ensure your money work as hard as possible for you. Make use of your £20,000 ISA allowance. Ensure your partner or [...]
Budget 2021 – what does it mean for freelancers and contractors?
Although Rishi Sunak’s budget today didn’t repeal the off-payroll legislation change due in April as we might have hoped, it’s not all bad news for freelancers and contractors. With the economy expected to recover to pre-Covid level by mid-2022, the Chancellor set out his plans for supporting the recovery and subsequently recovering some of the cost associated with the pandemic. For freelancers and contractors the good news is that Income Tax, National Insurance, Annual Exemption [...]
The VAT Deferral Scheme
February 11th saw HMRC announce their next COVID-19 support scheme for businesses, the VAT Deferral Scheme. Designed to help with cash flow, the scheme allows businesses to defer their VAT liabilities generated between the 20th of March and 30th of June 2020. In this blog we explore the scheme further, explain how to register, and give you other essential information. How does the new scheme work? The full deferred VAT payment was due to HMRC [...]
Your options when working inside IR35
April’s IR35 reform isn’t too far away, and now is a good time to start thinking about what you’d do if you were to be found inside IR35 and the possible impact this could have on your take home pay. In this blog we give you a general overview of your options and the facts. Option one – Work under an Umbrella company If you’re found inside IR35 your best option may be to work [...]