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The Advantages of Accountants for IT Contractors

Admin POK — Mon, 12 Mar 2012 20:54:11 +0000

There are many advantages of paying a contractor accountant to look over your accounts and manage your expenses; especially in you’re an IT contractor. In this article we look at the insights and advice that a good IT contractor accountant can offer to your limited company and not just how to avoid falling into the IR35.

Self employment is on the rise and recently IT contractors were hailed as the most successful group of freelancers in the country. After all, there’s nothing quite like the freedom, control and enjoyment of being your own boss. For this reason many people go contracting by registering their own limited company.

In some instances, contractors, consultants and freelancers are able to not only command more respect in their role as an outside adviser, but can also demand much higher daily rates of pay.

When will you need an IT contractor accountant?
So once you’ve established your own limited company, eventually, inevitably in fact, you will need a good accountant.

While you can manage your own accounts, there are many advantages to having your own contractor accountant. Not only will they ensure that you meet tax deadlines, but they will also make sure that your tax submission is accurate and help you to make your operating tax as efficient as possible too.

Other benefits of paying for an accountant include the handling of expenses. You may not even be aware that as an IT contractor you can claim back on accountancy fees, travel, stationary and postage, business calls, work equipment, fuel for your company car and even a meal allowance.

Chances are that as an IT contractor you will require a good deal of top of the range equipment while travelling regularly, making numerous business calls and probably having to eat on the go more often than not. A contractor accountant can help with all of these expenses and make you aware of many more.

Not only that, but a good contractor accountant will also do their best to ensure that you do not fall into the IR35 and end up having to pay more tax than you really ought to.

Tax can be complicated, just to give you an idea HM Revenue and Customs Expenses Policy booklet is over 100 pages long, so it makes sense to have accountants for IT contractors who can make sense of it all. Because a contractor accountant will not only help you to claim for countless expenses, but will also cover their fees in doing so and net you even more money to make your limited company as profitable as possible.

Could Bodysuits also be a new market sector of the UK Economy?

Admin BCE — Mon, 12 Mar 2012 11:07:44 +0000

At a recent Transition Towns networking meeting we were discussing setting up a local business fair. The idea being to stimulate the local economy by bringing together businesses that are run by businesses set up locally for local people using regionally produced products and services. There could be a organization to organization section where connections could be made to help local businesses get to know exactly what was being made in the uk and how their own organisation might get involved in helping to keep cash moving around in their own region. And there could be a b to c section so that ordinary consumers could find out what they could buy that hadn’t travelled half way round the planet to reach them.

All in all it sounded like a perfect plan but when we came to investigate what types of small business owners were actually sourcing their products from regional locations we began to wonder if there were any of these around anymore. Yes, there are still some local manufacturers on a small scale in the local surroundings. We have a local factory but that sources its raw materials from other parts of the world on the commodities market. What about lingerie? Do we have any clothing manufacturers locally? Could anyone find undergarments, such as bras and bodysuits, that had been made in the region or is it all freighted in from asian locations where labour costs are cheap? As long as oil remains available then we will all be able to source components around the world. But how long will it be before the price of oil skyrockets and by then, will we have discovered the complete answer that will provide us with unlimited hydrogen cells to power the changeover to electric trucks and electric aeroplanes?

Stimulating the regional economy at different locations with a local currency, as they have been doing in Totnes and Brixham, needs local organizations to join together to keep that currency circulating locally. If it just evaporates as soon as it gets spent with a local trader because their chain of supply have to be paid in a foreign currency then we will continue to have a worsening regional economy.

Getting Around IR35

Admin POK — Thu, 19 Jan 2012 11:33:45 +0000

IR35 has always been an area that contractors want to avoid dealing with. For contractors IR35 is like a spot full of pus which you know is there, but are hesitant to pop it – because mother told you never to pop your spots. The fact of IR35 is that many contractors find it unjust – with no facts or figures since 2010 to actually prove the effectiveness of this piece of legislation. Contractors just do not like IR35 for obvious reasons, but it leaves a bitter taste in the mouths of contractors nationwide when the ‘Office of Tax Simplification’ calls upon the new coalition government to be culled or reviewed in 2011 – just for the government to ignore the request ( the conservative party had previously stated that they would abolish IR35….). So in the year 2012, any contractor must ask themselves, ‘how to I work around IR35?’

IR35, Do I fall under it?

Any contractor must make sure that they do not fall inside IR35 legislation, and the way to avoid this is to clearly provide all the necessary paperwork and documentation that you are a ‘self-employed contractor’. If any contractor is unclear as to what the terms of IR35 are, it is possible to go to the HRMC website and find out all the facts there – straight from the source. However, sometimes looking at all the legal technicalities can be slightly perplexing and overwhelming – which is where contractor accountants come in. Speaking to a specialist contractor accountant can really lift the hazy complex of IR35, giving you understanding and perspective upon how to deal with it.

Specialist Contractor Accountants

With most good contractor accountants, they will give you the option of having a free verbal IR35 contract review – which is of much use to any contractor in the UK. On top of this, you can ask for a written report of your IR35 situation – which will highlight your areas of weakness, showing the areas you need to improve on. Remember that no-one can fully insure you against IR35 though. Buying ‘IR35’ insurance will only cover legal fees to help and defend your case, but ultimately it is down to the judgement of HMRC.

It is possible to cut the amount of tax you pay from 100% to 95% by working through your own limited company, which is a way to maximise ‘take home’ money. Yet, also with this it is always best to seek the advice of a specialist contractor accountant who will be able to supply you with solid legal advice as to how to keep as much money as you can.

IR35 is always out to get contractors whether you like it or not. IR35 is essentially very simple, but having a contract which words your way out of it is not enough – you must implement all the things your contract states into practice to really avoid coming a cropper to the dealings of the HMRC.

Easily Prevent Thieves from Stealing your Mobile Phone.

Admin POK — Wed, 04 Jan 2012 17:19:46 +0000

This month saw the release of the new apple iPhone 4s, the newest technology in mobile communication and entertainment. With mobile phones like the iPhone 4 and other smart phones being worth more than five hundred pounds, the motivation that gang members and criminals have to steal a mobile phone has never been so high. The Metropolitan Police have reported that around 10,000 mobile phones are stolen each month. This incredibly high rate of theft is down to the fact that these expensive phones are very small, making them a perfect financial target for criminals.
Obvious Tips which are commonly ignored.
“Keep your phone secure in a bag or handbag if you are not using it and try to use your phone’s security lock code. Also take a note of the ESN (electronic serial number and the phone’s IMEI number. If possible, mark your mobile with address and postcode and, importantly, let the police know as soon as your phone is lost or stolen.”
- The Met Police.
There are also a number of things to avoid doing. For example, make sure you don’t attract unwanted attention to your mobile phone as you enter and leave public places like pubs and clubs. Don’t leave your phone in your car unattended and if you do, make sure it is locked away and out of sight.
Taking these safeguards should reduce the risk of theft, but won’t provide you with compensation in case your mobile phone is stolen, lost or accidentally damaged. It is possible, however, to insure your mobile phone and receive compensation for any damage, theft and airtime abuse.
The Great Benefits of Mobile Phone Insurance
Many phone protection policies will provide you with a variety of different benefits. Below are just some of the benefits of investing in mobile phone insurance ..
- If your phone is used by someone else then you are covered for up to £1,000 for unauthorised calls.
- Swift replacement of your mobile phone within a number of days.
- Wherever you are in the world your phone can be protected.
- In the case of your phone breaking, many insurance policies will fix the problem.
- Police approved databases make your odds of being reunited with your phone (and contents like photos, music and contact details) much greater.
In conclusion, risk to losing or having your mobile phone can be minimalized with simple common sense. However with criminals always finding new methods of claiming your phone, it is also to invest in mobile phone insurance also.

Use Life Insurance Comparison.uk.com and save your money

Admin BCE — Fri, 16 Dec 2011 08:13:30 +0000

Please never buy life insurance from your own bank, instead I saved more than £134 per year buy using Life Insurance Comparison.uk.com

Sitting in an airport lounge waiting for a flight connection is probably the dullest way of spending time I know, apart from waiting for the AA which is also up there in my list of things I would do less than go to have root canal work done by an inexperienced dentist. The process of waiting for a plane however can be transformed by WiFi which if you are lucky enough to be able to access from one of the comfy seats rather than the wooden seats in the Starbucks franchise is all the better almost making the whole process bearable. With two hours to kill I sat down and decided to work though as many emails I could, so reducing the time I would have to spend doing this at home. On this occasion this was all going pretty well with the delete button being pressed at an ever increasing rate until I came across an email from my travel insurance provider letting me know that the cost of my renewal would be about ten pounds more than I had paid the previous year, although the increase was affordable I thought that it would be worth spending a couple of minutes getting an alternative quote as, lets face it, what else did I have to do for a few minutes? As it turned out I could save myself ten pounds on the annual premium I was currently paying. Once you’ve saved a few pounds you get a taste for it. On another table along the top of the web page I could make a Life Insurance Comparison, find critical illness cover and other financial products. Saving money or rather stopping yourself wasting any more money is a tremendously empowering feeling and rather addictive.

Source: http://www.lifeinsurancecomparison.uk.com/blog/2011/12/16/use-life-insurance-comparisonukcom-and-save-your-money/

I found a site called Mortgage Protection Quotes and saved loads!

Admin BCE — Wed, 14 Dec 2011 13:52:56 +0000

Having always been an advocate of the fixed rate mortgage since buying my first home some twenty two years ago, I have only recently reached the end of a five year fixed-rate mortgage which, in retrospect wasn’t the best deal I have ever signed up for. Although the interest rate was not stupidly expensive it certainly meant that I wasn’t as well off as I could’ve been for a number of years, although I have to remind myself that the reason I elected to fix the costs was just in case the costs of borrowing sky rocketed leaving me with an unaffordable mortgage and the potential for repossession. What I have done, however, is to change the things I can change and decided that the mortgage was a thing that I couldn’t change so I wouldn’t cry over spilt milk. The comparison websites that dominate every advert break truly hand control of people’s money back to the people and I love the democratic way that the masses can vote with their feet and walk away from companies that they deem to be too expensive and move to companies that appear to be more welcoming, at least initially that is. I am aware that these companies do seem to lay on the charm to entice people into their lair after which they will try to increase the costs for the unsuspecting, but I intend to move my business to a new home when I begin to feel that they are trying to take me to the financial cleaners. I regularly sit down and review all my finances by logging on and getting a quote for life insurance on a website called mortgage protection quotes and check to see if my electricity and gas suppliers haven’t altered their tariffs to a rate that benefits them rather than me.

Source: http://mortgageprotectionquotes.org/blog/2011/12/14/i-found-site-called-mortgage-protection-quotes-and-saved-loads/

The Life Insurance Compare website saved us the most money

Admin BCE — Fri, 09 Dec 2011 13:46:03 +0000

A colleague of mine at work has recently had the news that her partner is about to be made redundant and like so many people her age had been spending virtually all their combined income without saving anything for a rainy day. I suppose they are relatively fortunate that she still has a job and that he’s quite prepared to do anything to bring in some money and believes he can pick up some temporary shift work in a factory but it won’t make up for the shortfall. They were faced with a scenario of having to save a few hundred pounds a month if they were to remain with their heads above water and stay solvent so they have had to sit down and analyse their entire spending to see what could be cut back on, what could be cut out all together and what they needed to prioritise like rent. There were a few quick wins; Sky was cancelled as was gym membership and direct debits to lottery syndicates etc. Charities have been shelved temporarily as have anything that wasn’t vital. She then used the comparison websites to source better deals on the home insurance, car insurance and life insurance, where she found a site called life insurance compare and made the biggest saving. In most cases she was able to save a few pounds to chip away at her shortfall.

Source: http://www.lifeinsurancecompare.uk.com/blog/2011/12/09/life-insurance-compare-website-saved-us-most-money/

The Mortgage Protection Insurance website saved us the most money

Admin BCE — Wed, 07 Dec 2011 09:09:32 +0000

A colleague of mine at work has recently had the news that her partner is about to be made redundant and like so many people her age had been spending virtually all their combined income without saving anything for a rainy day. I suppose they are relatively fortunate that she still has a job and that he’s quite prepared to do anything to bring in some money and believes he can pick up some temporary shift work in a factory but it won’t make up for the shortfall. They were faced with a scenario of having to save a few hundred pounds a month if they were to remain with their heads above water and stay solvent so they have had to sit down and analyse their entire spending to see what could be cut back on, what could be cut out all together and what they needed to prioritise like rent. There were a few quick wins; Sky was cancelled as was gym membership and direct debits to lottery syndicates etc. Charities have been shelved temporarily as have anything that wasn’t vital. She then used the comparison websites to source better deals on the home insurance, car insurance and life insurance, where she found a site called Mortgage Protection Insurance and made the biggest saving. In most cases she was able to save a few pounds to chip away at her shortfall.

Source: http://www.mortgageprotectioninsurance.uk.com/blog/2011/12/07/mortgage-protection-insurance-website-saved-us-most-money/

I thought I knew almost everything until my uncle suggested that I was being screwed off with my insurance plan, I used Mortgageprotecioninsurance.uk.com

Admin BCE — Fri, 02 Dec 2011 09:29:31 +0000

My wife and I sat down the on Sunday evening to watch Bergerac and half way through the first advert break there was an advert called Mortgage Protection Insurance. My wife reached for the remote and paused the television program and asked me was that the insurance that our financial adviser had been discussing with us a few weeks ago. I wasn’t sure, but after the program I checked through the notes of the meeting he had sent and it turned out to be exactly what he’d suggested that we should take out. As I understand it the policy is designed to pay out a proportion of my wages should I be unable to work through illness or injury and following a set time period. We then logged onto the financial comparison websites to see if what he was offering was indeed good value and whether we could get the same type of insurance any cheaper. What I find so surprising is that virtually no one seems to know about or even heard about this type of cover. I have spoken to friends and colleagues at work and no one has heard of it which either begs the question, if no one has heard about it why not, or am I being given the wrong suggestions by my financial adviser? There could be a third option of course that is that the advice my friends and colleagues have received isn’t as good as the advice I’ve received. Anyway, it seems like a pretty good idea to me as it seems to be one of the few ways that I can protect everything else I pay for.

Source: http://www.mortgageprotectioninsurance.uk.com/blog/2011/12/02/i-thought-i-knew-almost-everything-until-my-uncle-suggested-i-was-being-screwed-my-insurance-plan-i-used-mortgageprotecioninsuranceukcom/

Get a life insurance comparison as part of a financial overhaul

Admin BCE — Fri, 18 Nov 2011 07:39:25 +0000

My daughter has recently taken a new job role for a big company in Staffordshire, England. My wife and I helped her move in to her house not far from the office and I took charge of making sure she had a telephone and that she shopped around for a deal that would provide internet and calls for a reasonable price. During our stay we were able to log on to the internet and systematically work down through her direct debits to save her money. Buildings and contents was a must and getting a life insurance comparison was available for a few clicks on a mouse. When we left her she said she couldn’t believe just what savings were possible and what a worthwhile exercise it had been and she has certainly learned a valuable lesson which I hope she passes onto others. My wife has told me that since we’ve returned home my daughter has now saved money on her mobile phone too and you can probably understand how proud that makes me feel.

Source: http://lifeinsurancecomparison.uk.com/blog/2011/11/18/get-life-insurance-comparison-part-financial-overhaul/

Get finance help direct with your debt management and credit card debt

The Advantages of Accountants for IT Contractors

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Could Bodysuits also be a new market sector of the UK Economy?

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Getting Around IR35

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Easily Prevent Thieves from Stealing your Mobile Phone.

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Use Life Insurance Comparison.uk.com and save your money

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I found a site called Mortgage Protection Quotes and saved loads!

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The Life Insurance Compare website saved us the most money

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The Mortgage Protection Insurance website saved us the most money

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I thought I knew almost everything until my uncle suggested that I was being screwed off with my insurance plan, I used Mortgageprotecioninsurance.uk.com

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Get a life insurance comparison as part of a financial overhaul

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