Contractor News Roundup: July 2020
SJD Accountancy have announced a record breaking increase in the number of new contractors and limited company formations, suggesting a change to the UK’s traditional working model.
The UK’s largest accountants to contractors and freelancers has seen a 65% increase in the number of new contractors and limited company formations this year, compared with 2009.
Many more people are both choosing, and being forced due to economic conditions to set up a limited company and work for themselves. The alternative is finding a job in the incredibly difficult jobs market.
With so many cuts to the benefits of so called ‘jobs for life’ such as the end of final salary pension schemes, the loss of golden handshakes (many people are lucky to get anything more than statutory redundancy), downsizing and pay freezes, it’s not surprising that so many people are choosing to take matters into their own hands and go it alone.
The news follows years of government initiatives to simplify the process of setting up a business such as being able to form a limited company within three hours (actual time inputting the details is just 5 minutes), opening a business bank account in a week, and VAT registration in 2-3 weeks which used to take up to 8. Tax issues, although still complex are easily manageable with the help of a good accountant.
For more information on the advantages and challenges of contracting visit: www.sjdaccountancy.com/information/benefits_advantages_contracting.html for a full breakdown.
If you have any questions about working through your own UK limited company, as many hundreds of thousands of contractors already do, please don’t hesitate to call 01442 275789 or email: firstname.lastname@example.org.
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