IR35 legislation is once again in the spotlight after another tribunal hearing has ruled against HMRC in favour of the independent contractor, finding him to be “legitimate”. Continue Reading

Around half a million taxpayers did not receive their Self Assessment Tax Forms in time to submit and pay by the 31st of July this year.  HMRC on their website said that “no one needs to worry about this” and apologised for the delay, presumably caused because the Revenue ran out of paper. Continue Reading

“Independent Contractors in the UK should start looking to small and medium businesses for new contract opportunities,” says Pieter Carstens of 1st Contact Accounting.

“In contrast to large businesses, which have cut back on hiring fulltime or contract staff, SMEs are predicting job creation within their businesses, particularly for IT and engineering contractors.” Continue Reading

Are you the owner of a limited company or an independent contractor in the UK?

Using a professional accountant and accounting system for your business can hugely reduce your admin and stress, save you money and ensure you avoid any legal hassles. But how do you know if you’ve chosen the right accounting firm to deal with your particular needs? Continue Reading

The LVCR (Low Value Consignment Relief) tax avoidance loophole will finally be closed this year, putting an end to the multi-million pound Channel Islands industry and an unfathomably long run of exploitation by large online mail order companies, including Play.com, Amazon and HMV. Continue Reading

Money Transfer with 1st Contact VS The High-street Banks

Which can save you up to AUD 65 per 1000 you transfer? Continue Reading

Banks are not the only option for Foreign exchange and international remittance. Most consumers don’t know this. Ironically the high street banks know that most consumers don’t know this, which all causes a very strange economical phenomenon: Banks hold a façade monopoly position in the Foreign exchange and remittance markets, whereby they continue to offer sub-standard service at exorbitant prices to an unknowing public.

Continue Reading

The 2011 South African Tax season is upon us again and this year’s theme is “Taking the ‘eish’ out of tax-eish-ion.” In keeping with this, here at 1st Contact the SA Tax team have been hard at work refining their process to make it easier for their clients. Continue Reading

New UK visa rules will reward those who contribute to the economic growth with accelerated settlement. Compared to the previous 5-year rule, those investing £10 million in the UK economy may settle after 2 years, while those investing £5 million and/or creating at least 10 jobs may do so after 3. Continue Reading

Leading Australian Developer Central Equity

A wide variety of Melbourne property available from just $229,000!

A full range of Central Equity property is now available for purchase including the latest release of Melbourne apartments, houses, and home-sites from just $229,000*. Central Equity’s market leading projects represent excellent value for the purchaser with an eye for quality Melbourne property. Continue Reading

At those times when money is tight, it’s increasingly important to maximise your earnings.  With the announcement of large public sector cuts and the continued global slow-down of commerce and industry in general, it’s easy to paint a grim picture.  However, many savvy individuals are turning this to their advantage and reaping the benefits of contracting. Continue Reading

As of  the 7^th of June 2011, 1^st Contact Forex has reduced their Euro transfer fees from £15 to just £5 per transfer.

The move is part of 1st Contact’s ongoing quest to bring savings to all their clients, across all divisions and business units.

“Transfers to Europe have been on the increase and we wanted to find a way to save our Forex clients money”, says Gemma Cloete of 1st Contact Forex.  “So we have been looking at various ways to streamline our Euro transfer process, cut down on our costs and thereby cut down on our fees.  We have been working very hard to cut our transfer costs – before, each euro transfer was processed individually whereas now we are able to batch the payments together, which allows for a huge saving on our side. And as always, when we save, we like to pass that saving on to our clients.” Continue Reading

You’ll need one to claim your tax back.

It’s the end of the tax season and now is a good time to apply to claim back any tax you may have overpaid in the last tax year, as well as the past 4 years, if you haven’t claimed previously. Continue Reading

The AWR (Agency Workers Regulations) come into force on the 1^st of October this year – just a few months away and 1st Contact Umbrella is busy behind the scenes to ensure their clients benefit from the new regulations.

The principle of the AWR is to entitle temporary agency workers “equal treatment” with regards to basic employment and working conditions, if and when a 12-week qualifying period in a particular job is completed.
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If you’re an independent contractor or considering the switch to freelancing, an Umbrella Company might be the most sensible solution for you. Here’s a quick rundown of the benefits of working through a professional Umbrella Payroll Company.

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Tax Penalties are enforced by HMRC for various reasons and are more often than not the direct result of either procrastination or a lack of information.  Ensure you don’t cut into your annual take-home pay by having to fork our hundreds of Pounds for penalties which could have been avoided in the first place. Continue Reading

1^st Contact Umbrella often receives calls from people considering becoming contractors or who are in the process of weighing up the differences between starting a Limited Company and joining an Umbrella Company.

Here is a list of the most frequently asked questions about Umbrella Companies – answered by 1^st Contact Umbrella consultants. Continue Reading

Many people don’t bother to apply for a tax refund because they either believe they are not due anything, or they feel the hassle far outweighs what they might get back.  But the truth is with just a phone call to 1st Contact Tax Refunds, and a little time and energy to get the right documentation together, you could receive back an average of £850 – possibly even more if you haven’t claimed at all in the past 5 years. Continue Reading

The 2011 budget speech as expected held very few surprises, but did contain a few welcome changes, some of them of particular interest to independent contractors and those considering starting up a small business this year.

“Contracting through a Limited Company has steadily grown in popularity over the years and has become an even more attractive prospect for the 2011/2012 tax year, especially in light of the recent budget speech.” says Liam Collins of 1st Contact Accounting.

A few of the changes include the higher than expected reduction in corporation tax, as well as the additional relief for those investing in start-ups, under the Enterprise Allowance Scheme. The income tax threshold for investment will increase from 20% to 30% from the 6th of April – a measure which will further decrease the risk for investors.

Other measures include the decreasing corporation tax rates for small companies from 21% to 20%; a higher tax free allowance (increased by £1,000); and an increase in the mileage allowance from 40p to 45p.

Prime Minister David Cameron has been actively encouraging entrepreneurs to lead the way in the economic recovery by making changes that will allow the UK to become one of the easiest and cheapest places to run a company. Cameron recently said:

“We need to see a country where new businesses are starting up on every street, in every town; where entrepreneurs are everywhere.”

Plans are underway to expand the scope of the New Enterprise Allowance, which aims to create up to 40 000 new businesses by 2013.

For advice and information about setting up a Limited Company, visit www.1stcontact-accounting.com or call 0808 141 1624 and speak to a qualified and friendly consultant about your own business aspirations!

The annual Budget Speech was delivered by George Osborne on the 23rd of March, some of these changes will adversely affect Independent Contractors from the 6th April.

What to expect

• Employees’ NI contribution rises to 12% (from 11%)
• Personal Tax Free Allowance for income tax (PAYE) rises from £6475 to £7475

No matter how you look at it, the budget changes will have a 1% negative effect on your net take home pay.

How can 1st Contact Umbrella help?

As a contractor, you are able to mitigate the negative effects on your earnings by using a reliable Umbrella product, thereby increasing your net take home pay.

We have a suite of products from which to choose based on your unique situation.  Our qualified consultants are available for a free consultation and to give you the best possible advice on how to ensure your take home pay is the highest it can be, taking all recent tax-related changes into account.

Why 1st Contact Umbrella?

Since 1996, over 100 000 contractors have enjoyed:

• Free consultations with dedicated consultants
• A simple fee structure with no hidden costs
• Claiming for business expenses through our extensive expense policy
• All administration handled on their behalf
• Prompt and efficient payments processed daily
• Quick service
• Professional, Public and Employer’s Indemnity Insurance at no extra cost
• Full statutory employment right, including maternity, paternity, sick pay and holiday pay