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Legal Requirements for Contractors: Holding onto Your Records
11 November 2016
Contractors can set up their businesses as sole traders or owners of limited companies, or work under an umbrella company instead. In all cases, contractors have certain ...
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That Moment You Choose an Accountant
28 October 2016
Contractors who choose to set up limited companies do not have the luxury of someone else taking care of accounting like their umbrella company counterparts do. Contracto...
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How to Move from Permanent to Contract Work
21 October 2016
ICP works with a lot of contractors. As such, we have enough experience with contractors to feel fairly confident in advising those thinking of leaving permanent work in ...
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You Are a Contractor AND a Business Owner
14 October 2016
As a contractor, you do everything within your power to present yourself as a competent and effective service provider in your chosen field. You want your customers to be...
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Business Expenses: Computer Hardware and Software
07 October 2016
Accounting for business expenses has always been tricky for contractors. That's because the government is very careful about differentiating between genuine business expe...
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A Targeted CV Gets Results
30 September 2016
A steady increase in the number of self-employed contractors since the onset of the financial crisis has led to greater competition for contracts. There's no denying that...
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Reducing Tax Liability by Gifting Shares to Family Members
23 September 2016
It used to be common practice to recommend to directors of limited companies to reduce their tax liabilities by gifting shares in their companies to family members. The idea was to use th...
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Contract Rates Are Commensurate with Work Skills
16 September 2016
The brand-new contractor transitioning from full-time employment automatically faces a dilemma from day one: setting rates that are not so high as to chase clients away but not so low tha...
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How the Flat Rate VAT Scheme Can Benefit Contractors
09 September 2016
Every VAT-registered business in the UK must collect VAT and pass at least some of it on to HMRC. To make the process easier for small businesses, the government introduc...
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The Confusing 24-Month Rule: Determinations Made Case-By-Case
02 September 2016
The 2016 establishment of new rules regarding deductible expenses for contractors were meant to clarify what qualifies as a deductible expense relating to accommodations ...