Our weekly Blog helps to keep you updated on the latest developments in the accounting industry, including updates to tax laws, financial reporting standards, and other relevant information. So please check in regularly to stay informed!
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Recent Blogs
I’ve had an IR35 letter – what should I do?
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
IR35: Written contract vs working practices
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
Does working via an agency help my IR35 position?
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
What’s Happening With IR35?
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
IR35 – 2 Years at the Same Client
“I’ve been at the same client for nearly 2 years, so does that mean I have to go permanent?” This question, or variations of it, is asked again and again.
Substitution – The IR35 Golden Bullet
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
Self Billing Contracts
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
Year End Accounts & Personal Tax Returns – Have you returned your checklists & supporting information?
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
Struggling to get a Bespoke Mortgage as a Contractor?
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
Name Change & Service Fees
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
Some Points to Note Regarding Expenses
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
Keeping Your Business Going Through Illness
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
The IR35 Police
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
Personal Tax – Payment on Account Reminder
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
Your Client Portal Has Been Updated!
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
The Consequences of Ignoring IR35
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
How to Network
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
The Business Plan
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 – Increasing Enquiries
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
IR35 Enquiries – Are You at Risk?
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
How is an IR35 Enquiry Carried Out?
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
How Do You Look?
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
Additional Service Fees
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
Becoming Your Own Salesperson
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 Enquiries on the Increase = Need for Increased Protection
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
The Hassle of Getting Paid
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
Are Low Emission Cars More Tax Efficient?
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
Umbrella Company or Limited Company?
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.
Submission of Timesheets and Expenses
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
New Website Launch!
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
Claiming Christmas Parties Allowance Expenses
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
Income Protection
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,
Monthly Business Snapshot Changes.
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
Requests for Year End Accounts & Personal Tax Outstanding Information!
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©
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
What is IR35?
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
Show me the money!??
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
Promoting your limited company helps with IR35
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
Guest post by Troy Stevens from Qdos – Always use protection!
The Importance of Contractor Insurance Any professional working as a contractor must be aware of the potential misfortunes that their limited company can endure without the existence of proper contractor
Guest Post: Are Mortgage Lenders easing their criteria towards Contractors?
Are Mortgage Lenders easing their criteria towards Contractors? Since the dawn of the credit crunch, few have suffered as much under tighter lending rules as the contractor community. The outlook
Piper Alpha – 25 years on…
Saturday, July 6th marks the 25th anniversary of the Piper Alpha disaster – still the worst offshore tragedy in UK history. Four massive explosions destroyed the Piper Alpha platform around
Review of UK North Sea Oil and Gas industry is launched by the UK Government
[lead] The first and biggest review of the country’s offshore oil and gas industry in over 20 years has been launched this month by the UK government, in a bid
High street mortgage lender extends contractor lending policy
Great news for Energy Contractors this week when a major high street mortgage lender extended their IT contractor lending policy to the Energy professionals. This exciting development for Energy contractors
Guest Post – Recruitment Agencies
[lead]I would like to write about something I overheard this week. A couple of contractors were talking about recruitment agencies. I was taken aback by the disregard and disrespect that
Guest Post – The Current State of IR35
Following the release and issue of the recent 2013 budget, many professional individuals will be scratching their heads as to what has and hasn’t changed. Many will indeed be wondering
Contractors Beware – Pre-budget intelligence
Contractors beware… HMRC is planning to bring forward further guidance when and how IR35 rules will apply to office holders and directors providing their services through limited companies. There is
Contractor Forum
[lead]At FW Accounting, our mission is to constantly improve our service offering to our clients. We are always asking; “how could it be better?” So how do we do this?
Prospering Career Opportunities for Contractors in the UK 2013?
[lead] …it would seem so…[/lead] A recent report from REC (the Recruitment and Employment Confederation) is a positive boost for contractors working in IT, engineering and other technical fields. The
Shale Gas – An unconventional energy future?
[lead]Shale gas fields can be exploited via a process known as hydraulic fracturing, more commonly known as ‘fracking’. These fields have become commonplace in various countries around the world and
LinkedIn for Contractors – unlock the massive potential for YOU!
I was lucky enough last week to attend a fantastic lecture on how to get the most out of LinkedIn from a Business Development point of view, by Mister LinkedIn
QAccounting joins campaign to help contractors and freelancers in Umbrella Companies save money
Specialist contractor and freelancer accountancy firm FW Accounting has joined a campaign to help individuals working under the auspices of a UK Umbrella Company determine whether they could save up
Working Hours of a Freelancer/Contractor – Time Management (Guest Blog from Andrew Smith)
Time. So precious but there’s never enough of it. Well, apart from when we’re doing something that really, really drags like standing in a queue or waiting for the kettle
Business Interruption! How does the weather affect your work?
Where I live in Aberdeen, THIS is the kind of weather that we have been dealing with this week. In fact I was lucky enough to be getting a tour
Tendering for Freelance Work? Let the clients find you!
After covering how to source leads proactively yourself, today we are looking at online resources, so you can make yourself visible to the clients that need you! Side Note: This
Miles’ Lead Generation Tips for Freelancers – Part 1 of 3
Welcome Miles Duncan! Our very own Sales Director has kindly offered to do a series of 3 blog posts offering advice on how to generate leads and opportunities for Contractors
Pros and Cons of ‘going freelance’
Don’t worry! We know it can be a scary prospect, you are making a jump into the great unknown…it’s a place where you won’t be reporting to your boss,
Success of an Intern – Our New IR35 Test
[lead] No pay… No fun… No hope for progression within the business afterwards…? [/lead] This is the impression from many current articles, in regards to the working environments for Interns.
IR35; Would Batman pass or fail the Business Entity Test?
Reporters from FW Accounting managed to catch up with the Dark Knight recently and rather than ask the same old questions about his summer blockbuster, we thought the Caped Crusader
Getting to grips with social media
It seems that everyone is talking about Social Media these days. The fastest growing group on Facebook is 55-65 year old women, so if your mother isn’t using it yet,
Generating Business
Often our freelance clients find that, after taking the scary leap into being self-employed, the next challenge is building a good client list, preferably one with great clients who pay
Your health, your business’s health
If you work for yourself you will be familiar with the phrase “I’m too busy to be ill!” You’ll know the feeling of dread when you start to cough and
Your timesheet is cash
If you are a contractor or a freelancer, or if you are thinking about going it alone, read on. Your life could be about to get easier. The biggest obstacle
Networking for New Starts
Some thoughts on the wonderful world of networking from Eugene Clarke of TalkBuddy™ You’ve done it! You’ve started your first business and you’re ready to get out there and tell
Peace of mind for contractors
Being a contractor carries a number of obligations and legal responsibilities and it’s important to know what they are and what your clients expect from you. As with solicitors and
Discount delight or discount disaster?
Getting customers through the door faster! As an avid bargain hunter, and I mean to the extremes – my colleagues at FW Accounting have nick-named me ‘Discount’- I love receiving
Financial Projections for Business Plans
In a previous blog, we talked about the essential ingredients of good Business Plan. In this post, we’re going to look at the financial projections that should go along with
Crowd Funding – The New Venture Capitalists
We all know times are tough, and the current economic situation is making the growth of new businesses and the innovation necessary to sustain that reputation much harder. Access to
Is Your Business Head in the Cloud?
When marketers talk about web-based software and “the cloud” or “software-as-a-service” (SaaS), they always seem to bang on about two main things. Cost: It’s far cheaper than desktop software and
Rangers, HMRC and You
Rangers case should be a warning to contractors and small businesses You’d have to be a hermit to have avoided the news about Rangers Football Club going into administration this
Relationships and Accounting
Last time, I wrote about the importance of keeping physical records, now, we’re going to talk about relationships – specifically the relationship between you and your business supporter. Why is
Ernst and Young Contractor Forum
On 2nd February I travelled to London to attend a forum for those operating in the contractor accounting sector, hosted by Ernst & Young. Whilst much of the content was
There’s No Such Thing As A Free Lunch!
A number of our clients, and many self employed people, generally (whether operating through a Limited Company, or as a Sole Trader) have the common issue of completing work for
Painless Tax Returns: A Guest Blog by Abi Silvester of DollyMix.tv
Self employment is a great way for many people to take control of their careers and the rewards can be huge, but there is one sting in the tail of
The New Year Blog
A very Happy New Year from all of us here at Freelance World! To kick-start 2012, this week’s blog is our Top Ten Tips for the new business year. These
Physical Record Keeping for Your Business
You might be wondering why we’re covering a topic as simple as keeping records. Firstly, let’s establish why you need to keep records, then explain the impact record-keeping has on
Contracting vs. Being Staff
Attracting top talent in the current climate is just as hard as it has been for the last 30 years. Without a doubt the most compelling method of attraction is
What Can You do With £4 ? A Guest Blog by David Tawse of Nimbus Blue
What can you get these days for £4? A few pints of milk or a drink at the pub? Perhaps a thimble full of petrol (if you’re lucky)? Well, not
Business Plan Basics Part 1
Should you write a Business Plan in these changing times? Some would say no, however having a plan for what you’re going to do has always been a good idea.
Taking a fresh look at your Marketing: A Guest Blog by Julie Mitchell Mehta
At this time of year it’s a good idea to stop and review what you have been doing with your business over the previous ten or eleven months and decide
Vat’s it all about?
By law, a business has to register for Vat when their sales reach £73,000 or it’s likely that they will in a calendar year. But what is Vat? Basically it’s
Being Mobile is the New Black: A Guest Blog by Nic Wise
Being Mobile: It’s the new black ———————————- A while back, when I started in the workforce, cellphones were a fairly new thing. I got my first phone when I got
Why Worry… ?
These days, we seem to spend a lot of time worrying about things that, really, aren’t that important. The pace of modern life and the things we take for granted
Back to Basics
Running a business, whether that’s as a contractor or otherwise, it’s vital that you stay on top of the numbers. Knowing whether you’re making a profit and whether or not
Joined UP Thinking – Guest Blog by Campbell Urquhart
It’s fair to say that some of the team at The Urquhart Partnership are very enthusiastic about social media, myself included. So, as you will imagine, I am more than
Avoiding HMRC Horrors
Avoiding HMRC Horrors (Video) Hiya, Michelle from Freelance World here! Don’t worry, the HMRC Compliance Checks are not as scary as you might think. Basically, our business snippet today is all
TWITS! But are they?…..
What’s this twittering all about? Many of our clients, Networking Buddies and friends of Freelance World often ask us. Isn’t it just people broadcasting what they had for breakfast? Too right,
Personal brand: the key to finding your next contract
Today’s guest blog is from Jennifer Holloway of Spark Branding. It’s a fact of life for any freelancer, contractor or self-employed business owner out there: whatever you do, ultimately you’re a
Musings of a rambling service monkey
What do you do when you have experienced amazing service – Tell your friends? Shout it from the roof tops? Write a review online? Let the company know personally that
Spotlight on… Juliebee
You already know that at Freelance World we believe we’re a little different, and one of those differences is that we genuinely enjoy spending time finding out about our clients’ goals,
Thinking of Starting up a Business? New Service from @freelanceworld
Freelance World has today launched our new Business Enable service, designed to make starting up a business a piece of cake! Whether you want to setup a company, or simply
SIE Startup Day
I was lucky enough to be asked to speak at the SIE Startup Day in Dundee on Saturday. Although I was due to speak mid-afternoon, I decided to go down
Contractor Portal to go live by the end of February
We’re delighted to announce that our new Contractor Portal will be launching next week, giving Freelance World clients online access to all their key information!
Contractor accounting with a difference
If you’re a Contractor then your accounting options are pretty limited. You either go with one of the big “volume” providers where you’ll simply be a number and never speak
The Future of Work
For most of the 20th Century we got used to the term “job for life”. It wasn’t uncommon for someone to spend their whole life with one company or organisation.
The Future’s Bright!
Students have had a bad press lately, and rightly so in the case of those involved in the despipcable scenes in London. However, closer to home we’ve had the opportunity
Knowing When To Step Aside
This post is inspired by the fantastic Michelle Rodger of Tartan Cat Communications. Read her full Scotland on Sunday article here. Over the years I’ve seen this time & time again. People
How To Tame The Dragons
We’ve all seen Dragon’s Den. Having been both a “pitcher” and an “investor” over the years I can tell you that raising investment for your business in real life is
What Stops A Start-up?
Earlier this week I was talking to someone about starting up in business / working for themselves. This girl would be great, she is passionate about what she does; is
Accounting has evolved!
To many people, the image they have of an accountant will not be that far removed from this chap on the right here. The humble accountant, the bean-counter who tells
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