Read about the latest news and updates for SEplus

Personal Insurance when you are Self Employed

If you’re self-employed, it’s important to consider your personal insurance options. This is because when you’re self-employed you don’t have an employer to rely on for sickness cover, or health insurance, for example. This guide will help you work out what you need and where to get it.   There are a range of personal insurance products worth considering if you’re self-employed.   Income protection:   This is a long-term insurance policy, that usually lasts many years and is designed to...

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Public Liability Issues for Self Employed

The Role of Insurance   There is generally no legal requirement to have public liability insurance but some businesses e.g. Horse riding establishments must have Public Liability cover. Some clients insist that you have public liability insurance as a term of the contract.  This can be up to £10 million cover for businesses undertaking public sector contracts. Public liability insurance is available via your insurance broker. It is very important that you discuss fully with your broker all the risks arising from...

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Does the Construction Industry Scheme apply to you?

Under the Construction Industry Scheme (CIS), contractors deduct money from a subcontractor’s payments and pass it to HM Revenue and Customs (HMRC).   The deductions count as advance payments towards the subcontractor’s tax and National Insurance.   Contractors must register for the scheme. Subcontractors don’t have to register, but deductions are taken from their payments at a higher rate if they’re not registered.   Again its important to ensure accurate records are kept of deductions that are made   whether you are...

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Do you know your correct self employed status?

Make sure you conform to HMRC rules regarding your self employed status under their rules as this can be an area of concern.   The first and most important point is to establish whether you are 'employed' or 'self employed' under HMRC's terms. The ambiguity of the 'employment status' guidelines does not help the matter.   The Revenue states that they will take an overall view of a contractor's position to determine whether they will be deemed 'employed' under...

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