Why the freelance creative sector is thriving

Creative Freelancers

It’s official. The UK’s creative sector is thriving after £1.1 billion in support from the Government in the form of tax reliefs.

Award-winning, water-cooler-moment TV series Killing Eve is just one such to benefit from them, and since they were introduced 2,955 films, 485 TV productions and 1,075 videogames have also benefitted. Meanwhile museums and galleries have benefitted from an exhibitions tax relief that has allowed them to host 300 exhibitions across the country.

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More and more young people are looking to self-employment

Young Self Employed

Contracting is often thought of the arena of people further on in their careers, when they’ve built networks and gained enough experience to be considered experts in their field. However, that looks set to change with recent research by AAT and Survation revealing that 43% of 16-24 year olds have the ambition to set up their own business during their working life.

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Fall into better habits

Fall Into Better Habits

It was the Autumnal Equinox on 23 September and with children returning to school and a general feeling of new starts everywhere, what better time to reassess your habits and fall (ahem!) into better ones? By habits we do, of course, mean your freelancer habits which, let’s face it, can easily become neglected. And once they’re neglected, they can actually become a hindrance to your freelance business.

So, which habits likely need a look at and what should best practice look like? The Kingsbridge team has put together some of the ones we hear about most often.

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Employing your partner: What you need to know

Employing a Partner

It’s fairly commonplace these days for contractors to employ their spouse or partner to assist them – often in an administrative role. It makes sense on a number of levels:

  • The admin work (bookkeeping, filing, schedule planning, invoice chasing, etc.) that you would otherwise have to do in your spare time can be done by someone else during work hours, freeing up time for your whole family.
  • It means these tasks can be done from your home, rather than you having to provide an office space for someone else to work.
  • It can provide significant tax benefits as it transfers some of your income to your partner. If he or she pays tax at a lower rate than you do, or if they have unused personal tax allowance, this is likely to create a tax saving for you and your household.

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How can contractors prepare for Brexit?

Contractor Brexit

We’d understand if this is seen by some of you as a trick question. After all, when no one, right down to the Prime Minister, seems to have the foggiest idea what’s going on from one day to the next, how is the average contractor meant to be able to prepare?

Well, even in the midst of all the Brexit uncertainty, believe it or not, there are still things you can do. But, first, let’s take a look at what’s changed for contractors already since the 2016 referendum.

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What does trust mean as a contractor?

Customer Trust

We recently saw a report on a survey compiled by CV-Library which revealed the most and least trusted professions in the UK. 1,200 UK workers were surveyed and the results were intriguing.

Most trusted

  1. Doctor (61.3%)
  2. Nurse (40%)
  3. Teacher (36.9%)
  4. Paramedic (36.5%)
  5. Police (23.2%)
  6. Armed forces (20.8%)
  7. Vet (16%)
  8. Scientist (14.3%)
  9. Judge (13.2%)
  10. Hairdresser (8.4%)

It seems that we associate trust with professions that are there to protect our best interests (73.4%), are there for a good cause (71%), are reliable (64.5%) and are friendly (16.2%). With that in mind, it’s no surprise to see vocational roles topping the list, particularly those based in healthcare, education and law enforcement.

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You can count on Kingsbridge

Customer Reviews

When you’re purchasing contractor insurance, you really are taking a leap of faith. You’re depending on that company to treat you fairly, to not hike up premiums, to help you if you need them to, and to not wriggle out of claims. For these reasons, you need to choose an insurer that’s trustworthy – not just in their own eyes, but in the eyes of their existing customers.

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Chasing payments during the summer holidays

Payments

Being a freelancer is amazing. You work when you want, how you want, and for who you want. But there’s one little thing, one tiny, insignificant niggle that seems to bother most freelancers: getting paid on time.

A lot of clients are good and will pay when they’re meant to. There are even rumours of seemingly magical ones who pay (dare we say it?) early. However, there are far too many who let the payment due date slide by unacknowledged. For freelancers, this can make life incredibly difficult, but it can also be pretty soul destroying when instead of doing actual work, you’re chasing up clients again and again and getting nowhere.

This is bad enough no matter the time of year, but during the summer holidays it can be massively exacerbated by people being off work or working remotely more often. So, we’ve put together some suggestions on how to make sure you get paid between July and September, regardless of the summer hols.

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IR35: What would you do?

IR35

There have been reports in recent weeks that some well-known financial service companies, including Morgan Stanley and HSBC, will cease to work with contractors outside IR35 rules once the reforms are rolled out the private sector on 6 April 2020. This is presumably so they do not have to go to the trouble of preparing for the reforms and ensuring the legislation is implemented.

This could result in contractors being issued with an ultimatum: become a permanent employee, operate through an umbrella company, or cease working with that client altogether.

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A quick guide to self-employed expenses

Expenses

Expenses can be the bane of a contractor or freelancer’s life. On the one hand, it’s great that you can claim certain things back to offset your taxes. On the other, it’s one more thing you need to keep track of.

What’s allowed? What isn’t? Are you claiming too much? Not enough?

It’s enough to send even the most conscientious contractor running for the hills. So, we’ve put together this quick guide to some of the most common queries, pointing you to the best resources.

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