Blogs

Sole trader accounting can seem challenging, especially if you’re used to working as a salaried employee and having your monthly wage arrive in your account with the relevant deductions already made! But don’t worry – we’ve put together a simple guide to sole trader tax obligations.

Running a small business is notorious for being one of the most demanding yet rewarding professions a person can choose. But are you cut out for it? We have summarised some of the pros and cons of running a small business to give you a balanced view.

Among the self-employed, working from home has long been the norm. Some of us, though, are relatively new to it. Discover which expenses you can claim, and what tax reliefs you are entitled to when working from home here.

The number of people becoming self-employed seems to be on the rise, but the big question is – should you be joining them? Here’s a rundown of the pros and cons of becoming self-employed to help you decide.

You should be wary of the pitfalls that can occur when completing your Self-Assessment. These common mistakes could cause delays or trigger an HMRC investigation. Find out how to avoid making those mistakes here.

Operating as a sole trader is a very popular choice and has numerous benefits. Read our simple guide on how to register as a sole trader and the responsibilities that comes with it.

Operating through a Limited Company can be highly rewarding for contractors and freelancers. The initial process can seem daunting, but we’ve broken it down step by step to shed some light on the process of setting up a Limited Company.

If you work for an employer, tax is relatively simple. But if you’re self-employed, you’ll need to complete an annual Self-Assessment tax return. Find out what this involves here.

Running a small business can be both challenging and rewarding. To ensure success, you’ll need to understand the basics of accounting so we’ve compiled a guide to small business accounting to make it clearer. Take a look.

Operating as a Limited Company is a popular choice for small businesses. Find out what a limited company is and the benefits of forming one here.

Online accountants offer numerous services that small businesses can benefit from. If you’re a small business owner, find out how an online accounting service can take those time-consuming responsibilities off your hands here.

Understanding Capital Gains Tax is crucial if you own valuable assets or plan on investing. Read our guide on Capital Gains Tax and discover how your area of investment is affected

Accounting for startups isn’t always as simple as taking on an existing business with lots of setup and structural aspects to consider. However, on the finance side, there are incentives on offer in the UK to help these budding enterprises grow. 

More and more people are choosing to start their own business. Should you register as a sole trader or form a limited company? Find out more in this post.

Whether it’s down to the pandemic or you’re dissatisfied with your current role, many people are considering starting out of their own. Take a look at what it means to be a sole trader.

If you’re a small business owner, you may be considering accounting services rather than managing the books on your own. Learn how an accounting service can help your business here.  

Self-assessments. We have all heard of them, you maybe even know what they are. However, here at QAccounting some of our most frequently asked questions are about self-assessments. So below we have outline some of the most common questions we get asked, and the answers we get so tired of giving… just kidding.

If you are looking at going self-employed, then setting up as a Limited Company (LTD) may be the best option for you.

Here at QAccounting we are part of one of the UK’s largest contractor service providers. We started operating over a decade ago (around the same time DFS started their first sale) and have been dedicated to serving self-employed professionals ever since. One of the perks of choosing and accountant like QAccounting is that we offer all of our accounting services online.

Changing accountants is considered difficult, but is it really that tricky?

What qualities do fantastic accountants have? How to spot great online accountants  The questions you’re likely to ask before engaging an accountant aren’t too dissimilar from the ones you might ponder over when buying any other product or service. For example, does it offer value for money? How well does it cater to my specific needs? Is it high quality? Is the company selling it trusted by others? 

Vital for freelancers, contractors, sole traders and small businesses

Is there an IR35 solution for next year’s changes? After MPs gave changes to the off-payroll working rules the green light in Parliament recently, there is now no turning back as far...

What do independent workers need to know about securing a contractor mortgage?

From tax investigations to client disputes and defamation

The latest IR35 news explained to contractors in layman’s terms

The events last month that impact freelancers and contractors Faltering business confidence resulting from COVID-19 continued to dominate the headlines in April, with the impact of the virus far-reaching and, in some...

How important are contractor legal services? What are contractor legal services, and why might you need them? Despite a backdrop of economic uncertainty and tumultuous legislative reform, the UK’s self-employed workforce has...

The financial support available to limited company contractors affected by Coronavirus The last year has been a whirlwind for the self-employed and in particular, limited company contractors. From the IR35 private sector...

The changes, their implications and your options explained The delay to off-payroll working reform in the private sector means contractors will carry on setting their IR35 status until 6th April...

How to find an accountant who genuinely specialises in IR35 If you’ve been shopping around for a contractor accountant recently, you may have seen a few marketed as ‘IR35 accountants’....

Coronavirus puts the brakes on IR35 reform, which will now be enforced in 2021 The COVID-19 outbreak has led the Government to postpone the extension to the off-payroll working rules...

If you’ve landed here, then chances are you’re considering self-employment. Perhaps you’ve been thinking about contracting so you can take full control of your career. Maybe you’re facing redundancy and...

Reform to the IR35 rules has been paused, but only until April 2021. According to HMRC statistics, only around 10% of limited company contractors who should comply with the off-payroll...

The private sector IR35 reform is rapidly approaching – it’s now just a month away. Despite a call for evidence issued by the House of Lords (which closed on the...

The benefits of hiring a trusted online contractor accountancy From saving time to maximising tax efficiency and ensuring compliance, there are plenty of reasons why many contractors choose to engage...

After the General Election, Boris Johnson has an opportunity to win back the support of contractors in 2020, many of whom feel they have been let down in recent years....

How to Prepare for IR35 Reform in 2020 If you’re a contractor with a personal service company, also known as a PSC, it’s very likely that you’ll have heard of...

A Closer Look at Why You Should Engage a Contractor Accountant As you take the leap into freelancing or contracting, you’ll likely ask yourself an important question: ‘should I engage...

What are your responsibilities as a limited company contractor? With nearly 5m people now working for themselves in the UK, there are more freelancers, contractors and small businesses on these shores...

Fresh concerns raised about recruiters’ readiness for IR35 reform Are Recruiters Ready for IR35 Reform? Well with little over six months to go until IR35 reform is extended to the...

Not for the first time, contractors impacted by IR35 outline a lack of faith in HMRC With further IR35 reform on the horizon, contractors have made it clear to the...

Contractors poised to leave projects if handed IR35 ultimatum  What would you do if, as a limited company contractor working outside IR35 in the private sector, next April you were...

Our best tips for Staying Outside IR35 From April 2020, contractors working with medium and large private sector companies will no longer be able to determine their own IR35 status....

What are your options when working inside IR35? While incoming IR35 reform does not necessarily mean that as a contractor you will be placed inside the rules by your engager,...

How could IR35 reform impact the oil and gas sector? While statistics tell us that Britain’s oil and gas sector accounts for around just 1% of the oil produced globally,...

Mistakes to avoid when preparing for IR35 reform. A sea change in the contracting world will hit the private sector next April. Under new rules for administering the IR35 legislation,...

Latest HMRC guidance on private sector IR35 reform disappoints Expectations that HMRC would make serious efforts to help recruitment agencies and end-clients implement incoming IR35 reform fell flat last week,...

Company Insurance Insurance for contractors is one of those necessities that we would rather do without. Whether you require business insurance as a contractual obligation or you want to take...

Personal Approach It doesn’t matter how many technological advancements occur in the world of accounting, whether it is automated bank reconciliation, virtual document hubs, mobile expense tracking or online accounting...

All contractors will at one time find themselves on the bench. This is the period between contracts when your latest assignment has finished, and your new contract has either yet...

Switching to a New Accountant With the hangover of New Year’s Eve now a faint and distant memory, you will have undoubtedly witnessed the barrage of social media posts pledging...

IR35 affects anyone operating via a Ltd company and is something that you should be aware of as a contractor. Anybody thinking of going Ltd or anyone picking up a...

Revenue set out strategy for becoming top organisation HMRC has recently published its corporate strategy to become a “world-class organisation” underpinned by the values of professionalism, integrity, respectfulness and innovation....

Pecuniary liability principle Under the pecuniary liability principle, where an employer settles a personal bill on behalf of an employee, whether Class 1 or Class 1A NIC are payable, depends...

When paying PAYE earlier might be beneficial There are special rules that determine when an employee is deemed to be paid for tax purposes. Basically, the legislation seeks to ensure...

HMRC penalties could be suspended – conditions apply Where a tax return contains an inaccuracy that was due to the taxpayer failing to take reasonable care, then that error is...

What are the new off-payroll rules? Up until now, contractors earning a rate of £220 per day or more or on contracts of more than six months have had to...

The purchase of a property through a business can be very tricky and there are numerous things to think about if deciding to do so. Specialist advice is recommended. If...

Childcare Vouchers if you are a Limited Company Director: How? Where? When? Are you a Limited Company Director looking to save money on childcare by setting up Childcare vouchers? How...

There has been a great deal of media coverage recently regarding the changes to Workplace Pensions. The new law is only applicable for Company’s with more than 1 Employee. If...

As a contractor, you will be asked to sign written contracts with either an agency or client. At first glance it can just look like pages of ‘legalese’ which make...

If you receive a letter which mentions IR35, you should immediately assume that you are in the early stages of an IR35 enquiry. Don’t panic though: with a bit of...

 What carries more weight in an IR35 enquiry: your written contract or the reality of the situation? Your actual working practices are more important than your written contract in the...

The simple answer here is no. In fact, contracting via an agency can sometimes cause problems in the event of an IR35 investigation. When dealing with an agency, there will...

We take a look at the latest developments with IR35, where we stand at the moment and what can be expected in the future. Is there a high risk of...

The IR35 legislation is riddled with grey areas, which naturally leads to misinformation and misunderstandings. Perhaps one of the biggest areas of confusion is surrounding personal service and substitution. Most...

An Agency operating a self billing system means they do not require an invoice to be submitted by the Contractor‘s Company and they will pay for services provided on submission...

We are currently working on preparing your (5th April) Year End Accounts and 13/14 Personal Tax Returns and in some cases, we haven’t received all the necessary information required to...

At FW Accounting we are specialist Accountants for Contractors and Freelancers, so we know all about the difficulties in obtaining the right Contractor Mortgage. It’s for this reason that we...

We’ve made a change to how your monthly service fees and tax reserve deductions are detailed on your business bank account; they now show as Powered by Integra Limited. This...

HM Revenue and Customs (HMRC) general rule for claiming expenses is that they must be wholly, exclusively and necessarily incurred in performing your duties. If an expense has duality of...

When working as your own boss, the effects of falling ill can spiral out of control, and quickly. Most illnesses experienced are mere colds which pass after a couple of...

Who is behind IR35? Let’s take a look at who exactly is charged with enforcing the legislation, and see who is pulling the strings of IR35 enquiries and investigations. Last...

If your personal tax for Self Assessment in January was more than £1,000, HMRC require that you make your second payment on account by 31st July 2014 as they require...

We have recently added more of your company’s records to your client portal including your P60 for 2013/14 and some further useful factsheets. Your portal is a very valuable business...

HMRC have released new guidance on IR35 and, although nothing game-changing has been added, it brings to light the importance of ensuring compliant working practices. Amongst other topics, the guidance...

All the excitement of starting your company has led you to this point: getting business. You need clients, so what do you do? You join a networking event. But the...

Often seen as an outdated requirement, with many choosing to take an off-the-cuff approach, business plans are a dying aspect of entrepreneurship. We believe, however, that having a business plan...

IR35 Update   Since it was introduced back in the year 2000, the way that IR35 has operated and been enforced by HMRC has been unpredictable. When the legislation was...

Although there is no clear cut answer to this, what must be made aware is that the risk of IR35 is ever present for anyone working as a contractor. In...

With information of ‘the dangers of IR35’ common throughout blogs and articles at the moment, many contracting outlets fail to address some of the most important issues when it comes...

LinkedIn is an ever-growing business orientated networking platform, being used by many professionals as a part of their larger social media marketing plan. But how much time have you put...

As the UK’s Premier Oil & Gas and IR35 contractor accountants, we pride ourselves on delivering to you a fully integrated accounting and administrative support service. We are the only...

Whatever your speciality, when you become a contractor or freelancer, the biggest challenge is generating business for yourself. Contractors are excellent at what they do, but many have never done...

IR35, despite being a very important topic, is one rife with misinterpretation and miscommunication. FWA understand the genuine concern that IR35 is for contractors, and because of this have teamed...

It used to be your favourite day of the month or week when you were employed and received a pay cheque on schedule. It was never a concern, just a...

If you are a limited company director looking for a business car, why not consider a low emission car? Besides contributing to saving our planet by lowering your carbon foot...

The introduction of the IR35 legislation led many contractors to feel targeted and uncertain with whether they would be seen as a genuine business in the eyes of the Revenue....

Currently when you submit your timesheet to timeandexpense@fwaccounting.com from your preferred e-mail address, our automated processing system will recognise you by this address and allocates your timesheet/expenses to your Company...

We are very excited to share with you our newly redesigned website after several months in development! You’ll see things are looking much clearer and it’s all been designed with...

With Christmas fast approaching, we thought we would let you know about a little known tax loop hole regarding Christmas parties….. HM Revenue & Customs allow a tax exemption of...

As a contractor, it’s likely that you have left a job where you were provided with a range of benefits from your employer – such as a company pension scheme,...

At FW Accounting we welcome feedback on how we can make improvements for our clients and following some recent feedback we received regarding your monthly Business Snapshot, we are delighted...

We are currently busying away preparing your Company’s 2012/13 Year End Accounts (if your Company’s yearend is 5th April) and Personal Tax Returns and in some cases, we haven’t received...

IR35Buddy© is a free online portal for genuinely self-employed contractors to help them evidence their IR35 status. What sets IR35Buddy© apart from other contractor portals and websites is their unique...

Interview with Seb Maley of Qdos Consulting IR35 is a concept that still causes much confusion and concern within the contracting community. Understanding the ins and outs of the legislation...

Being offered a contractor role normally means more money. Sounds great – but do you really know what’s involved before taking the plunge?? Instead of seeing pound signs, make sure...

As well as being a contractor, you are also a director of a limited company, a company that you work for and represent. How do you promote that company and...