Monthly Archives: April 2017

Accountancy For Business – Outsource or In-House?

mm

Steph

Steph is a Chartered Accountant with many years’ experience working in audit compliance and general accountancy. She is a Fellow of the ICAEW and has extensive knowledge of accountancy and tax for the self employed.
mm

should you outsource your accounting or keep it in house?

For many businesses, a question they will face at some point as their business grows and becomes more complex is whether to keep their accountancy in-house or to outsource to an external accountant.

On one hand, an in-house accountant is likely to cost more but allows for better communication and quicker answers. On the other hand, outsourcing your accountancy gives you access to a team of experts and knowledge that an in-house accountant may not possess,  but it may slow down communications.

With so many different factors to consider, let’s take a look at the main benefits and pitfalls of both outsourced and in-house accountancy.

Continue reading

National Insurance For The Self-Employed Explained

mm

Steph

Steph is a Chartered Accountant with many years’ experience working in audit compliance and general accountancy. She is a Fellow of the ICAEW and has extensive knowledge of accountancy and tax for the self employed.
mm

National Insurance Class 2 Notification LetterAs part of the Spring Budget, Philip Hammond announced that the main rate of National Insurance Contributions (NIC’s) for the self-employed would increase, with Class 2 NIC’s being abolished, and Class 4 NIC’s rising to 11% by April 2019.

Fortunately for the over 4.6 million Self Employed workers in the UK, the plan to hike NIC’s was scrapped. So, what is NI? What is it used for? And how much do the Self-Employed Pay?

Continue reading