Freelancer related financial articles
Over the years we have provided many articles of interest to the UKs contractor community.
Here are the most recent and we hope that you find them of use. It is important to check with us that specific details are still accurate as the text merely provided a snap shot that was relevant at the time of writing.
If you wish to discuss any of the issues raised please contact us.
The Markets - is now the time to invest?
[September 2009]With base rates at historic lows traditional savings accounts are offering very little by way of returns, yet the investment markets have bounced back strongly from the lows of earlier this year. This month we look at whether its time to revisit your appetite for risk versus reward...
Where there's a Will, there's a way.
[September 2009] A leading insurance provider is predicting that your lifestyle could begin to have an increasing impact on your protection premiums...
Lifestyle could dictate your cover in future
[September 2009] A leading insurance provider is predicting that your lifestyle could begin to have an increasing impact on your protection premiums...
How to exploit the highest rise in house prices for five years
[September 2009] The property market could be firmly on the rise as reports show house prices rose at their highest rate in the last five years in August...
Pay your life insurance through a limited company and save tax!
[August 2009] One Man Ltd company Contractors can fund life insurance through the business and, for the first time, have no income tax or benefit in kind considerations of any kind. It may also be possible to have this payment treated as a business expense...
Swine flu delays insurance applications and pay-outs
[August 2009] Swine flu remains a topic of concern and with fears growing that we could see a rise in cases as we move into autumn, GP's have issued a warning to Insurers that there could be a severe delay in processing Income Protection claims...
Make your business cash work as hard as you do
[August 2009] If you contract through a One Man Ltd company then its almost certain that you have a business current account that is earning little to no interest....
Recession delays retirement for millions
[August 2009] For many, the dream of long days playing golf makes the long hours of Contracting worthwhile. However, the sad truth is that many people will be unable to retire at 65...
House prices rise for 3rd month in a row!
[August 2009] With gloom and doom seemingly around every corner, it's good to report some positive news about the property market. For the third consecutive month house prices have risen and signs are that the worst may be behind us. Will would-be house buyers miss the boat as prices climb back?...
Homeowners face difficult rate decision
[July 2009] Tracker rates are comparatively so low at present that many borrowers are signing up for them despite the risk of the base rate rising...
Make the most of a low inflationary world
[July 2009] Despite the widespread doom and gloom about the economy and unemployment figures rising, new research shows that many of us should actually be feeling better off...
Pensions cap changes
[July 2009] The Government announced on Monday that they are amending the controversial anti-forestalling rules for higher rate tax payers...
Ensure your family benefits using Inheritance Tax Planning
[July 2009] According to recent research* we will give up over £2 billion to inheritance tax (IHT) this year, but with careful planning you can save yourself and your family from this most hated of taxes...
Initial mortgage declines are now final - don't take the chance of going it alone...
[July 2009] Mortgage lender Abbey has announced that mortgage applications that do not meet their underwriting guidelines first time around will be declined and will not be reconsidered...
Baby Boomers - time to cash in?
[July 2009] The generation of baby boomers that have turned fifty or are just about to, have an important decision to make regarding their pensions...
The perfect time to buy?
[July 2009] With house prices seeming to be on the rise again, Estate Agents seeing demand soar, base rates at historically low levels and homes now at their most affordable since 2004 could now be the perfect time to move up the ladder?..
Work-arounds to new tax relief cap
[July 2009] As the treasury revealed that it has no plans to change the proposed tax relief restrictions on pension contributions for higher earning Contractors, we have discovered a work around for certain income brackets...
Transfer your ISA
[July 2009] We are all well accustomed to seeing stories of doom and gloom about the economy and interest rates at the lowest ebb, so now more than ever it is important to regularly review your savings to make sure your money is working hard enough...
Homeowners switch to fixed rates
[July 2009] With interest rates unlikely to fall any further, many Contractors are choosing to switch back to a fixed rate mortgage in order to cash in as rates begin to rise again...
Money and meerkats make way for recruiters and contractors on the UK's first freelance comparison website
[May 2009] Launching this week after extensive development, freelancesupermarket.com offers a new, free-to-use recruitment and networking site to the Facebook generation of professional freelancers, contractors, recruiters, employers and recruitment services...
Breathe new life into your finances this tax year
[April 2009] With the new tax year upon us its a better time than ever to sort out your finances and make the most of the opportunities available for the 2009/10 tax year...
FSA planning to regulate mortgage LTVs - buy now before it's too late?
[April 2009] The FSA has revealed plans to reform the mortgage market and it has been suggested that this could include new regulations on loan-to-value (LTV) and loan-to-income (LTI) in a bid to prevent banks lending people what it considers to be more than they can afford...
Critical Illness Cover - is yours fit for purpose?
[April 2009] Jade Goody's tragic death and news that Steve Jobs is undergoing further treatment has had the effect of bringing Cancer into the limelight and reminds us all to assess how we would cope if the worst should happen...
The do's and dont's of Private Medical Insurance
[April 2009] As a Contractor it is important to protect yourself from the lengthy waiting lists and often poor service that stem from dealing with the NHS. If you suffer from an accident or injury that prevents you from working then you risk losing income, however with Private Medical Insurance you can rest assured that you will be back on your feet in no time...
HIP Changes
[April 2009] The laws surrounding Home Information Packs (HIP) changed on 6th April 2009...
G20 Update
[April 2009] When the G20 met earlier this month, they devised a six stage strategy that will hopefully inject some life back in to the World's economy...
Is your Umbrella Company fit for purpose?
[March 2009] If it isn't offering salary sacrifice then it isn't. Contractors using any Umbrella Company should be able to take maximum advantage of salary sacrifice to massively reduce their tax bill but sadly there are still too many providers who have yet to put these lucrative arrangements in place for their clients...
What the hell is quantitative easing?
[March 2009] Having tried and failed to stabilise the economy by lowering interest rates, the Bank of England has turned to so called 'quantitative easing' as the supposed answer to our prayers. Here, Tony Harris explains what quantitative easing actually is and how it is hoped it might help the economy in our hour of need...
The Death of Cash ISA's
[March 2009] With interest rates at their lowest in over 300 years, cash savers are taking a hit. Could this sound the death knoll for Cash ISA's..?
Free Critical Illness cover when you take out Income Protection!
[March 2009] For a limited time only we are able to offer free Critical Illness cover to Contractors when you take out an Income Protection policy, but hurry this offer ends in April...
End of Tax Year Planning
[March 2009] In these uncertain times, Contractors are increasingly drawn to insurance policies that offer the promise of a safety net in times of unemployment. Sadly in all but a handful of circumstances these policies are not worth the paper they are written on in the event of a claim...
Rock returns......but not yet for Contractors
[March 2009] Northern Rock has announced it will be lending again but they are yet to reconfirm our contract-based underwriting...
The dark truth behind unemployment cover for contract workers!
[Feb 2009] In these uncertain times, Contractors are increasingly drawn to insurance policies that offer the promise of a safety net in times of unemployment. Sadly in all but a handful of circumstances these policies are not worth the paper they are written on in the event of a claim...
Opportunities in the current investment markets
[Feb 2009] With interest rates at an all time low, it is more important than ever to consider investing your savings rather than leaving them to gather dust in a high street savings account. Despite the current gloom and doom there are plenty of opportunities in investments, as long as you follow these simple rules...
There is still time to make the most of your ISA allowance!
[Feb 2009] Whatever your savings needs, you'll want to make sure you choose the most tax efficient option and your valuable annual ISA allowance may have an important part to play in helping you achieve these objectives...
More brokers charge for mortgage advice
[Feb 2009] In these difficult market conditions, many brokers are charging their clients for mortgage advice. At ContractorFinancials we are committed to fees-free mortgage advice for our clients in these cash strapped times...
The death of self-cert mortgages
[Feb 2009] With lending criteria becoming tougher by the day, it was only a matter of time before lenders started to pull out of the more risky products including Self Certification mortgages...
Mortgage Express waives penalties
[Jan 2009] Mortgage Express will waive early repayment charges (ERCs) for borrowers that redeem their mortgage between February and June 2009, saving borrowers as much as £10,000 or more if they decide to switch...
Base rates drop to 1.5%
[Jan 2009] Mortgage payment holidays are enjoying a spot in the limelight at the moment as thousands of worried homeowners try to save money while times are hard. Simon Foster discusses whether payment holidays are a help or a hindrance and how Contractors can benefit...
Time to take a mortgage holiday?
[Jan 2009] Mortgage payment holidays are enjoying a spot in the limelight at the moment as thousands of worried homeowners try to save money while times are hard. Simon Foster discusses whether payment holidays are a help or a hindrance and how Contractors can benefit...
A bill you shouldn’t avoid in 2009
[Jan 2009] In uncertain times it is important not to tempt fate by putting off essential protection for you and your family...
Forget gym membership - get your finances in shape for the New Year
[Jan 2009] After a tumultuous 2008, we are all looking forward to a fresh start this new year. To kick start 2009 Contractor can make financial resolutions to prepare for whatever the next 12 months and beyond may bring...
Xmas slowdown ideal time to review pension
[Dec 2008] At the end of a demanding year Contractors will be preparing for a Christmas break, free from the demands of the client...
Mulled wine on the carpet?
[Dec 2008] A recent report by AXA found that British households are under-insured by over £255bn on their home contents insurance - a scary fact before the Christmas mayhem commences!
Contractors triumph in pre-budget report!
[Dec 2008] Darling's pre-budget report was released last month to a resounding cheer from the Contractor community...
The Highland HIP
[Dec 2008] Scotland has introduced Home Reports into their property market in a bid to help prospective buyers. These information packs will be compulsory for all properties marketed after 1st December 2008...
Rates just 2% but where are the trackers?
[Dec 2008] The Bank of England has cut interest rates by 1% in a coordinated move with other central banks...
House prices fall 2.6% - time to snap up a bargain?
[Dec 2008] A recent report by the Halifax reveals that house prices have fallen back down to the level that they were in 2005...
Income protection – a necessity for Contractors!
[Dec 2008] Following the Governments new Welfare Reform Act which came into force on 27th October, income protection can no longer be an after thought for Contractors but is now a necessity...
How to prosper in the current stock market climate
[Dec 2008] In the current climate, it would be easy to take a pessimistic view of the stock market but as history has shown us, now may be the time to pick up a bargain, ride out the storm and cash in on the returns once the market picks up...
A problem shared is a problem halved?
[Dec 2008] Following an extraordinary rate cut of 1.5% earlier this month, Gordon Brown met with world leaders on Friday to convince them that a collective effort is needed to bring the economy out of its current crisis...
The name's Bond
[Dec 2008] In the world of investing, a recession can be a tricky time for making money on your cash deposits. However, with dramatic interest rate cuts and inflation falling to 4.5% this week, bonds could save the day for investors...
Don’t believe the mortgage mirage - promises of good schemes to come are not all they seem
[Dec 2008] Following a turbulent few months in the mortgage market, the promise of further rate cuts may seem something to celebrate but we may be far from in the clear yet. 90% loan to value (LTV) mortgages are fast becoming extinct and houses are increasingly being down-valued in the eyes of lenders so waiting for a lower rate deal to come along could cost you your mortgage...
Protect your savings from the banking crisis
[Oct 2008] It's hard to stay on top of the current situation with the banks and work out where your savings are safest. You could be forgiven for thinking your money is better off under the mattress, but we are here to guide you in the right direction and explain how to ensure that you make the most of confusing guarantees...
Rate cuts offer positive outlook for Contractor mortgages
[Oct 2008] Just when you thought the news was all doom and gloom in the housing market, Central Banks across the world announced emergency rate cuts last week. In the UK 0.5% was cut from Bank of England base rates to help ease the impact of the credit crunch...
SIPP your protective rights
[Oct 2008] Since 1st October Contractors have enjoyed greater control over how SERPs and S2P pension funds are invested . Here, Andrew Gains looks at whether SIPPs make sense and how you could benefit from the changes...
To transfer a pension or not to transfer? That is the question
[Oct 2008] Society today has moved away from the 'job for life' mentality of past generations and as such our pension planning has had to evolve to keep up. It is extremely rare for today's workforce to accrue the required 30 or 40 years to gain maximum benefits with an old style employee pension scheme and instead we accept that we may have a patchwork of different pensions from various jobs that will ultimately pay towards our lifestyle in retirement...
Big Bailout
[Oct 2008] These are certainly interesting times that we are living in, with the fall of major banks including Lehman Brothers and HboS supposedly sounding the death knoll for the world financial system, the announcement on Monday that the Government is to offer a radical bailout package for our ailing banks should represent a necessary shoring up of the economy...
Business deposit account protection explained
[Sept 2008] In light of recent tumultuous events in the financial markets we show how to safeguard your Company monies by spreading the risk. £35k of your savings in any one UK bank account are guaranteed but there is a little known failing in the scheme...
Life returns to fees free mortgages!
[Sept 2008] With a After months of Credit Crunch related doom and gloom in the mortgage market the clouds are finally parting with signs that a number of major providers are reducing interest rates and giving new cause for optimism to remortgagees and home buyers...
Release cash from your pension
[Sept 2008] With a Pension Release scheme Contractors can unlock a tax free cash lump sum from your pension, giving you the freedom to do those long awaited home improvements, build up a financial buffer in uncertain times or take that holiday of a lifetime. Andrew Gains explains that as long as you are over the age of 50 you can continue to work and can even contribute fresh funds to your pension that will attract the usual attractive tax break...
Half price contents insurance for contractors
[Sept 2008] When it comes to building and contents insurance the devil is in the detail on many 'best buy' comparison websites. If you're currently buying or already have cover in place it can pay to carry out our simple home insurance checklist and make sure that your properly protected as Vanessa Hillary explains...
Dragonfly case brings back spectre of IR35
[Sept 2008] An IR35 case was lost last week as Dragonfly Consulting was served a bill for tax avoidance totalling over £99,000. As Director and Shareholder John Bessel prepares to empty his piggy bank, the rest of the Contractor community is fearing its impact on future IR35 case...
A stamp duty holiday!
[Sept 2008] Forget sunning yourself in the Caribbean this year, the best holiday deal right now is happening in the UK property market with a stamp duty break on all properties sold for under £175,000...
Lehman Brothers, HBoS, Merrill Lynch...
[Sept 2008] After a turbulent week on the worlds financial markets we take stock...
Secure the best remortgage rates without costly legal bills
[June 2008] Clare Monger explains, as lenders become less inclined to sweeten their best remortgage rates with free legal work we are pleased to launch a solicitor finder service...
Getting your finances in shape this summer: How to survive the credit crunch
[June 2008] Summer has arrived at last and now's the ideal time to dust off the bike, get down the gym and get into shape...
HSBC mortgage schemes prove to be a mirage for many borrowers
[June 2008] Amidst all the gloomy tales of mortgage funding drying up, HSBC caused a storm of interest recently with new market leading mortgages...
Further 10% discount off Private Medical Insurance
[June 2008] Contractors and freelancers enjoy employment flexibility and hopefully greater earnings capacity too but like all good things in life there can be a downside too...
Northern Rock customers forced out
[April 2008] Even if by some miracle a commercial buyer had been found for Northern Rock, the message would have been the same....
How was it for you Darling?
[April 2008] Alistair Darling announced a last minute delay in the clampdown on income sharing, with proposals now put off until 2009 to allow for further consultation....
All change to a nicer ISA?
[March 2008] After months of bad economic and taxation news it's good to be able to focus on something that should boost the lot of any Contractor looking to minimise tax....
How to beat the credit crunch
[March 2008] Contractors may need to act quickly to get onto or move up the housing ladder....
Pension to Property
[February 2008] One option for business owners to ensure trading continuity is by purchasing the premises that they trade from....
HIPs to stay
[December 2007] Despite the initial hopes of home owners, estate agents, mortgage advisers and housing industry experts that this ill-conceived added layer of cost and bureaucracy would be confined to the regulatory scrap heap, HIPs are sadly here to stay....
Planning for an early retirement
[November 2007] Given the constant challenge of running a business, many company owners will dream of early retirement.....
Buy to let for Contractors comes of age
[October 2007] The recent credit crunch has brought a great deal of uncertainty to the mortgage market but as is always the case, regardless of financial climate, there are always winners and losers.....
What is the root of the financial upheaval in the UK?
[September 2007] The credit crunch all stems from events in the US. As a result of some very dubious sales practices in the poorer communities, to customers who invariably had bad credit ratings, literally billions of pounds worth of mortgages have been secured on property on which the borrowers have little ability to repay the debt.....
Tax efficient investment for business owners
[September 2007] One of the great irony's of running your own business is that when you congratulate yourself on a good trading year the realisation can often dawn that it is the taxman who ends up the main beneficiary.....
Contractors urged to draw up a Living Will
[April 2007] Less than 30% of Freelancers have a Will and whilst many of us will view the administration of our affairs when we die as 'someone else's problem', Contractors are being urged to put their legal affairs in order in the event of incapacity.....
Mortgage Decision Time for Freelancers
[April 2007] With base rates expected to rise in the coming months, we explore some of the options available to Contractors and how to compare the best deals.....
Buy to Let Mortgages just got easier!
[April 2007] As Independent Mortgage Advisers, ContractorMoney have helped hundreds of Contractors invest in the residential rental market......
Contractor Pensions Reprieved
[Feb 2007] After suffering 10 months of confusion and anxiety, Contractors, their Pension Advisers and Accountants can breath a huge sign of relief after clarification this week by HM Revenue & Customs (HMRC) regarding how pension contributions from one-man limited companies will be assessed for tax relief.....
Contractors welcome 'A' Day clarification
[Feb 2007] Many Contractors will be familiar with the opportunities presented by the Pensions Simplification rules (known as 'A' Day) that came into effect last April. The new rules included the ability to make, in theory at least, unlimited company contributions into pensions within a personal lifetime allowance of £1.5 million....
Get your finances into shape for 2007
[January 2007] January is always a great time to put in place those changes that will ensure you make the most of your cash in the coming 12 months. As Independent Financial Advisers we are always on hand to help and heres some suggestions to make 2007 a really prosperous year.....
Financial planning issues for contractors as a result of the pre budget report
[December 2006] The Chancellor's pre-budget report seems to be a case of Gordon giveth in April and Gordon taketh away in December. Some good news for the future of tax free savings was tempered by a turnaround on pensions.....
Long live King ISA
[November 2006] Just ahead of today's pre-budget report, it now seems certain that the sword that has hung over the head of Individual Savings Accounts (ISAs) will be removed....
Free property investment consultations
[January 2007] Over the past 12 months, in our capacity as IFAs, we have answered numerous posts regarding buy to let investment. We have provided guidance on a more personal basis with contractors looking into the merits of holding their existing properties within a limited company structure.....
The rise of the buy to let millionaire
[October 2006] Its 10 years exactly since funds were released on completion of the UKs first buy to let mortgage. We thought we'd use the anniversary as an opportunity to take stock and look at what has been a phenomenal success story for many a contractor who had harboured ambitions of becoming a property tycoon.....
Freelancers race to fix mortgage rates
[October 2006] With the Bank of England widely tipped to raise interest rates again next month there has been a frenzy of activity as Contractors look to lock in their mortgage repayments at current low monthly levels.....
Pensions simplification
[April 2006] With the onset of wholesale changes to the rules relating to UK pensions Tony Harris of specialist IFAs ContractorMoney explains what the new regime will mean for freelancers.....
Whats in store for the housing market in 2006?
[January 2006] Whilst many journalists and city commentators were predicting a serious house price correction in 2005, the reality was a mercifully soft landing and gentle easing off from the runaway inflation of the previous 5 years....
Did IT Problems cause A Day pensions shock?
[December 2005] The much hyped A Day reforms initially looked set to revolutionise attitudes to pension investment... |
