Automated letters can cause stress for contractors when the information given in the letter is incorrect or alluding to a tax payment that is not due. Here we detail what these automated letters can say and how to handle receiving one.
Keeping accurate business records means you (or your accountant) have the correct information in regards to income, business expenses and more. Keeping good business records will mean you are able to file your tax returns correctly and pay the right amount of tax.
Retainer agreements are regular payments by a client to a contractor or freelancer. They give the client ongoing access to the time and skills of the service provider, usually in a pre-agreed schedule. Retainer agreements are used by some contractors to provide a stable income for a set amount of time to overcome periods of instability.
Working for yourself and setting up your own limited company offers many benefits. However, it unfortunately means you lose some of the benefits that are offered to permanent employees, such as sick pay. Whilst it is not a subject anyone wants to think about, it is worthwhile having the relevant insurances in place in the unlikely event that something may…