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National Insurance – What’s Changing?

Chancellor Kwasi Kwarteng’s much-anticipated mini budget finally arrived on Thursday 22 September. Created in a bid to stave off a financial crash and to help homeowners through the cost of living crisis, the mini budget was one of the most radical in years.

One of the headline policies concerned National Insurance – but what exactly has changed? And how might these changes affect you? Let’s take a closer look.

What’s changing?

National Insurance rose by 1.25% in April, but this increase has been reversed. Effective from 6 November, the change will put more money in everyone’s pockets – but exactly how much will depend on how much you earn.

How will I benefit?

According to the Government, nearly 28m people will benefit from the policy, on average keeping £330 more of their earnings during the course of 2023. Businesses also stand to benefit – 920,000 of them. On average, each business is expected to save almost £10,000 next year.

Exactly when employees will feel the benefit depends on the “complexity of their employer’s payroll software,” according to the Treasury. Some will notice it in November, others December or January.

The National Insurance and tax cuts announced in the mini budget have attracted some criticism, because they apply equally to the rich and the less well off: the more you earn, the more you stand to benefit from the budget. For example, those earning £1m annually will receive an additional £55,000 a year, while those on £25,000 will only notice a £280 increase in their annual earnings.

Small business accountants in Ely

Want advice on the entirety of the mini budget and how it might affect you? Whether you’re a contractor, freelancer, are self-employed or run a small business, our specialist accountants in Ely are here to help. To arrange a free initial consultation, get in touch today.

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Man talking about contractor accountants

How to Choose the Right Contractor Accountant

Whether you’re preparing to go it alone as a contractor for the first time or want to remove the accounting burden from your shoulders once and for all, choosing the right accountant to partner with is crucial.

You have to be able to trust them implicitly, after all; they’ll be responsible for ensuring you remain compliant with legislation, helping your company remain profitable and giving you the insight you need to make important business decisions.

The right accountant can revolutionise the way you work… and the wrong one can spell disaster for your business. To help you choose a suitable company to partner with, we’re going to list four key factors to consider.

Make sure they’re specialists

Contractor accounting requires specialist knowledge, and while general accountants may be able to balance your books just fine, they’re unlikely to be able to offer you the level of insight and advice that a specialist can.

From advising on IR35 rules to company structures, specialist contractor accountants can help you not just maintain your business as it currently sits, but grow it further.

Check reviews

This may sound self-explanatory, but checking reviews isn’t as simple as just briefly skimming through them. With something as important as accounting, we’d recommend really diving into a company’s reviews to make sure they look legitimate.

If you’re still not sure, ask your friends in the industry for recommendations – a personal endorsement goes a long way when you’re dealing with such an important, business-critical service.

Learn about their services

Spend a while on the company’s website to familiarise yourself with who they are and what they do. If you have specific requirements or preferences, it’s important to check that they can deliver what you’re looking for.

It’s important to check their credentials, too. Make sure they’re familiar with Making Tax Digital software – accreditations like Quickbooks’ ‘Certified ProAdvisor’ scheme indicate that a company has the expertise you’re looking for.

Ask questions

Above all, don’t be afraid to ask questions. If the firm you’re looking at is friendly and accommodating, they’ll be more than happy to answer any questions you have and put you at ease. If they don’t, they’re probably not the company for you.

Contractor accountants in Ely

Our experienced accountants in Ely specialise in construction accounting, but work with contractors in all manner of industries on a regular basis. If you’re looking for an accomplished firm you can trust, look no further. Learn more about our services today or contact us today to schedule a free consultation.

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construction contractor walking on site

What Is Contractor Accounting?

As the name suggests, contractor accounting refers to accounting services tailored to the specific needs of contractors, whatever their industry. From construction to IT, a whole host of industries rely on the services of contractors on a daily basis – but contractors themselves often rely on the help of accountants to ensure their finances are in order.

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Learning why you need an accountant as a small business

Why Do You Need An Accountant For a Small Business?

You may think if you’re running a small business you can shoulder the responsibility of all the financial admin tasks and investment decisions. However, there are plenty of reasons to get an accountant on your books. From offering professional clarity when it comes to making big growth decisions to getting all your bookkeeping records and financial reports in pristine condition, there are so many ways an accountant can help.

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