ContractorMoney
Independent Financial Advisors for IT Contractors
Contractor related financial articles
Over the years we have provided many articles of interest to the UKs contractor community.
Here are the most recent and we hope that you find them of use. It is important to check with us that specific details are still accurate as the text merely provided a snap shot that was relevant at the time of writing.
If you wish to discuss any of the issues raised please contact us.
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£10,000 free life cover for new parents!
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?
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
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...
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
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!
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
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
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
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!
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
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
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
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
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...
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?
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?
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
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
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
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
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?
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?
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!
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
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!
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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Breathe new life into your finances this tax year
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" -
FSA planning to regulate mortgage LTVs - buy now before it's too late?
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?" -
Critical Illness Cover - is yours fit for purpose?
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?" -
The do's and dont's of Private Medical Insurance
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" -
HIP Changes
The laws surrounding Home Information Packs (HIP) changed on 6th April 2009...
Keep reading "HIP Changes" -
G20 Update
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...
Keep reading "G20 Update" -
Is your Umbrella Company fit for purpose?
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...
Keep reading "Is your Umbrella Company fit for purpose?" -
What the hell is 'Quantitative Easing'?
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...
Keep reading "What the hell is 'Quantitative Easing'?" -
The Death of Cash ISA's
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..?
Keep reading "The Death of Cash ISA's" -
Free Critical Illness cover when you take out Income Protection!
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!" -
End of Tax Year Planning
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...
Keep reading "End of Tax Year Planning" -
Rock returns......but not yet for Contractors
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" -
The death of self-cert mortgages
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...
Keep reading "The death of self-cert mortgages" -
More brokers charge for mortgage advice
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...
Keep reading "More brokers charge for mortgage advice" -
Mortgage Express waives penalties
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...
Keep reading "Mortgage Express waives penalties" -
Base rates drop to 1.5%
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...
Keep reading "Base rates drop to 1.5%" -
Time to take a mortgage holiday?
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...
Keep reading "Time to take a mortgage holiday?" -
A bill you shouldn't avoid in 2009
At the end of a demanding year Contractors will be preparing for a Christmas break, free from the demands of the client...
Keep reading "A bill you shouldn't avoid in 2009" -
Forget gym membership - get your finances in shape for the New Year
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...
Keep reading "get your finances in shape for the New Year" -
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...
Keep reading "Xmas slowdown ideal time to review pension" -
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..!
Keep reading "Mulled wine on the carpet?" -
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...
Keep reading "Contractors triumph in pre-budget report!" -
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...
Keep reading "The Highland HIP" -
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...
Keep reading "Rates just 2% but where are the trackers?" -
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?" -
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...
Keep reading "A problem shared is a problem halved?" -
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" -
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!" -
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...
Keep reading "Protect your savings from the banking crisis" -
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" -
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...
Keep reading "SIPP your protective rights" -
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" -
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...
Keep reading "Big Bailout" -
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" -
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...
Keep reading "Life returns to fees free mortgages!" -
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...
Keep reading "Release cash from your pension" -
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" -
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...
Keep reading "Dragonfly case brings back spectre of IR35" -
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...
Keep reading "A stamp duty holiday!" -
Lehman Brothers, HBoS, Merrill Lynch...
October 2008
After a turbulent week on the worlds financial markets we take stock...
Keep reading "Lehman Brothers, HBoS, Merrill Lynch..." -
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" -
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.
Keep reading "Getting your finances in shape this summer" -
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" -
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" -
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.
Keep reading "Northern Rock customers forced out" -
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.
Keep reading "How was it for you Darling?" -
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.
Keep reading "All change to a nicer ISA?" -
How to beat the credit crunch
March 2008
Contractors may need to act quickly to get onto or move up the housing ladder.
Keep reading "How to beat the credit crunch" -
Pensions into Property
February 2008
One option for business owners to ensure trading continuity is by purchasing the premises that they trade from.
Keep reading "Pensions into Property" -
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" -
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.
Keep reading "HIPs to stay" -
Planning for an early retirement
November 2007
Given the constant challenge of running a business, many company owners will dream of early retirement.
Keep reading "Planning for an early retirement" -
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.
Keep reading "Buy to let for Contractors comes of age" -
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?" -
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.
Keep reading "Tax efficient investment for business owners" -
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 -
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.
Keep reading "Contractors urged to draw up a Living Will" -
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.
Keep reading "Mortgage Decision Time for Freelancers" -
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.
Keep reading "Buy to Let Mortgages just got easier!" -
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.
Keep reading "Contractor Pensions Reprieved" -
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.
Keep reading "Contractors welcome 'A' Day clarification" -
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.
Keep reading "Get your finances into shape for 2007" -
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
- Life returns to fees free mortgages!
- 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...
- Half price contents insurance for contractors
- When it comes to building and contents insurance the devil is in the detail on many 'best buy' comparison websites...
- Dragonfly case brings back spectre of IR35
- An IR35 case was lost last week as Dragonfly Consulting was served a bill for tax avoidance totalling over £99,000...
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