During the delivery of his statement, George Osborne proudly declared the ongoing decrease of unemployment, directly referring to the increase of the self-employed population now equalling almost 15% of the UK’s entire workforce. Despite this, the 2014 statement had a very small amount of implications for this expanding sector of the workforce. We have listed a handful of the points taken from the statement that could affect you a contractor within the upcoming year;
The Chancellor George Osborne delivered his final Autumn Statement of this Parliament amid ongoing economic uncertainty. The key indicators paint an unclear picture. The UK economy is now expected to grow faster in 2014 than any other developed economy including the Eurozone.
Following his presentation at Recruitment Live, in which he described the changing world of work and the corresponding challenges for recruiters, he outlined the importance of choosing a good platform from which to work from a technology point of view, but was keen to emphasise the need to ensure recruiters had the necessary skills to match candidates to clients successfully.
To give a little back, HMRC allows a tax exemption to Limited Companies for each employee up to the cost of £150 towards the expense of attending an annual work event or events. This applies to all Limited Companies – small or large.
Further to publication of the Onshore Intermediaries Legislation and proposed reporting requirements in early 2014, there appears to be possible confusion amongst some of the Recruitment community with regards to the risks associated with their workers using PSC’s (Limited Companies) as their payment supply models.
On the move constantly, no specific desk for more than a couple of months let alone office space. Every contractor needs to have the gadgets to match the way the working life they carry out therefore, we have chosen a few we think could benefit most of you on-the-go individuals in order to add to your Christmas list;
Russell K. Lewis : “Ultimately using an Umbrella Company did not maximise my take home pay which is why I chose to move to a Limited Company option”
Contractor News: UK’s first self-employed ambassador announced & Maternity pay for self-employed mothers
Following the celebration of National Freelancer Day on Wednesday 19th November earlier this month, the Government announced the appointment of David Morris MP as the UK’s first ambassador for the self-employed community. Mr Morris will be the go-to man for freelancers and contractors throughout the UK, which can only mean good news for this ever-growing workforce.
Some would say working from home is a luxury however others may find it hard to concentrate and actually produce good quality work when they are not in professional and structured working environment. If this relates to your situation there may be certain elements that you may need to review and change in order to ensure you are working as effectively as possible as a Contractor working from home.
The Flat Rate Scheme is a VAT option a business or company can opt into to determine the way in which they pay VAT back to the HMRC and more importantly, how much they have to return.