IR35 IRL – How much will getting caught cost you?

IR35

There was a time when IR35 was something of a bogeyman to contractors. Tall tales and horror stories. Lurking in the shadows. A looming spectre, but never quite tangible enough to make you feel its presence. Those days are over. Gone are the 1 in 60,000 odds of being caught.

In the last 18 months or so HMRC has ramped up its campaign to catch contractors working as disguised employees and therefore inside IR35. Need more proof? We’ve rounded up a few of the more prominent cases below.

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Everything a Contractor Needs to Know About IR35

IR35

IR35. Two letters. Two numbers. It might not seem like much, but it should be at the forefront of any contractor’s thoughts. Not understanding the implications of IR35 could be the difference between a trouble-free working existence and a huge, potentially business-ending, fine.

If you work in the public sector there’s a good chance you’ve already felt the sting of the recent reforms which have left independent workers at the likes of the NHS and BBC up in arms at their treatment.

Unfortunately, there’s a very good chance that the same reforms will roll out to the private sector in the near future, after an upcoming consultation due to be released this year. Given how prevalent the legislation is likely to become, it’s important that contractors make sure they know as much as possible.

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Top tips for organising your home office

Home Office Tips

As a contractor or freelancer – particularly if you’re a freelancer – you’ll spend a fair amount of time working from your home office. This will vary from person to person, of course, but most people have either a room or a section of a room in their house that they dedicate to work.

It’s not like working in an office where people will tell you where things get filed or how your space should look. Instead, it’s up to you. At Kingsbridge, we’ve picked up lots of tips from our self-employed clients over the years so we thought we’d share a few of our favourites in this blog.

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How could the TSB chaos have affected contractors and freelancers?

TSB Crisis

Spoiler alert: the answer is “significantly”.

Unless you’ve been living in a cave on Mars for the last week-and-a-bit, you can’t have failed to hear about the ongoing chaos at TSB as they attempted to migrate customer records from their old Lloyds TSB system to their new one.

If you’re not a TSB customer or an IT contractor, you may well have only given the story a fleeting glance. If so, you can bring yourself up to speed with the BBC’s timeline of events. Otherwise, all you really need to know is that all did not go as planned. There have been numerous problems including customers not having access to their accounts online, over the phone or in-branch, payments in and out of accounts not going through, and people being able to access accounts that were not their own.

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Why a home office spring clean can be essential for contractors and freelancers

Spring Cleaning

Despite appearances (until recently, at least) spring really is here and that means one thing: spring cleaning.

You’ve probably already given a thought to spring cleaning your home, getting your garden into order and perhaps even giving your car a thorough scrub inside and out. But have you really given any thought to your home office? Obviously, you’ve probably considered giving it a dust and a vacuum, but what about a proper, honest-to-goodness spring clean where you clean, tidy, organise, throw out stuff you don’t need and replace things that require replacing?

We’ve put together a list of reasons why you should bother.

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GDPR – What does it Mean for Contractors?

GDPR Contractors

Cyber-attacks have become more prevalent than ever in the last 12 months. A recent report from the National Cyber Security Centre noted that there had been over 1,100 attacks in the UK last year, of which over half (590) were deemed significant. 30 of those attacks, a number of which were in the Financial Services Sector, required assistance from government bodies.

To put it in even starker terms, the UK deals with more than 10 significant cyber-attacks every week – and that’s only taking into account those which were reported. Unfortunately, such attacks must now be considered par for the course when it comes to business, and we need to ensure that we are all prepared to deal with them.

With the much-discussed General Data Protection Regulation (better known by its acronym GDPR) coming into force on 25th May 2018 we’re taking a look at what exactly the implications will be for contractors and freelancers. How can you make sure you’re GDPR-ready?

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Practical tips for contractors and freelancers preparing for the end of the tax year

Practical Tips for Contractors

We know it doesn’t seem like much time has passed between the end of the last tax year and the end of this one, but we’re almost there already.

While there’s no need for you to submit your tax return immediately on 6 April, many contractors and freelancers don’t like to hang around. After all, there’s not much sense in waiting until the October and January deadlines to rush everything in.

Furthermore, if you operate on a cash in, cash out basis then your books are probably more or less good to go. So, what can contractors and freelancers do to prep for the end of the tax year and ensure submitting their 2017/2018 Self-Assessment is a breeze?

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Things every contractor and freelancer should consider at the start of 2018

Contracting Plans 2018

You should be well into your new year’s resolutions now. But as you continue to get fit, quit biting your nails, as well as reading a new book every week, have you given much thought to your business?

Obviously, you’ve thought about it, but have you thought about the things you could do throughout 2018 to make your business better and your life easier? No? Read on below for a list we’ve put together with some of the top things contractors and freelancers may want to have in their sights over the next 12 months.

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How to market yourself in 2018

Marketing Yourself

For most contractors and freelancers, marketing their business is a task that falls to themselves. At the end of the day, you have to let people know you’re out there and get yourself seen by the right people.

If you’re new to contracting or freelancing, you may still need to set up your marketing channels. If you’ve been contracting a long time, you may of course be able to rely on word of mouth, but surely it can’t hurt to add increase your visibility a little more? We’ve put down some of the essential ways contractors and freelancers should be marketing themselves in 2018.

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Great organisational apps for contractors and freelancers

Apps for Contractors

If organising yourself better is something you want to work on as a contractor or freelancer in 2018, it’s not something you have to do alone.

There are loads of apps out there to keep you on the straight-and-narrow. Of course, they can only help you — you still have to do the hard work yourself! But having an app to remind you of tasks, keep track of time or simply keep everything in one place can really help. We’ve compiled some of our favourites to help you streamline 2018.

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