Up until less than a decade ago, permanent roles were arguably the most prominent way of working. However, contracting roles are becoming ever more popular and there are now estimated to be 600,000 contractors (operating via a limited company) in the UK.
There was a time when contractors couldn’t claim travel from work to home for a ‘temporary’ workplace. They were like any other permanent staff member – unable to claim back the cost of travel. Along came new legislation in 1998, which allowed travel to become claimable for contractors as long as the work place didn’t last any longer than 24…
It’s always great when you make a profit on a valuable item or asset. In accountancy terms this is called a ‘Capital Gain’. Tax is paid on the amount you ‘gain’ on the asset or item. depending on what it is you’re making a profit on and if the gain over the tax year is £11,000 or more.
Student loans are the one sore point of spending three plus years studying hard at University. Paying it back is also a drawn out process, with 9% of a permanent employee’s salary going to the student loan company once you earn over £16,910 (£21,000 if your course starts in September 2012).