Fees in the Mortgage Process

Mortgage

We’ve already spoken about the steps self-employed workers should take in order to make the process of getting a mortgage simpler and easier. But it may well be the case that you’re so focused on getting over the first hurdle that you forget what’s just behind it.

That’s why we’ve teamed up with the good people at CMME again – this time to take a look at the fees involved in the mortgage process. Whether you’re a first time buyer with no idea of what’s ahead or a seasoned pro getting ready for another round, this post will serve as a good indicator of what to expect.

Before we begin it’s worth noting that it is possible to add some of these costs to your mortgage, but many individuals choose to pay them upfront. Regardless of which scenario works best for you, here are the fees you can expect:

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Mortgage Tips for the Self-Employed

Mortgage

Read on below for a guest post from our good friends at contractor mortgage specialists CMME:

Becoming self-employed isn’t always for everyone. It’s a decision that can have consequences. You may feel alone in your journey when it comes to financial advice, especially when your high street bank doesn’t understand the way in which you work when applying for a mortgage – something that can hinder your opportunity.

It’s a common myth that the self-employed will be declined a mortgage or would need to have been self-employed for 2 to 3 years. This isn’t necessarily true and, with support and guidance from the right specialist mortgage broker, you could get a mortgage that reflects your true earnings.

Whether you’re a first-time buyer or a professional looking to re-mortgage, CMME have created this helpful guide outlining everything self-employed people need to know about getting a mortgage.

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Spring Statement 2019 – The Kingsbridge View

Spring Statement 2019

In recent years, the Spring Statement and Autumn Budget have delivered a series of blows to the contracting community. From IR35 reform to the failed attempt to raise NIC payments, the Chancellor’s announcements have had many self-employed workers hiding behind the sofa.

It was with some relief, then, that other more pressing issues (see: Brexit) meant that this year’s Spring Statement seemed very likely to be a quiet one. As expected, that was the case.

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IR35 reforms for private sector – consultation released

IR35

Businesses to be responsible for sorting out status disputes, notes Larsen Howie’s new Head of Tax Andy Vessey

A little quicker off the mark than many had anticipated, HMRC have published the consultation document ‘Off-payroll working rules from April 2020‘ which will run for 85 days, closing on 28th May 2019.

Ostensibly, the off-payroll rules will mirror those currently in place for the public sector but with some tweaks. This is because the government acknowledges that the needs of private sector organisations are different to those in the public sector, and that the range of activities carried out are much more diverse.

The extension of the existing rules to cover independent contractor usage is due to begin on 6th April 2020, with the consultation making it clear that the public sector rules will serve as the starting point when the private sector rollout begins. This consultation period is intended to gather comments from stakeholders on the proposals put forward by HMRC. Here’s what you need to know.

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Self-employed make up almost 15% of UK workforce, new data shows

Self Employed

With talk of Brexit and IR35 reform dominating contracting and freelancing circles for some time now, the continued growth and success of the self-employed community is sometimes left behind.

But despite a backdrop of economic uncertainty and the unsettling influence of looming legislative reform that community has continued to thrive. Recently released data from the Office for National Statistics shows that the number of self-employed people in the UK rose by an impressive 63,000 to 4.84 million in the last quarter of 2018.

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EU settled status for contractors and freelancers

Settled Status

Amidst a still unclear Brexit picture, recently there was a piece of good news for EU citizens living in the UK. Theresa May announced that the Government would be abolishing the £65 fee for individuals to apply for settled status in the UK after Brexit. This is particularly welcome news for contractors and freelancers, as many employers were offering to cover the cost for their workers, whereas the self-employed would have to find the money from their own pockets. This blog takes a closer look at the process of applying for settled status if you are a contractor or freelancer. As we’ve seen from the past month or two, almost everything about Brexit is still up for negotiation and subject to change, but here is the advice as it currently stands.

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Brexit: What could it mean for contractors and freelancers?

Brexit

As the Brexit debate rumbles on in Parliament and the UK seems no closer to clarity on what Brexit will look like, many contractors and freelancers will be wondering about the impact that it will have on their businesses. Of course, it all depends on what kind of Brexit we end up with and the specifics of your industry. In this blog, we take a closer look at what the likely impacts of Brexit might be for contractors and freelancers and whether there are any sectors that might see benefits when the UK exits the EU.

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Fit and Flexible

Fit and Flexible

If you’ve spent the last few weeks trying and failing to make good on your New Year’s Resolution to get fit we might be able to help. It’s not always easy for contractors and freelancers to find time in already jam-packed schedules to get down the gym. And if you work from home, it’s not as simple as cycling to work, taking the stairs instead of the lift or getting off the bus a few stops early. But our businesses are only as fit and healthy as our bodies are, so how can contractors and freelancers make sure they get enough exercise?

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Choosing an Accountant

Choosing an Accountant

For contractors juggling busy work schedules, complex contracts and irregular payments, good accountants can be worth their weight in gold. Whether you are just starting out as a freelancer or if you’re an experienced contractor who’s dissatisfied with the service you’re currently receiving, we share our top tips on what to look for and the questions you must ask when choosing an accountant.

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10 things you might not know about self-assessment

Self-Assessment

It’s that time of year again! As every contractor and freelancer knows, January is the time to get those accounts straight, file your return and pay any outstanding tax. While we’re all familiar with the nuts and bolts of the self-assessment process, we thought we’d take a closer look at the bigger picture. So here are 10 things that you might not know about self-assessment. Hopefully you’re in the 52% of people who have already filed their self-assessment with HMRC – if so you can sit back and read the rest of this blog in a self-satisfied state of calm.

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