Latest News and Articles
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Closing down sale on Barclay's contract based mortgages - 4 days to go!
August 2010
In a major blow to the Contractor community, Barclays informed us last week that they will no longer be willing to lend based on a multiple of your Contract rate alone...
Keep reading "Closing down sale on Barclay's contract based mortgages - 4 days to go!"
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Free business banking for Contractors
August 2010
In an exciting new venture, we have joined forces with Cater Allen to offer our clients free business banking with a host of benefits for Contractors...
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Time is running out on pension tax relief
August 2010
The deadline is fast approaching to use the current freedom on pension's tax relief following last month's Planet Contractor article on the impending new £40k allowance...
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Wills don't have to be 'the final rip off'
August 2010
Last week's Panorama program on Wills has caused a huge amount of anxiety because of the questions it raised over the validity of some wills. We are pleased to be able to reassure our clients that the providers that we recommend are all accredited by the institute of professional will writers...
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Protect your home with 2 months free building and contents cover!
July 2010
When you are caught up in the excitement of moving house, it can be easy to forget that you need to insure your new home as soon as you exchange contracts because that is when your liability begins. To make this whole subject hassle free and ensure you don't leave yourself unprotected we have negotiated a special offer with a leading insurer that gives our clients the first two months cover free. We can keep the costs down further for cash strapped first time buyers who benefit from a further 15% discount off of the policy after the 2 months is up....
Keep reading "Protect your home with 2 months free building and contents cover!"
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Pay for life insurance through your ltd company and save tax
July 2010
As the Contractor specialist IFA we were chosen by an insurer to help launch a unique policy to the UK market which now means that if you contract through a One Man Ltd company then you can fund individual life insurance through the business without income tax considerations. This allows you to benefit from the death in service cover that you may have enjoyed when working as a permi...
Keep reading "Pay for life insurance through your ltd company and save tax"
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45% discount on Private Medical Insurance
July 2010
Many hundreds of our clients have enjoyed the protection of private medical insurance from WPA, an award winning provider; however in an unprecedented move they are now offering us a 45% discount on your first year of cover...
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Contractors should consider Family income benefit over level term life insurance
July 2010
Whilst many Contractors are aware of the need to protect dependents by taking out a life insurance, many are taking out level term policies which may not be suitable...
Keep reading "Contractors should consider Family income benefit over level term life insurance"
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39% of Britons have no insurance to protect their home if the worst should happen
July 2010
Bright Grey recently reported that 39% of the adult population have no insurance. This shocking statistic means millions of households are at risk of falling behind with their mortgages and ultimately, repossession...
Keep reading "39% of Britons have no insurance to protect their home if the worst should happen"
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Could £40k be the new annual allowance for pension tax relief?
July 2010
In a follow up to last month's emergency budget coverage on Planet Contractor, the Treasury has suggested that they will limit the annual allowance for tax relief on pension investment to £40k, subject to a consultation with industry leaders, employers and investors...
Keep reading "Could £40k be the new annual allowance for pension tax relief?"
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Emergency Budget - a Contractors quick guide
June 2010
If you don't have time to read a whole article and just want the facts that matter, then this is the guide for you. Its Osborne's budget broken down into bite size chunks...
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Hidden Pensions Bombshell
June 2010
The devil is in the detail and Osborne's emergency budget today was no exception. A seemingly throw away comment about higher rate pensions relief may end up having a massive impact on Contractors. Here we look at the impact of a change in the annual allowance.
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Some relief at impact of CGT changes
June 2010
In today's emergency budget, George Osborne took no prisoners as he set about his quest to save the UK economy. However, the widely anticipated changes to Capital Gains Tax which have been the subject of a great deal of press coverage in the run up to today's budget weren't as harsh as the new Chancellors critics had predicted.
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Salary Sacrifice becomes even more important as Income Tax and National Insurance changes bite
June 2010
We were forewarned that this would be a harsh budget; in fact David Cameron reportedly said it would be the worst since the Second World War, but no-one could have predicted all of the cost cutting measures that the new chancellor would have to employ. One of the worst hit areas is personal taxation, with sharp increases to employee national insurance and far more people now caught by higher rate tax. With the state pension age extended the emphasis looks set to fall on personal provision with Contractors turning to salary sacrifice arrangements to bridge the gap to retirement.
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New FSA clampdown likely to severely restrict mortgage availability for Contractors
June 2010
In a move to encourage so called responsible lending the FSA is set to flex its muscles in the mortgage market as it comes under the wing of the Bank of England. Under this regime, Contractors could face a cap on mortgage loan to values (LTV's), the abolition of interest only mortgages and the demise of so called fast track applications...
Keep reading "New FSA clampdown likely to severely restrict mortgage availability for Contractors"
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£11 billion benefit cuts mean contractor insurance is now vital
June 2010
In reality freelancers have always been on their own with regards to the DWP, receiving very little support from the state. However, with savage cuts to benefit budgets, the need to protect yourself is now greater than ever. This can be done for as little as £5pw
Keep reading "£11 billion benefit cuts mean contractor insurance is now vital"
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The Con-Dems are in - but what is the impact on Contractor finances?
May 2010
The 6th May election resulted in a hung parliament for the UK and after tense negotiations Nick Clegg got in to bed with David Cameron to form a Conservative/Liberal Democrat coalition. Whilst many of us are excited by the prospect of a fresh start for politics and the economy, there is concern that changes to Capital Gains Tax (CGT), National Insurance and tax relief on pension's contributions may have a negative impact on Contractors pockets.
Keep reading "The Con-Dems are in - but what is the impact on Contractor finances?"
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Buy to Let and investments to be hit by higher CGT?
May 2010
In order to pay for Nick Clegg's income tax break for low to medium income workers, the Tories have reportedly had to compromise on Capital Gains Tax which now looks set to increase substantially. This could cause a rush to sell second properties and investments before the new limit comes in to play so Freelancers need to keep their wits about them over the coming months.
Keep reading "Buy to Let and investments to be hit by higher CGT?"
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Interest only mortgages may be on their way out
May 2010
Lloyds Banking Group, the firm behind well known brands such as Halifax and C&G, has announced that it will cap its interest only mortgages at £500k. Worryingly other lenders look to follow suit and may even insist on all loans being on a repayment basis. This move looks like it could spell the beginning of the end of a mortgage route that many Contractors have favoured as a means to reduce initial outgoings and provide flexibility that mirrors the reality of Freelancing.
Keep reading "Interest only mortgages may be on their way out"
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Inheritance Tax here to stay but it's not too late to avoid it
May 2010
As with a lot of their policies, the Conservatives have had to water down their proposals for Inheritance tax and will no longer be increasing the threshold to £1 million. This is a body blow to the many Contractors who find their families paying a tax that used to target only the very wealthiest.
Keep reading "Inheritance Tax here to stay but it's not too late to avoid it"
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HIPs are no more!
May 2010
A sigh of relief was heard this week from homeowners and industry insiders as the news was released that HIPs are to be suspended by the new coalition Government. We will gladly consign our ContractorHIPs service to the file marked 'badly thought out Government initiatives based on departmental ego that should never have been introduced in the first place'
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Coalition sets its sights on Child trust funds
May 2010
One of the first casualties of the new coalition government may be Labours child trust funds, a policy that will have helped millions of children to get a better start in life.
Keep reading "Coalition sets its sights on Child trust funds"
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The housing market is bouncing back - our busiest month for mortgages in two years!
April 2010
Whether it is the announcement that stamp duty has been suspended on properties up to £250k, that lenders have been more willing to lend, or that spring has finally sprung, something has shifted in the housing market this month and Contractors everywhere are capitalising on the upturn.
Keep reading "The housing market is bouncing back - our busiest month for mortgages in two years!"
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Exclusive mortgage offers
April 2010
With unique experience in the Contractor mortgage market spanning over 12 years, our MD Tony Harris has built up an enviable reputation amongst Contractors and Lenders alike for the professional service that we offer. Thanks to this pedigree in the mortgage market we are regularly offered exclusive mortgage schemes by lenders, with our most recent being a 2.59% two year offset deal this month.
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Repayment cheaper than interest only!
April 2010
In a groundbreaking development we are now able to offer our Contractor mortgages at a lower rate on a repayment basis than the interest-only alternative. This could allow Contractors to pay off the debt quicker and get closer to the dream of being mortgage free.
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Our 10 step guide to buying a home
April 2010
Buying a home can be a complicated and sometimes scary road but at ContractorFinancials we specialise in taking the hassle out of homeownership. This is our definitive guide to securing a contractor mortgage and making that step up the ladder.
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Partner goes free with WPA health insurance - but hurry, offer ends on 30th April!
April 2010
We are pleased to announce a special offer for clients from WPA, the award winning health insurer. Contractors can insure your partner for free when you take out a new individual policy.
Keep reading "Partner goes free with WPA health insurance - but hurry, offer ends on 30th April!"
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Make the most of the new tax year
April 2010
With the dawn of a new tax year there are a number of opportunities to take advantage of which will put you ahead of the game whoever wins the election.
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Investment opportunities for Contractors in Darlings new 'green' bank
March 2010
The Chancellor announced in today's budget that he is creating a new state bank to fund green projects such as renewable energy sources and high speed rail networks. This could provide an exciting platform for Contractors looking for high risk investments with the opportunity for high rewards.
Keep reading "Investment opportunities for Contractors in Darlings new 'green' bank"
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60% tax rate looms for Contractors
March 2010
From 6th April an effective income tax rate of 60% will apply to those Freelancers earning over £100k
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You win some, you lose some
March 2010
Given the looming general election, pundits had predicted a low key budget today but there was still bad news for some clients. There were certainly positives too and here we interpret the impact of the budget on the UKs Freelancer community.
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SVRs now more expensive than fixed rates - time to switch?
February 2010
Over 85% of Lenders standard variable rates (SVRs) are now higher than the cheapest fixed rate which means many Contractors could be paying over the odds for their mortgage.
Keep reading "SVRs now more expensive than fixed rates - time to switch?"
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Earn a royal 4% interest with this new cash deposit account
February 2010
You've worked hard to build up funds in your company account but sadly its not been working hard for you recently. Its important to get the best possible returns on your cash and a new Royal Deposit Plan 2 account from RBS and Legal & General, offers a fixed rate of 4% pa for three years. But hurry, the offer ends on 16th April 2010.
Keep reading "Earn a royal 4% interest with this new cash deposit account"
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Mortgage products are increasing as LTVs rise - is the mortgage drought over?
February 2010
After the harsh conditions of 2009, the news that 1000 new mortgage products were released in January could signal the beginning of the end of the mortgage squeeze and a positive start to the year. On top of this, Contractors with small deposits will be excited by news that higher loan to value (LTV) mortgages are making a comeback.
Keep reading "Mortgage products are increasing as LTVs rise - is the mortgage drought over?"
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BN66 - a blast from the past
February 2010
The Contractor community has been shocked this month as the Royal Court of Justice ruled that it is not unlawful for BN66 to be retrospective. This could leave some Contractors with tax bills reaching into hundreds of thousands of pounds.
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Don't get stuck in a UK rut - where to invest in 2010
January 2010
Many savers are far too narrowly focused on the UK investment markets and this is ensuring that opportunities to exploit growth elsewhere are being missed. At the same time over-exposure to assets in a single country leave investors completely at the mercy of fluctuations in that one market. Here, we take a look into our crystal ball at where might be best to invest over the next twelve months and beyond.
Keep reading "Don't get stuck in a UK rut - where to invest in 2010"
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NEST egg for retirement - will you be affected?
January 2010
The compulsory pension scheme dreamt up by the Government that is set to roll out in 2012, has been rebranded the National Employment Savings Trust or NEST for short.
Keep reading "NEST egg for retirement - will you be affected?"
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Loss of income is snow joke
January 2010
With great swathes of the country still looking like a scene from a disaster movie A&E departments throughout Britain are treating thousands of accident injuries and snow related fractures. Income Protection is essential cover that will bridge the gap in your finances if you are unable to get on site following a sledge related injury or something more serious.
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Now's the time to plan for tax-year end
January 2010
Whilst tax year ends on 5th April now is the time to ensure you make the most of your tax free savings allowances and take care of pension's investments.
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Houses are more affordable for some than at any time in the last 25 years!
January 2010
First time buyers can now better afford to get onto the housing ladder in four out of ten areas in the UK according to a recent study by Halifax, and mortgage payments in relation to earnings are considerably lower than in the last 25 years which makes home ownership more affordable for millions of potential buyers.
Keep reading "Houses are more affordable for some than at any time in the last 25 years!"
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Lenders ignore rate freeze!
January 2010
Despite the bank of England announcing last week that they will freeze the base rate at 0.5% for the tenth consecutive month, many mortgage lenders have decided to increase their interest rates. This could cost some households an estimated £1,400 extra per year.
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The year that was...
December 2009
2009 has certainly been an unprecedented year for the UK's Contractor community. Against the backdrop of the worst recession since the 1930's there have also been positives to celebrate amongst all the doom and gloom.
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Darling changes rules on pension's tax relief again!
December 2009
Just as we thought all was largely uneventful with the pre budget report last week, Alastair Darling announced that the Pensions Cap unveiled in the 2009 Budget is being extended to trap even more Contractors in its web.
Keep reading "Darling changes rules on pension's tax relief again!"
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Nothing but tough love from Darling
December 2009
With figures showing this years budget deficit now stands at an eye watering £180 billion, it came as no surprise that Alastair Darling had an air of the grim reaper about him in his pre-budget report last week. Planet Contractor investigates the impact of this year's PBR on our Contractor community.
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Free Critical Illness cover offer ends 31st December!
December 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 on 31st December.
Keep reading "Free Critical Illness cover offer ends 31st December!"
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Special Offer on Award Winning Private Medical Insurance
November 2009
Our preferred Private Medical Insurance provider, WPA, has been recognised again as the UK's best company for customer care in the 2009 British Insurance Awards and to celebrate we have a special offer for clients who take out cover before the end of the year.
Keep reading "Special Offer on Award Winning Private Medical Insurance"
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Can't sell? ...Let to buy
November 2009
Since the credit crunch has made selling your property so much more of a lottery, a trend that we are increasingly seeing emerge is where homeowners rent out the home they cannot sell in order to enable the next step up on the ladder.
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Closing down sale as minimum retirement age changes!
November 2009
From April 2010 the minimum age that you are allowed to draw benefits from a pension will rise from 50 to 55. There's a need for urgent action on the part of Contractors hoping to release tax free cash from their funds ahead of the rule changes. In addition women relying on the state pension to fund their retirement will also now have to wait until they are 65 and worryingly, only a quarter of the UK workforce is aware of the changes according to a recent study.
Keep reading "Closing down sale as minimum retirement age changes!"
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The return of the mortgage for life
November 2009
In a post 'crunch' world Lenders are much choosier as to who they lend to and are increasingly looking at lifestyle rather than traditional income multiples. Against this backdrop we could be returning to the situation in the 70's and 80's where people considered their house financing 'a mortgage for life'
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Base rate held as Quantitative Easing continues - how should you position your investments to benefit
November 2009
According to the latest batch of economic statistics the UK remains stubbornly in recession. The Bank of England is throwing everything possible at the problem with a further £25bn having been earmarked for Quantitative Easing, whilst base rate remains frozen at 0.5% for the eighth consecutive month.
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State could decide who raises your children!
October 2009
At Planet Contractor we try and avoid tabloid style headlines but in this case its very difficult to cover a subject without spelling out a horrific reality. Worryingly over half of the Uk population dont have a will, often because they assume that their estate (and children) will pass to the nearest relative when they die. Unfortunately, this couldn't be further from the truth.
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Over 50's can this month invest £10,200 tax free!
October 2009
On Tuesday a new ISA limit came into force for the over 50's which allows you to invest up to £10,200 in a tax efficient ISA. In booming markets this gives baby boomers the chance to cash in before the new limit is rolled out to all investors in April 2010.
Keep reading "Over 50's can this month invest £10,200 tax free!"
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Woolwich announce lowest ever flexible mortgage rate
October 2009
Our protection department has been inundated with enquiries ahead of next months expected surge in swine flu cases.
Keep reading "Woolwich announce lowest ever flexible mortgage rate"
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Contractors race to cover income ahead of Swine Flu epidemic
October 2009
Our protection department has been inundated with enquiries ahead of next months expected surge in swine flu cases.
Keep reading "Contractors race to cover income ahead of Swine Flu epidemic"
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The Self-Cert mortgage is dead
October 2009
A mortgage route often mistakenly used by Contractors is just about finished after news that TMW (part of Nationwide) are pulling their Self-Cert products off the market. Never fear though because there was always a better way open to you based on providing proof of contract rate alone.
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Too many are reliant on state pension to fund retirement
October 2009
Over a third of the UK workforce has yet to put any money aside to fund retirement and are instead relying on a state pension that is already stretched to breaking point. Contractors must act now to secure their retirement prospects.
Keep reading "Too many are reliant on state pension to fund retirement"
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£10,000 free life cover for new parents!
September 2009
As a Contractor, you may not have replaced your lost 'death in service' benefits that you used to benefit from as a 'permi'. But when you become a parent the safety net that this cover provides becomes vital to protect your children if the worst should happen.
With this in mind, we can now offer life cover worth £10,000 absolutely free to new parents.
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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 ...
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Where there's a Will, there's a way
September 2009
According to new research*, one in three Britons dies without leaving a will. Without a will, your estate may be liable to an Inheritance Tax that prevents your loved ones from fully benefiting from the wealth that you have worked so hard to build up. You also risk your estate falling into the wrong hands...
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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...
Keep reading "Lifestyle could dictate your cover in future..."
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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...
Keep reading "How to exploit the highest rise in house prices for five years"
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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.
A ground breaking new product allows you to protect your dependents in a way that mirrors the death in service benefits that you used to have as an employee of a large corporate and at the same time save you significant amounts of money when compared to more mainstream policies...
Keep reading "Pay your life insurance through a limited company and save tax!"
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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...
Keep reading "Swine flu delays insurance applications and pay-outs"
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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. Interest rates on commercial accounts are especially woeful at present but an innovative product from a large High Street institution offers Contractors the chance to earn a far higher rate of return on your deposits...
Keep reading "Make your business cash work as hard as you do"
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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...
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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?
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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...
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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.
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Pensions cap changes
July 2009
The Government announced on Monday that they are amending the controversial anti-forestalling rules for higher rate tax payers...
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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...
Keep reading "Ensure your family benefits using Inheritance Tax Planning"
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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.
Keep reading "Initial mortgage declines are now final - don't take the chance of going it alone..."
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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.
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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?
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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.
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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.
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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.
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The Pro's and Con's of the Budget 2009
June 2009
On 22nd April Darling made his Budget announcements to mixed reactions from consumers and industry professionals. Here, we take a look at how the Budget may affect the Contractor community.
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How does the pension cap affect Contractors?
June 2009
After the Budget announcement that tax relief on pension contributions will be capped for higher rate tax payers, we urge higher earning Contractors to proceed with caution when it comes to pension investment.
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Is your life covered?
June 2009
Recent headlines about health scares mean that we have probably all considered what would be the impact on loved ones if the worst should happen to us. As a Contractor, you miss out on the 'death in service benefit' offered to permanent employees but you can still protect your family.
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Lowest fixed mortgage rates in a decade!
June 2009
If your mortgage term has ended then low fixed rates offer an opportunity to ensure your mortgage rates stay low when the base rate begins to rise.
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BoE continues to freeze rates
June 2009
The Bank of England has announced that interest rates will remain unchanged but is now the time to fix?
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LV extends free critical illness cover!
June 2009
Following an unprecedented level of demand, we are pleased to announce that LV has announced it will continue to offer free critical illness cover to our clients until the 31st December 2009.
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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.
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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.
Keep reading "Breathe new life into your finances this tax year"
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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.
Keep reading "FSA planning to regulate mortgage LTVs - buy now before it's too late?"
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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.
Keep reading "Critical Illness Cover - is yours fit for purpose?"
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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.
Keep reading "The do's and dont's of Private Medical Insurance"
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HIPs Changes
April 2009
The laws surrounding Home Information Packs (HIP) changed on 6th April 2009
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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.
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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.
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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.
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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..?
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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.
Keep reading "Free Critical Illness cover when you take out Income Protection!"
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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...
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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...
Keep reading "Rock returns......but not yet for Contractors"
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The death of self-cert mortgages
February 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...
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More brokers charge for mortgage advice
February 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...
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Mortgage Express waives penalties
January 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...
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Base rates drop to 1.5%
January 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...
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Time to take a mortgage holiday?
January 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...
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A bill you shouldn't avoid in 2009
January 2009
At the end of a demanding year Contractors will be preparing for a Christmas break, free from the demands of the client...
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Forget gym membership - get your finances in shape for the New Year
January 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...
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Xmas slowdown ideal time to review pension
December 2008
At the end of a demanding year Contractors will be preparing for a Christmas break, free from the demands of the client...
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Mulled wine on the carpet?
December 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..!
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Contractors triumph in pre-budget report!
December 2008
Darling's pre-budget report was released last month to a resounding cheer from the Contractor community...
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The Highland HIP
December 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...
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Rates just 2% but where are the trackers?
December 2008
The Bank of England has cut interest rates by 1% in a coordinated move with other central banks...
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House prices fall 2.6% - time to snap up a bargain?
December 2008
A recent report by the Halifax reveals that house prices have fallen back down to the level that they were in 2005...
Keep reading "House prices fall 2.6% - time to snap up a bargain?"
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A problem shared is a problem halved?
November 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...
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How to prosper in the current stock market climate
December 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...
Keep reading "How to prosper in the current stock market climate"
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Income protection - a necessity for Contractors!
December 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...
Keep reading "Income protection - a necessity for Contractors!"
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Protect your savings from the banking crisis
November 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...
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Rate cuts offer positive outlook for Contractor mortgages
November 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...
Keep reading "Rate cuts offer positive outlook for Contractor mortgages"
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SIPP your protective rights
November 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...
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To transfer a pension or not to transfer? That is the question
November 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...
Keep reading "To transfer a pension or not to transfer? That is the question"
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Big Bailout
November 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...
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Business deposit account protection explained
October 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...
Keep reading "Business deposit account protection explained"
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Life returns to fees free mortgages!
October 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...
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Release cash from your pension
October 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...
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Half price contents insurance for contractors
October 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...
Keep reading "Half price contents insurance for contractors"
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Dragonfly case brings back spectre of IR35
October 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...
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A stamp duty holiday!
October 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...
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Lehman Brothers, HBoS, Merrill Lynch...
October 2008
After a turbulent week on the worlds financial markets we take stock...
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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.
Keep reading "Secure the best remortgage rates without costly legal bills"
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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.
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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.
Keep reading "HSBC mortgage schemes prove to be a mirage for many borrowers"
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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.
Keep reading "Further 10% discount off Private Medical Insurance"
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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.
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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.
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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.
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How to beat the credit crunch
March 2008
Contractors may need to act quickly to get onto or move up the housing ladder.
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Pensions into Property
February 2008
One option for business owners to ensure trading continuity is by purchasing the premises that they trade from.
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Contractors urged to be wary of lenders variable rate mortgages
January 2008
With homeowners eagerly anticipating a reduction in Bank of England base rates in the coming months, it was disturbing to see Standard Life Bank announce an increase in its variable mortgage interest rate.
Keep reading "Contractors urged to be wary of lenders variable rate mortgages"
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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.
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Planning for an early retirement
November 2007
Given the constant challenge of running a business, many company owners will dream of early retirement.
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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.
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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.
Keep reading "What is the root of the financial upheaval in the UK?"
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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.
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Contractors need to claim forgotten cash before the taxman spends it for them
September 2007
The Treasurys lasted wheeze to boost public spending on community projects is to grab hundreds of millions pounds of so called unclaimed assets that are currently lying dormant in savings accounts. The British Bankers' Association (BBA) and Building Societies Association (BSA) have been forced by the government to design a scheme whereby money left in unused accounts for more than 15 years can become accessible to the authorities.
Contractors need to claim forgotten cash before the taxman spends it for them
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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.
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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.
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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.
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Contractor Pensions Reprieved
February 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.
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Contractors welcome 'A' Day clarification
February 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.
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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.
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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.
Keep reading "Financial planning issues for contractors as a result of the pre budget report"
News and Articles
- You win some, you lose some Given the looming general election, pundits had predicted a low key budget today but there was still bad news for some clients. There were certainly positives too and here we interpret the impact of the budget on the UKs Freelancer community.…
- 60% tax rate looms for Contractors From 6th April an effective income tax rate of 60% will apply to those Freelancers earning over £100k…
- Investment opportunities for Contractors in Darlings new 'green' bank Investment opportunities for Contractors in Darlings new 'green' bank…
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