Posted by John Yerou on November 23rd, 2015
Reading the news last week was heartening for contractors in one respect. There are more new mortgage lenders prepared to work off day rates than ever before.
The bad news? National headlines in the Guardian and Mail Online made dire reading. They reported that Chancellor Osborne is gunning for contractors yet again.
Continue reading about Renaissance amongst lenders, but is it too little too late?
Posted by John Yerou on October 7th, 2015
To understand contractor mortgages, you first have to understand contracting. That may sound obvious. But it would surprise you how few High Street lenders are yet to grasp this popular way of working. Or at least it seems that they don’t ‘get it’ at branch level.
The fact is, there are lenders who accommodate limited company contractors. But if a bank has such policies in place, they tend not to make them available on the High Street. The reasons? Security and compliance.
Continue reading about What are contractor mortgages?
Posted by John Yerou on September 18th, 2015
The UK’s largest contractor-friendly mortgage lender, Halifax, has slashed its rates for First Time Buyers with a minimum deposit of 10% to 2.94% for a limited time only. This is absolutely amazing!Continue reading about Halifax slashes mortgage rates for first time buyer contractors
Posted by John Yerou on April 14th, 2015
Should contractors work through an Umbrella or through their own Limited Company? True, there are specific times when you’d consider an Umbrella more beneficial. But when it comes to applying for a mortgage, Limited is always better.
Continue reading about Which is best for contractors, umbrella or limited company?
Posted by John Yerou on April 13th, 2015
Casting off from the shores of permanent employed is a big decision. The stormy, but often lucrative, waters of contracting or freelancing await the intrepid adventurer. But before launching yourself into the deep, stop. Just for a moment, at least, to consider your options.
In particular, you need to think about your new business. What’s the best way to minimise your long term tax liabilities? How, at the same time, can you maximise your income? And how can you juggle the two to make it easy for your customers to deal with you.
Continue reading about Why contractors choose Limited Company payment structures
Posted by John Yerou on April 9th, 2015
So. You’ve secured your first contract. You’re with your recruitment agent, who says “Great. Now you need to find an umbrella company”.
Or you may not be quite at that stage. Instead, you’re mulling over leaving your permanent role to take up a contract offer. You’re not quite sure what that will entail. Now you’re researching ways to operate, umbrella companies being one such way.
To help you make the right decision, you need to know why umbrella companies were born. Moreover, what their role is today amongst the options open to you. Let’s go.
Continue reading about Umbrella Companies – A Guide for Contractors
Posted by John Yerou on April 1st, 2015
Why is it that so many contractors think first buyer mortgages are off limits to them? They’re not, of course. But do please forgive me for committing this old bugbear of mine to digital ink.
So, what ignited the conundrum this time? I saw the February 2015 Housing Report figures from NAEA and it was like, Ping! – a light bulb moment.
Continue reading about First Time Buyers Account for 3 in 10 Home Sales (Feb 2015)
Posted by John Yerou on March 31st, 2015
From outside the world of contracting looking in, the rates contractors charge seem steep. Imagine someone thinking about self-employment, wondering where to pitch their service. It’s possible that seeing those hourly rates would give them an inferiority complex.
Or that same contractor may have entered the market already, accepting a lower rate of pay. They may well wonder what it will take to earn the big bucks they see their peers pocketing.
Continue reading about The Contractor Lifestyle: Does it Live Up to the Billing?
Posted by John Yerou on January 30th, 2015
As a contractor, you may think that your contract is watertight. You’re wrong. According to HMRC:
“There’s no such thing as an IR35-proof contract”
Can’t argue with that. We can, however, be proactive and find ways to prove that we’re not a disguised employee.
Continue reading about Why should I take an IR35 test?
Posted by John Yerou on January 22nd, 2015
IR35, or intermediaries legislation to give it its proper name, is still here. And the signs are it’s not going away any time soon. To that end, you must safeguard your business against HMRC investigators, should they come calling.
Sounds simple, if you say it quick enough. But the fact is, 60% of contractors operate in the grey zone. Even worse, they don’t even know it.
Continue reading about 5 Simple Steps You Can Take To Improve Your IR35 Status