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Specialist accountants for Limited company contractors and freelancers

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By PaperRocket Accounting, Oct 12 2017 01:42PM

During the TUC conference, Labour leader Jeremy Corbyn hit out at the UK’s self-employed sector, focussing particularly on the gig economy, as well as temporary workers and those in short term contracts.


There are currently 4.85 million self-employed people working in the UK – making up 15.1% of the workforce, and so it is surprising to hear the Labour leader’s negative opinions on the sector.


In his speech he discussed the rise of the gig economy and how this method of working has harmed workers’ mental health, with this type of employment refusing ‘both employees and customers basic protections’.


He also believes that companies that use contractors are a ‘source of continuous worry and insecurity for millions of people’.


This will feel like quite a slap in the face for the many self-employed people who may have voted Labour, particularly when they contribute such a significant amount of money into the country’s economy – over £119 billion.


In fact, the Association of Independent Professionals and the Self-Employed (IPSE) believe that the country will now rely more than ever on self-employed workers.


After the recent ONS report showing record levels of employment and continued growth in the number of contractors, Jonathan Lima-Matthews, IPSE’s Senior Policy Adviser, commented on the findings, “The UK Labour Market continues to show its strength and has maintained its leading position in Europe. Despite fears of complete economic collapse after the EU referendum, the UK economy still seems to be going strong for now.


“And although the significant drop in the number of people employed on zero-hours contracts is clearly positive, it also means the UK economy will now rely more than ever on the flexibility provided by the self-employed. It’s very encouraging, therefore, that today’s figures also show that an additional 23,000 self-employed people entered the workforce between April and June compared to the same period last year.”


Commenting on Corbyn’s Conference speech whereby he outlined plans for a National Education Service to help deal with the evolving nature of work, the IPSE believe that the Labour leader should be focussing on more immediate concerns, particularly with regards to the self-employed sector.


Chris Bryce, IPSE CEO, said, “In a speech as broad and extensive as Corbyn’s, we would have hoped he could have directly mentioned the value of the UK’s booming 4.8 million-strong self-employed workforce.”


“Animated by the tide of automation and technological change, Corbyn detailed some very ambitious plans for a new National Education Service. While this commitment to making education and training available across the population is heartening, it’s also important to look at more immediate concerns.


“Lifelong learning is vital, but there are short-term issues that need be addressed to allow the self-employed to flourish. As it stands, if you are self-employed, training outside your profession isn’t tax-deductible as it is for employees. In our rapidly-evolving economy, this must change so the self-employed workforce can be given the tools to continue driving the UK’s growth, flexibility and competitiveness.”


Corbyn is urging young people to look after their rights by joining trade unions and although this will of course be a great source of protection for workers, he must also understand that the self-employed route does work for so many people.


He can’t ignore the fact that there are now more people than ever before choosing to join the sector and so he should perhaps look at supporting and providing protection for these types of workers too.




PaperRocket Accounting provide accounting and tax services to professional limited company contractors and freelancers working in the UK.


We offer our clients a choice of four all-inclusive fixed fee monthly packages which cover all of their accounting and tax needs (so no hidden costs or surprise bills!). All of our accounting packages include a monthly subscription for a cloud accounting software subscription provided by the awarding winning FreeAgent.


Each of our clients is given their own dedicated qualified accountant with unlimited access in person, telephone, or by email.


We pride ourselves on our client satisfaction and customer service and were shortlisted as 'Small Practice of the Year 2016' in the AccountingWEB practice excellence awards, as well as FSB Hertfordshire Service Excellence finalists in 2015 and 2016.


To find out how we can help you please get in touch now.





By PaperRocket Accounting, Oct 10 2017 04:15PM

With the recent announcement by Chancellor of the Exchequer, Philip Hammond stating the Autumn Budget date, trade body PRISM is urging the government to stop and think before extending IR35 rules to the private sector.


On his Twitter feed, Hammond uploaded a YouTube video announcing that the Autumn Budget is to take place Wednesday 22nd November.


He stated: “One of the most important dates in the Parliamentary calendar is Budget Day, when I as Chancellor of the Exchequer go to the House of Commons and review our economic performance, set out our plans for raising taxes that we need over the coming years, and how we intend to spend them to support our public services.


“It’s also when we set out our thinking on how to keep the economy strong and resilient and fair. An economy that works for everyone.”



IR35 private sector reform rumours


From April 6th 2017, new rules were set in place concerning contractors working in the public sector with regards to their IR35 status, meaning that it is now the public sector body that is responsible for assessing a self-employed worker’s IR35 status – a change that many contractors were less than happy about.


As a direct result, many contractors were choosing to turn their back on the public sector in order to avoid any IR35 issues and now there are rumours that the private sector might face the same fate.


A survey carried out earlier in the year by Qdos Contractor found that as many as 48% of self-employed professionals said that stories surrounding a potential private sector IR35 reform were a number one business concern.


Contractors were questioned on how they felt about the latest rumours:


• 36% said that they wouldn’t be put off from being self-employed should the rumours came true

• 33% would consider going into permanent employment

• 19% would consider a different career to contracting

• 12% would look at other options, such as early retirement or working overseas.


Now, trade body PRISM has pleaded with the government to think over any plans that might mean the latest IR35 public sector reform extends to the private sector.


Crawford Temple, CEO of PRISM, commented, “The IR35 legislation, as it stands, contains incentives and protections for both recruiters and workers to seek out providers who offer high-return but non-compliant solutions. Since its introduction, we have seen an increase in non-compliant offerings, with many able to fold when approached by HMRC.


“The regulation in its current form means it is highly unlikely that HMRC will be able to collect any taxes due from the non-compliant providers, and therefore, the anticipated tax gains will be significantly reduced.


Temple added, “Extending these rules to the private sector will exacerbate the problem and will not deliver the expected HMRC returns. The long-term answer is a structural reform of the tax system rather than a sticking plaster approach of tweaking rules.”



PaperRocket Accounting provide accounting and tax services to professional limited company contractors and freelancers working in the UK.


We offer our clients a choice of four all-inclusive fixed fee monthly packages which cover all of their accounting and tax needs (so no hidden costs or surprise bills!). All of our accounting packages include a monthly subscription for a cloud accounting software subscription provided by the awarding winning FreeAgent.


Each of our clients is given their own dedicated qualified accountant with unlimited access in person, telephone, or by email.


We pride ourselves on our client satisfaction and customer service and were shortlisted as 'Small Practice of the Year 2016' in the AccountingWEB practice excellence awards, as well as FSB Hertfordshire Service Excellence finalists in 2015 and 2016.


To find out how we can help you please get in touch now.


By PaperRocket Accounting, Oct 9 2017 10:24AM

We’re excited to announce that experienced accountant, Nikki Norman, has recently joined the PaperRocket Accounting team.


Nikki brings with her nearly 10 years of experience working in the contractor accounting sector, and providing excellent customer service is her passion. She has vast experience in all aspects of contractor accountancy, including IR35, personal tax planning and company formations. Her goal is to make your life as a contractor as easy as possible.


Outside of accountancy, Nikki enjoys spending time with her young family, and being inspired by the Great British Bake Off!


Nikki says ‘I am thrilled to be joining PaperRocket, a company renowned for its excellent customer service- something that I am passionate about’.




PaperRocket Accounting provide accounting and tax services to professional limited company contractors and freelancers working in the UK.


We offer our clients a choice of four all-inclusive fixed fee monthly packages which cover all of their accounting and tax needs (so no hidden costs or surprise bills!). All of our accounting packages include a monthly subscription for a cloud accounting software subscription provided by the awarding winning FreeAgent.


Each of our clients is given their own dedicated qualified accountant with unlimited access in person, telephone, or by email.


We pride ourselves on our client satisfaction and customer service and were shortlisted as 'Small Practice of the Year 2016' in the AccountingWEB practice excellence awards, as well as FSB Hertfordshire Service Excellence finalists in 2015 and 2016.


To find out how we can help you please get in touch now.




By PaperRocket Accounting, Oct 2 2017 04:00AM

There are now more people than ever before joining the self-employed sector – whether as a freelancer, limited or umbrella company contractor. And when you consider the numerous benefits that come hand-in-hand with this way of working, it’s no surprise to see why.


In previous years, most people were forced into the contracting lifestyle, either through redundancy or just not being able to find permanent work. However, this has all changed, as more people are realising what they can gain from this way of working.


Of course, contracting isn’t for everyone, depending on which method you choose to follow there will be a degree of extra responsibility and there is a lot of hard work involved along the way – but it is also an extremely rewarding career choice.


Here are just a few of the advantages that come with the self-employed lifestyle:



Having the opportunity to earn more money


As a contractor, you could potentially earn more than a permanent worker in the same role.


The majority of contractors can charge a daily or hourly rate much higher than a permanent employee, and there’s also the fact that your individual skills and your industry could set your rates even higher.


There’s the opportunity to take on as much work that you can, so in a way creating your own ’overtime’ meaning that there’s the chance to earn extra money if you so wish.


There’s also the fact that you are able to claim back on expenses that are made for the running of your business, which will in turn reduce your tax bill at the end of each year – if you contract through your own limited company, you will be able to claim on a much larger and wider range of expenses, as well as being entitled to money saving tax benefits.



A better work / life balance


For many people, although the idea of earning more is a key factor for joining the contracting sector, there are many who enjoy the better work / life balance that comes with it too.


You will have more freedom and flexibility compared to permanent workers, meaning that you can work when you want and take holiday days as little or as often as you wish (although just remember you won’t get paid for this time off).


Many working parents find this particularly useful when trying to juggle their home and work life with children.



Gaining skills and experience


As a contractor, you will have the opportunity to gain significantly in terms of skills and experience.


Being self-employed means that you will need to be constantly finding new contracts and clients – being able to work with so many different people and in various industries will really help in developing your career.



Hiring an accountant


Many people may worry about the financial / paperwork side of becoming their own boss, in terms of how they will tackle those annual self-assessment tax returns, tax liabilities and ensuring everything will be filled out correctly and turned in on time.


Finding the next contract and carrying out work should be your priority and so having the option of hiring an accountant can be such a help.


Some people think that having an accountant is a luxury, but as long as you find a good one – either through doing your own research or word-of-mouth, they really can be a vital source of professional advice and guidance, saving you money in tax savings, as well as ensuring that you meet all of your legal obligations and deadlines.


Just ensure that they are qualified, specialise in self-employed accounting and offer a fixed monthly amount to avoid any surprise bills at the end of the year!




PaperRocket Accounting provide accounting and tax services to professional limited company contractors and freelancers working in the UK.


We offer our clients a choice of four all-inclusive fixed fee monthly packages which cover all of their accounting and tax needs (so no hidden costs or surprise bills!). All of our accounting packages include a monthly subscription for a cloud accounting software subscription provided by the awarding winning FreeAgent.


Each of our clients is given their own dedicated qualified accountant with unlimited access in person, telephone, or by email.


We pride ourselves on our client satisfaction and customer service and were shortlisted as 'Small Practice of the Year 2016' in the AccountingWEB practice excellence awards, as well as FSB Hertfordshire Service Excellence finalists in 2015 and 2016.


To find out how we can help you please get in touch now.



By PaperRocket Accounting, Sep 25 2017 03:04PM

Changes were made earlier in the year regarding the budget timetable, with the very last ‘Spring Budget’ announced last March.


Now, there will be just one Budget a year – news that was very much welcomed by UK businesses, as it will mean that there are fewer changes to the tax system throughout the year to worry about, which according to the Government will help to promote more certainty and stability.


The Office for Budget Responsibility (OBR) is required by law to produce two forecasts a year, and so one of these will remain at Budget, the other will fall in the spring and the government will respond to it with a ‘Spring Statement’.


The new annual Budget will take place in the autumn from now on and the Chancellor of the Exchequer, Philip Hammond, has announced the date that the government will publish its Autumn Budget – in what would be considered an unconventional way via a YouTube video on Twitter.


On his Twitter feed, Hammond wrote ‘Today I’m announcing the date of the next Budget. Watch as I explain why it’s one of the most important days of the parliamentary calendar’.


In his video, he says, “One of the most important dates in the Parliamentary calendar is Budget Day, when I as Chancellor of the Exchequer go to the House of Commons and review our economic performance, set out our plans for raising taxes that we need over the coming years, and how we intend to spend them to support our public services.


“It’s also when we set out our thinking on how to keep the economy strong and resilient and fair. An economy that works for everyone.”


The Autumn Budget will be held on 22nd November and it will be the first since Theresa May’s snap election where her gamble didn’t quite pay off as expected.


The boss of umbrella company CWC Solutions, Carolyn Walsh, commented on the upcoming Budget. She said, “If any legislation were to be amended or reformed from April 2018, we will see draft legislation and a request for responses at the very least being published around November.”


She added, “Considering the IR35 reform was aimed at the public sector which the government can more easily control, any reform of the existing IR35 legislation would need to take into account the cost of implementation. I don't believe that can be done without a proper consultation [first].”




PaperRocket Accounting provide accounting and tax services to professional limited company contractors and freelancers working in the UK.


We offer our clients a choice of four all-inclusive fixed fee monthly packages which cover all of their accounting and tax needs (so no hidden costs or surprise bills!). All of our accounting packages include a monthly subscription for a cloud accounting software subscription provided by the awarding winning FreeAgent.


Each of our clients is given their own dedicated qualified accountant with unlimited access in person, telephone, or by email.


We pride ourselves on our client satisfaction and customer service and were shortlisted as 'Small Practice of the Year 2016' in the AccountingWEB practice excellence awards, as well as FSB Hertfordshire Service Excellence finalists in 2015 and 2016.


To find out how we can help you please get in touch now.


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