SJD January News Roundup

If you can believe it, the first month of 2018 is over and done with so it’s time for our monthly news roundup; keeping you up to date with all of the latest from the contracting world.

ContractorUK Reader Awards announced

ContractorUK’s annual awards were announced this month and it was a cause for celebration for us at SJD as we claimed the title of ‘Best Large Contractor Accountant’ for the eleventh consecutive year. Votes were cast by clients and Contractor UK forum users to showcase the level of service they have received over the past year from accountants.

A year of success

It’s been a positive year all-round, as two of our sister companies won awards. Parasol was awarded third place in the ‘Best Umbrella Company’ category and ClearSky Contractor Accounting took third in ‘Best Large Contractor Accountant’.

Derek Kelly, our CEO had the following to say:

“Across the entire Optionis Group at present we support over 35,000 contractors in the careers and although our brands span a range of specialisms, they are each united with one common goal; to make the lives of our clients as easy as possible.

We’re therefore very proud that this work, and the talents of our 600 strong head office team, has been recognised across the industry with our three accolades at this year’s Contractor UK Reader Awards. We’re particularly proud of SJD Accountancy winning the award of Best Large Contractor Accountant for the eleventh year in a row as well as two of our other brands being recognised in both the Large Contractor Accountant (ClearSky Contractor Accounting) and Umbrella (Parasol) categories.”

Property investment revealed as most popular saving option

Figures by ONS have revealed that nearly half (49%) of British workers considered investing in property is the best way of saving for retirement.

Is property the safest option?

Despite its rising popularity, pensions minister Steve Webb does not believe that property investment is the most viable solution in the long-term. He stated: “Saving through a workplace pension is a hugely effective use of money, not just because of generous tax breaks but because of the money that an employer will contribute.”

The signs still seem to point towards a stable pensions investment as a means of saving for retirement.

IR35 contract reviews set for April 2019

HMRC announced that reviews to IR35 in the private sector are set to be actioned in April. This news comes from newly-published meeting minutes held on 11^th December.

Immediate need

Immediate need to reform IR35 in the private sector was mentioned on several separate occasions. There are plans to implement changes on April 2019, but the government are set to begin consulting with businesses starting in 2018 in an attempt to combat non-compliance. However, the outcome of the situation still seems to be undecided currently.

You can read the full transcript from HMRC’s meeting here.

Self-employed workers failing to prepare financially

According to a recent study by Aldermore, self-employed workers are failing to save money.

Research revealed that 22% of self-employed workers said they have no business savings at all, while 40% have less than £1,000. In addition, 54% of self-employed people were unable to earn money because of unforeseen circumstances.

What does this mean?

With a record number of workers entering the self-employment industry, Aldermore has highlighted a need improve financial security amongst contractors and freelancers. The company stated that: “We want to work with the government to look at means of backing Britain’s entrepreneurs.”

Despite what the research shows, companies are highlighting the importance of financial planning for the future to the self-employed to provide further security.

Stay up to date

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