6 reasons to choose a bespoke accounting solution like Shield

Whether you are a contractor or small business, finding the support you need to manage your finances is important. The world of accounting is a tricky one to grasp. Changing legislation and industry jargon are a barriers for both new and established professionals. Here at Shield Accountancy, we offer two… View Article
Jennifer Gannon Jennifer Gannon , 21 June 2018

Managing your expenses as a contractor

Expenses are part and parcel of life as an independent contractor. Whilst your contractor accountant will be keen for you to claim all your allowable expenses, doing so and managing them in the first place can be a difficult task. Having to record, store and backup your receipts does sound like… View Article
Chelsie Richardson Chelsie Richardson , 1 February 2018

Which accounting package is right for me

Outsourcing your accounting is worthwhile consideration for businesses and sole traders serving all industry sectors. Managing your business finances is a difficult job, and a daunting task for both those new to contracting and experienced contractors without the time to keep up with the latest accounting rules and regulations. By… View Article
Jennifer Gannon Jennifer Gannon , 16 January 2018

When should I review and amend my rate?

There are many reasons why self-employment is on the up. Going solo has become the go-to career move across many industry sectors, with the latest figures from the Office for National Statistics (ONS) revealing that the number of self-employed people has increased from 3.3 million to 4.8 million. The self-employed… View Article
Jennifer Gannon Jennifer Gannon , 10 January 2019

The golden rules to taking time off as a contractor

With Christmas fast approaching, thoughts are turning to the festive period. Employees will be organising their time off for this precious time of year. Unfortunately, contractors can find it difficult to request leave. Like freelancers, contractors are expected to be available around the clock – thanks to the flexibility self-employment… View Article
Jennifer Gannon Jennifer Gannon , 13 December 2018

Will it be more difficult to source contract work after Brexit?

Our impending departure from the European Union (EU) is still huge news. As Brexit Day 2019 approaches, news of our fate and new life outside of the EU isn’t going to go away, but understanding how it affects our individual lives and job prospects is what people across the UK… View Article
Tom Bell Tom Bell , 25 October 2018

The Top 5 Accountancy Courses

Gaining a qualification in accounting will set you up for life, widening your job prospects, giving you greater security in managing your own personal and family finances. Of course, there are many courses available at various universities and colleges across the UK, but if you’re already in work and simply… View Article
Jude Eze Jude Eze , 1 December 2016

Getting Creative: Ways to Make Your Business Stand Out

It’s an entrepreneur’s world today, with so many start-ups across the UK emerging each year, it can be hard knowing just how to make your business stand out from the crowd. Often, it’s a case of stepping back and realising that your business has many unique aspects, and just needs… View Article
Jude Eze Jude Eze , 30 November 2016

GDPR: Why it’s never too late to comply

Some two years after the legislation was made, the General Data Protection Regulation (GDPR) is finally being put into practice. Despite the lengthy drafting process, the imposition on 25th May 2018 saw many businesses and contractors begin to panic. Three months on, organisations, and individuals alike are still confused about… View Article
Jennifer Gannon Jennifer Gannon , 1 November 2018

GDPR: How much could non-compliance cost you?

With May’s General Data Protection Regulation (GDPR) implementation deadline behind us, you may have thought you’d heard the last of this landmark legislation. Three months on, however, there are still a number of businesses and contractors that haven’t heard of GDPR, let alone complied with the stringent regulations it enforces… View Article
Tom Bell Tom Bell , 4 October 2018

The three types of HMRC investigation – and how to deal with them

In recent years, contractors and freelancers have become embroiled in what the media are calling a ‘£5.5 billion tax grab’. News stories like this one have struck fear into many of contractors we assist with our innovative accounting solutions, and for good reason. Reports tell stories of HM Revenue and… View Article
Jennifer Gannon Jennifer Gannon , 17 January 2019

Could branching out with your career leave you at risk of HMRC investigation?

It was back in 2014 that HM Revenue & Customs (HMRC) first began targeting those with second incomes. Known as moonlighting, many contractors and business owners start their own ventures by freelancing on the side, balancing their time and efforts between their full time roles and career ambitions. Four years… View Article
Tom Bell Tom Bell , 6 December 2018

Under HMRC investigation? Read this!

No contractor or small business owner wants to be under the watchful eye of HM Revenue & Customs (HMRC). There are many triggers associated with HMRC tax investigation, resulting in an enduring and rather unpleasant experience for the organisation or individual at its centre. In addition to being stressful, HMRC… View Article
Jude Eze Jude Eze , 29 November 2018

5 New Year’s resolutions every limited company contractor should make

With the New Year fast approaching, now is a great time to plan ahead for the progression of your limited contract business. As a limited company contractor, you have the power and the professional image to stay ahead of many self-employed sole traders. Registering as a limited company or even… View Article
Jude Eze Jude Eze , 20 December 2018

Could going limited slash your tax bill?

There are many reasons why registering as a limited company or operating as a sole trader works for the self-employed. Each has its advantages, a fact that makes it difficult for contractors and small business owners to decide which route is right for them. As well as being easy to… View Article
Jennifer Gannon Jennifer Gannon , 22 November 2018

Switching from Umbrella to Limited

At Shield Accountancy, we’re never shy about sharing the benefits of forming a limited company to boost your contracting or small business. Limited and umbrella company contracting are often subject to comparison, with a variety of arguments to be made for both. There are many advantages to going limited, from… View Article
Jennifer Gannon Jennifer Gannon , 2 August 2018

New tax year, new you? 5 efficiency rules to embrace

The new year brings a flurry of changes. Although many parts of the world choose New Year’s Day as the start of their tax year, here in the UK it’s April 6th. For contractors and small businesses, the new tax year provides an opportunity to hit the refresh button. In… View Article
Jennifer Gannon Jennifer Gannon , 19 July 2018

Top tips for building your cash buffer

There are numerous routes to securing your financial future as an independent or limited company contractor. As well as taking out the right insurance as a contractor, building a cash buffer will give you the financial confidence you need to ride the highs and lows of contract life. Contractors face many… View Article
Tom Bell Tom Bell , 8 March 2018

Do you need to fill in a Self Assessment form?

As an independent contractor or small business owner you’ll have 101 things to think about, particularly when it comes to fulfilling your tax and National Insurance (NI) obligations. From managing your business expenses to paying your own employees, it’s imperative you work with HMRC to ensure legal compliance at every… View Article
Jude Eze Jude Eze , 8 November 2018

Business expense or no business expense? That’s the question!

Managing your business expenses isn’t easy. In fact, many contractors, both new and experienced, have difficulties defining what is an allowable expense and what isn’t. We pride ourselves on helping the contractors and small businesses we work with to claim on the expenses they’re entitled to. Here, we provide a… View Article
Jude Eze Jude Eze , 9 August 2018

Filing your Self Assessment: Why it pays to be an early bird

For self assessment tax payers, the start of the new tax year means one thing: constant reminders to file your tax return. You now have until midnight on the 31st January 2019 to file your Self Assessment tax return for 2017/18. This year’s deadline (for 2016/17 tax year return submissions)… View Article
Jude Eze Jude Eze , 14 June 2018

Turning your hobby into a business

As the world of work changes, more and more people are starting their own businesses. The number of business owners in the UK has risen dramatically over the past decade, and now self-employed professionals account for 15% of the UK’s workforce. Many contract and startup businesses begin as hobbies, freelance… View Article
Tom Bell Tom Bell , 27 December 2018

GDPR tips for small business owners

The time has arrived for our carefully prepared General Data Protection Regulation (GDPR) plans to be put into action. As of the 25th May 2018, all businesses storing, managing and utilising the personal data of EU citizens must take extra precautions to protect this data and their privacy. Many companies… View Article
Tom Bell Tom Bell , 7 June 2018

The golden rules of selecting business banking

Whether you are an independent or limited company contractor, choosing a bank to handle your hard-earned money shouldn’t be a decision taken lightly. As your business continues to grow and your profits increase, it will become increasingly important to keep your business finances and your personal expenditure separate. Opening a… View Article
Jude Eze Jude Eze , 23 January 2018

Is your startup getting the support it needs?

With Brexit Day approaching and uncertain economic times on the horizon, businesses of all sizes and niches are looking to strengthen operations and from within. For new businesses in particular, getting the support needed to succeed is more crucial than ever. Many entrepreneurs have voiced their dissatisfaction about the government… View Article
Jude Eze Jude Eze , 18 October 2018

The world of startups

It wasn’t too long ago that even the word startup was hardly known, except in exclusive business circles. Now – in 2017, almost everyone has heard of entrepreneurism and many are fuelling the meteoric rise of the startup. Thanks to a greater accessibility to the web, the ingenuity of crowdfunding… View Article
Jude Eze Jude Eze , 17 April 2017

Crowdfunding: How it is changing the face of business

There was a time when the only way to fund a business was to go to the bank and get a loan. Today, crowdfunding has opened up a wealth of opportunities for budding entrepreneurs. A phenomena that’s only a few years old, yet in that time has created a revolution… View Article
Tom Bell Tom Bell , 9 February 2017

Tax rates from around the world

As a self-employed professional or business owner, thoughts always seem to turn to how much easier other countries appear to have it, particularly when the time to settle our tax bills comes along. Tax rates vary from country to country, and while the UK doesn’t have the highest rate, it… View Article
Tom Bell Tom Bell , 15 November 2018

First time contracting guide: Reducing the risk of personal financial loss

There are many benefits that go hand-in-hand with pursuing a career as an independent contractor. Greater earning potential, better control over career progression and an improved work/life balance are likely to be just three of the reasons why you entered, or are considering entering, the world of contract work. With… View Article
Jennifer Gannon Jennifer Gannon , 25 January 2018