How contractors and freelancers can get into shape for the new tax year

Contractor Tax Tips

While it’s vital to make sure you’re prepared for the end of this tax year, it’s also good practice for contractors and freelancers to make sure they’re in shape for the next tax year too. A bit of organisation and preparation can save you time later on, making the whole Self-Assessment process much easier.

At Kingsbridge, we’ve been helping contractors with their insurance needs for a long time, so we like to think we’re in good position to provide some advice. So, let us share our tips for how to get yourself into shape for the 2018/2019 tax year.

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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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How do you know you’re ready to go it alone?

Moving from Employment to Contracting

The start of the year is often the time when employees begin to think of throwing in the towel and becoming a contractor or freelancer. Quite often this is just a way of processing the January Blues, and many simply think about it for a bit before deciding they’re happy enough where they are and continuing with their employment.

But what if that thought keeps niggling away at you? What if every day you find yourself longing to set up on your own? How do you know you’re ready? We’ve put together some common signs that have told the contractors and freelancers we’ve worked with over the years that they were ready to go it alone.

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It’s time to get that Self-Assessment in!

Self-Assessment

It’s a job nobody wants to tackle, but if you’re a contractor who submits your Self-Assessment online, then the deadline of 31 January 2018 is fast approaching. This is the deadline for the 2016/2017 tax year.

If you’re new to the contracting game, or just need a reminder, we’ve put together all of the info you need to know about meeting the deadline, what will happen if you don’t, and some tips on making it easier next time.

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The differences between freelancers and contractors

Contractors

Categorising yourself correctly can help you in many ways, from appearing in the search engines for relevant search terms to tagging your skills on job platforms. In order to do so, however, you need to understand the differences between a freelancer and a contractor. We’ve decided to explore a few below (along with a few pros and cons for each to help you decide!)

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Why the new year is the perfect time to pursue your freelance career

New Year Freelancing

New year, new you – isn’t that what most people say? Whether it’s starting a new healthy eating regime, taking up an exercise class or looking for the next big job opportunity, the new year is the perfect time. You’re revived after your Christmas break and ready to tackle anything.

We don’t suggest leaving your job immediately. If you think it’s something you want to do, research into the idea properly. How feasible is it? What steps can you take in the first month of 2018 to get you where you want to be.

Making it your ‘New Year’s resolution’ will help you figure out if working for yourself as a freelancer is the right fit for you.

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