My Money: Issue 4 by My Money Magazine

Making Tax Digital: All you need to know about the changes p6

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Taking the next step: Top tips on how to grow your business p18

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Choosing a savings account that’s right for you p26

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A WORD FROM THE EDITOR | Welcome to the latest issue of My Money. It’s an especially exciting one because it’s the result of several months of hard work by our editorial team to redesign and rebrand it for our broad and diverse readership. There’s always a bit of a risk that articles about new tax laws and expense receipts might come across as a bit... well, dull. But the fact is these issues matter a lot for freelancers. That’s why we’ve made an effort to make them as engaging as possible. In this issue, there’s everything from the lowdown on cyber-attacks to why freelancer collaboration might be the model for you.

EDITOR Jyoti Rambhai

HEAD OF MARKETING Toby Tetrault DESIGN & ARTWORK Marty Harling-Coward

PUBLISHED BY IPSE, Heron House, 10 Dean Farrar Street, London SW11 0DX

IPSE MEMBERSHIP 020 8897 9970 ipse.co.uk

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IPSE does not necessarily agree with, or guarantee the accuracy of, statements made by contributors or accept any responsibility for any statements which are expressed in the publication. All rights reserved. | This publication (and any part thereof) may not be reproduced, transmitted or stored in print or electronic form, or in any other format, without the prior written permission of IPSE. | IPSE, its directors and employees have no contractual liability to any reader in respect of goods or services provided by a third-party supplier. 2

contents I - T   We caught up with award-winning freelance health journalist, and founder of the feminist women health blog, Hysterical Women, Sarah Graham, to ask her our top 10 money questions. p5

T - M   Will the new digital reporting requirements under Making Tax Digital (MTD) impact you? Here’s what you need to know but were too bored to ask. p8

W - I   Nine in ten self-employed people have experienced anxiety over their financial situation. Inna Yordanova explores what needs to be done to change this. p11

I

Going freelance doesn’t have to mean going it alone. Tristan Grove speaks to software developer Rich Daley and speech and accent coach Luke Nicholson about collaboration. p15 B - S  Only one in five start-ups pass the five-year mark. Kelly Gilmour-Grassam gives her top tips on growing your business. p18 E - IR35 It’s important all freelancers understand what IR35 is and how it is set to change. Get the latest update in this IR35 explainer. p21 T Maximise your time and potential by using these helpful apps and tools to manage everything from day-to-day finances to the big picture stuff. p38 S SMEs and micro-businesses are just as much at risk from hackers as big-name businesses. Aon provides key steps to protect yourself. p41

F C Madeleine Stuart is an illustrator based in Surrey. She graduated in 2018 from Arts University Bournemouth with a first in Illustration and is currently freelancing in London. : .. : @ M 

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I By Faye Newman

THE BIG

From working as a deputy editor for Feminist Times, to content editing at Google Arts & Culture, it’s safe to say that Sarah Graham has a wealth of experience in journalism and copy writing. Sarah’s passion and knowledge have led her to be an award-winning freelance health journalist, and founder of the feminist women’s health blog Hysterical Women. She has worked with magazines such as Grazia, Women’s Health and many more impressive brands. My Money caught up with Sarah to find out more and ask her our top 10 money questions.

Faye Sarah

How would you define financial success? Earning money on my own terms and having enough of it to live comfortably. As a writer, financial success for me is really all about having a secure enough foundation to work flexibly, creatively and independently. What’s the hardest thing you’ve learnt about money along the way? I think the hardest thing has been learning to stand up for myself financially. It is okay to say no to work that undervalues me or doesn’t serve my goals, to chase late payments and ditch consistently late payers, and to fight for my right to be paid well and on time for the work that I do. M 

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Faye Sarah

If money were no object, what would you treat yourself to right now? I’d treat my husband to a holiday, because he’s such a fantastic support through the highs and lows of freelance life. We’ve both been very focused on work and our new house over the last couple of years, so travelling has been limited to a few days at a time in Europe. I’d love to get away for a proper adventure together again – probably a tour around India, which has been on our bucket list for years. If you could donate to any cause, what would you choose? I work with a lot of brilliant charities, particularly around health and women’s issues, so it would be hard to choose just one. Mind tends to be my go-to for fundraising, but I’d love to support more women’s health charities too, like Wellbeing of Women, The Agenda Alliance, BPAS and The Eve Appeal.

Faye

How easy was managing your money, when you first started your business?

Sarah

When I first went freelance, the business and admin side was definitely the part of self-employment I struggled with most. I have got much better at giving myself a financial buffer, as well as putting money aside for tax and savings for the future, but cash flow is still always a little bit of a worry.

Faye Sarah

Do you have a favourite finance book, website or app? FreeAgent has hugely helped me get my head around my finances, particularly keeping track of when invoices are due and how much I’m spending on expenses. I can’t recommend it enough.

I think the hardest thing learning to stand up for my6

Faye Sarah

Faye

Who in your life has taught you the most about money? That’s a tough one. I guess my parents, who have always been very sensible about putting money aside each month and taught me to live within my means. Do you have any money regrets? I think life’s too short for regrets – money-related or otherwise. There are definitely money mistakes I’ve learnt from though, like underselling myself early on in my freelance career, and not keeping enough of a financial buffer to allow for the inevitable cash flow issues that come with being self-employed. It’s been a steep learning curve, but I think all the mistakes have taught me how to manage the feast or famine cycle better in future. What was the first thing you bought when you got paid for the first time?

Sarah

I’m pretty sure I took myself out for a fancy lunch – food is usually how I celebrate financial wins.

Faye

Would you say you’re driven more by money or love of your work?

Sarah

Love of my work, absolutely. I don’t think anyone goes into journalism for the money!

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T By Andrew Chamberlain 8

Everything you want to know about Making Tax Digital for VAT – but were too bored to ask Making Tax Digital may not sound like the most interesting subject under the sun, but it could have a big impact on your business. Andy Chamberlain has the lowdown…

One of the biggest changes to take effect in 2019 which will impact self-employed businesses is the new digital reporting requirements under Making Tax Digital (MTD). MTD for VAT comes into effect in April 2019. Businesses with a turnover of more than the VAT threshold (£85,000) will be required to keep VAT records digitally and submit returns electronically, through new software. MTD for VAT is part of a much wider programme of reform – Making Tax Digital – which will ultimately change the way all businesses, including the self-employed, account and pay tax. The government’s vision is for MTD to simplify the tax process, both for taxpayers and HMRC. The annual self-assessment process will be consigned to the history books, and replaced with more frequent, digital updates directly to HMRC via compatible software. The first step for this tax revolution is VAT. If your business isn’t VAT registered, you won’t be impacted now, but as other taxes and types of business are incorporated over the coming years, the likelihood is you will be. From April, VAT returns will have to be made through specific software, on a quarterly basis. Most businesses are already required to report VAT quarterly, so the frequency of the reporting and the data being reported won’t change. The only change is a technical one, VAT data will have to be entered into a software. Typically this will be through an app on your smartphone, tablet or laptop, which will send a report to HMRC at the click of a button. There are several software products available now, and more are being developed (a full list can be found on gov.uk). These are all commercial products: HMRC doesn’t offer its own software. There was a time when HMRC insisted that software would be available for free; that appears to have been forgotten and most products that we’ve seen come at a cost – not a prohibitive cost, but a cost none the less. Many businesses have an accountant to submit their VAT returns for them. In these cases, MTD for VAT shouldn’t cause too much trouble, but it will probably still require the use of new software to keep your VAT records. Speak to your accountant (if you haven’t done so already) to make sure he or she has everything they need from you, and that the software you’re using is compatible with MTD for VAT requirements. Others businesss file their own returns. They will have to adapt to the new requirements. Many keep VAT records on a simple spreadsheet. You can continue to keep records on spreadsheets, but the data will have to be entered into the new software in order to send the report to HMRC. Some companies have designed ‘spreadsheet bridging software’ that will automatically feed the data from the M 

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spreadsheet to the new software. Generally, the advice to people who want to submit their own returns is to seek some guidance from an accountant, at least in the first instance, to make sure you’ve got the right processes in place. If you have voluntarily registered for VAT (but your business turnover is under the threshold of £85,000) you will not have to comply with the MTD requirements in April. For the time being, you can continue to record and report VAT as before. In October last year, HMRC opened the public beta phase for piloting the scheme. Businesses that are so inclined can register now and start the process on the government website. Jordan Marshall, policy development manager at IPSE, the Association of Independent Professionals and the Self-Employed, said: “The initial timetable for MTD was way too ambitious and the wrong businesses were being targeted first. “We are grateful to the government for heeding our calls to reconsider its approach. Initially, HMRC was to onboard the very smallest businesses and make Income Tax returns digital. They set a very low threshold for exemptions (£10,000 turnover). This would have caused problems, as a surprisingly large number of very small businesses still keep paper records.” He added: “The 2017 general election provided an opportunity to rethink the timetable. Starting with VAT makes much more sense, as it’s already reported quarterly and, in most cases, records are already kept digitally. “The requirement to purchase new software, and get use to using that software, will inevitably cause some consternation, but overall we can see the long-term benefits of a more digitally integrated system. “We are still dubious about the quarterly reporting requirement for Income Tax and Corporation Tax, but that’s not here yet. We will continue to question that aspect of the new system at the appropriate time.” More information on MTD and MTD for VAT can be found on gov.uk.

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W By Inna Yordanova

The path to prosperity. How to improve the financial wellbeing of the self-employed

BEING self-employed means being the master of your own destiny – and taking on all the financial challenges that may entail. This can be anything from fluctuating income to limited access to financial support from government and the financial services industry. A recent report by IPSE, (The Association of Independent Professionals and the SelfEmployed), and Sherpa found that the economic health of the self-employed is divided, with just over half (52%) saying they are satisfied with their financial wellbeing. The report, titled The path to prosperity: What financial wellbeing looks like for the selfemployed, also found that nine in 10 self-employed people worry at least occasionally about their financial situation, and half (51%) of those surveyed said they felt anxious or stressed as a result. M 

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On the positive side, the research showed that there are a number of things that can be done to ensure self-employment is a sustainable, fulfilling and financially rewarding way to work. P, , … Just over half of the respondents (51%) said irregular income was the main barrier holding them back from taking control of their financial situation. The report suggests one way to combat this is by preparing in advance for earning irregularities and unexpected business disruptions. Self-employed people who said they had not experienced any financial worries safeguarded themselves by putting aside savings for an emergency, as well as having a financial plan or a budget. Two in five (39%) of the respondents suggested maintaining enough clients to avoid periods without work as another way for you to improve financial health. Building a strong-

er business network can help to generate referrals and more regular streams of clients, which in turn can increase earning potential and alleviate financial concerns. L   Almost half (47%) said that earning a higher day rate was a key factor that could improve their financial wellbeing. However, changing your financial situation is not that simple for everybody. Upskilling and training can be a useful step to develop earning potential, particularly for those on a lower income. In fact, close to one in five (17%) of those surveyed felt that enhancing their skill set would help improve their financial wellbeing.

proposition is (30%), and how to target the right audience (32%) a challenge when marketing their businesses. Therefore, the report recommends that training in these areas might be particularly useful. Another recommendation is for training providers to offer advice to the self-employed on how to deal with irregular work patterns as well as help align their skills with the demands of running a business. This could help many self-employed people cope with stressful situations and financial worries. T     

Upskilling can help boost confidence and for many small businesses, this can help them develop their career and earning potential.

While the self-employed can do a lot themselves to improve their personal situation, there is undoubtedly space for both government and industry to contribute to their financial prosperity and ensure it remains a growing and valuable sector of the workforce.

Previous IPSE research has shown that almost a third of the self-employed find knowing what their value

Nearly one third (31%) of the self-employed people surveyed said they have trouble with financial planning

47%  -                

9  10       

because of the volatility of government taxation and regulation policies. For policymakers, this means fiscal policies need to adapt to the realities of the modern labour market, especially in areas such as late payment. Research launched in July 2018 by the IPA (Involvement and Participation Association) showed that 63 per cent of the self-employed have suffered from late payment, while 43 per cent have, in some instances, not been paid for work at all. According to the report, this is a deeply rooted problem that causes financial hardship and cash flow issues for the self-employed, and it must be addressed. In addition, one in 10 people surveyed in the Path to Prosperity study also suggested that products, advice and education tailored to the self-employed would help improve their financial wellbeing. The financial services industry should consider designing more products specifically for

the self-employed – products that offer flexibility and account for irregular income patterns. Patrick Muir, chief marketing officer at Sherpa, said: “This report is a major step forward in our understanding of the financial wellbeing of the self-employed. The factors behind their financial wellbeing and contentment are simply different to 9 to 5 employees, and policymakers and business leaders need to understand this. “For the moment, most self-employed people are clearly enjoying the advantages of being their own boss. But their worries about the future show that there are problems here. This report’s detailed and considered recommendations should help policymakers and industry leaders alike alleviate these problems and improve things for this vital and growing sector.”

52%      

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I By Tristan Grove

Not-so solo self-employed

Why freelance collaboration might be the future for you BERTRAND Russell said: “The only thing that will redeem mankind is co-operation.” Bold opening gambit for an article about freelancing, I know. There was a quote from Gandhi I could have used, but even I can see that might be a bit far... You get the point though: co-operation = important. The thing is, there’s a bit of a stereotype about freelancers. You hear the word ‘employee’ and phrases like ‘team player’, ‘collaboration’ and – if you’re a little too steeped in corporatese – ‘synergy’ spring to mind. Even the term ‘worker’ conjures up visions of burly men in flat caps working together in smog-spewing factories. The word ‘freelancer’ is a bit different. When you hear that, you have phrases like ‘going solo’ and ‘working for yourself’ – and images of lone wolves toiling away in home offices. And, indeed, there have been many studies into the phenomenon of loneliness in the freelance community. M 

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The first thing about freelancer collaboration is: don’t limit your possibilities. You never know what skills from your network might come in-handy for a new project or client. 16

While some freelancers work solo and do suffer from loneliness, however, many more collaborate just as closely as their employee and worker counterparts. Freelancers across the UK and beyond work closely together on countless different projects every year, not only staving off the dangers of loneliness, but also pooling skills and talents to give them an edge over the competition. For a good example of a highly successful freelancer collaboration, I spoke to software developer Rich Daley and speech and accent coach Luke Nicholson. Most self-employed collaborations start where freelancers generally convene – co-working spaces. But not for these two. Instead, they met when they were both finalists for IPSE’s Freelancer of the Year Awards (which Luke won!). So, for starters, what could there be for Luke, owner of Improve Your Accent, to work on with Rich, owner of software development company Fish Percolator? (And yes, you read that right: it’s a Twin Peaks reference.) Well, the first thing about freelancer collaboration is: don’t limit your possibilities. You never know what skills from your network might come in-handy for a new project or client.

bunch of people doing different jobs all banding together to find each other work. “That actually happens to me a lot because there aren’t many people in my line of work here [at co-working space Duke Studios]. And I also find myself with access to loads of skills, so if someone needs copywriting, I know copywriters here and if someone needs animation, I know animators.” Tight-knit co-working spaces aren’t, of course, the only way collaboration comes about. There are also a lot of online tools to enable freelancer collaboration – particularly project management apps, which act as online work hubs. There are even LinkedIn groups like ‘Co-working’ to bring freelancers together. It doesn’t have to be complex tech either; Luke says simply: “All the freelancers I’ve collaborated with have been recommendations or people I’ve met.” Both Luke and Rich are clear on the advantages of freelancer collaboration. For Rich: “I think working together with someone you know, and trust is a huge deal, especially if you’re in the same physical location.

In this case, Luke tells me he’s been working with Rich to develop “a new online course for non-native English speakers who want to speak clearly and confidently.” Rich explains where exactly software development comes in: “You can’t just use a standard e-learning tool off the shelf for a product like this because it’s got quite a lot of very specific things like audio at different speeds and transcribing text into various national alphabets.”

Speech and accent coach Luke Nicholson

Collaboration really can take you into some niche and interesting projects. This isn’t the first time either have collaborated on projects with other freelancers, though. Rich tells me: “You often find a whole

“Working with the same freelancers more than once means you each get to know each other’s quirks and creative styles. And, of course, it means you can say ‘yes

Software developer Rich Daley

the leap into ‘team-playing’ and ‘synergy’ (maybe not that last one)?

Are there any disadvantages, though? Again, for Rich, it’s all about the bond with your collaborators: “Working in a community like Duke Studios means your colleagues become your friends quite easily.

Well, for both – as with any working relationship – it’s mostly about trust.

“It could be tricky to ‘pick’ a freelancer when more than one of your amazing colleaguefriends does the same thing without worrying a little about hurt feelings. Although thankfully I’ve never actually encountered any hurt feelings!” Overall, though, what advice do Rich and Luke have for freelancers thinking of taking

Rich says: “Make sure you can trust the work of the freelancer you’re collaborating with, because the client will judge you for your choices. Being part of a curated community like Duke Studios helps with this because the bar is always pretty high and there are people from every discipline here.” For Luke it’s also about client delivery, trust and clear bounds. “Make sure all the freelancers in the team are really clear about what they need to achieve and by what time. Check everyone knows the situation with money: how much everyone is being paid and when payments should be made by.” From the experiences of both Rich and Luke, then, it’s clear working for yourself really doesn’t have to mean working by yourself. And perhaps, given these ringing endorsements, it shouldn’t. You might even say co-operation could redeem freelancers from the dangers of loneliness. I still won’t use that Gandhi quote though.

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Make sure you can trust the work of the freelancer you’re collaborating with, because the client will judge you for your choices.

we can do that’ when the client asks about something, instead of having to say ‘no, but I can ask’.”

B By Kelly Gilmour-Grassam

5 tips to help you grow your freelance business Only one in five start-ups pass the five-year mark. My copywriting agency, Making You Content, is about to become part of that statistic this year. It’s something I’m incredibly proud of, and I’m often asked how I evolved the business from its freelance roots. There’s no silver bullet that will take you from freelancing to running a team. However, there are a few things you can do to build a sustainable business model that allows you to grow and evolve. Here are five tricks I’ve learnt along the way.

1. Move away from hourly rates If you only think ‘time is money’, you’ll soon hit a ceiling. Plus, working purely on a time-and-money basis rarely benefits you or your clients. The less time you spend working, the less money the client pays. But this neglects value, 18

and ultimately everyone wants the work you produce to be its very best. Consider client management too – contacting you or requesting amendments comes at a cost. Some freelancers that are just starting out don’t include this in their rate, and those that do can find money becomes the sole focus.

This isn’t the way to build strong client relationships, so try to move away from hourly rates. Productise your offering so you have set prices for the different types of work you provide and take into account both the value to the client and the true cost of delivering it.

to be put on the back burner until funds will allow for it, so do your research and develop a plan for safely onboarding extra hands.

2. Develop a retained income

Building a team makes understanding your finances even more of a necessity. You need to be certain that you’re bringing in enough to comfortably cover overheads, such as invoices/salaries, software and rent every month. Cash flow can cripple a small business.

Securing and fulfilling projects is hungry work and makes the nature of freelancing feast and famine. To give yourself stability, and ensure you truly deliver value to clients in the long term, consider how you can build an ongoing relationship through retainers. For the client, this benefits cash flow by allowing them to budget monthly, rather than forking out lump sums per project. For you, it gives you the freedom to focus on doing your best work, rather than constantly pitching for new work. Retainers also allow you to reserve a set amount of time for the client, so you can plan your days and they aren’t left waiting around for your services. By establishing an ongoing dialogue, you’ll be in a better position to understand and assist them in achieving their goals and objectives. 3. Consider complementary services Retainers are particularly beneficial because the client only needs to deal with one provider who already ‘gets’ their brand. This can often lead to them asking for other services. So, look into the ways you could deliver them.

5. Get savvy about finance

This isn’t the only financial matter to be aware of. It’s easy to lose track of how much you’re sinking into each project, so ensure you pay attention to your time and the cost of servicing a client. What do you need to earn a day, week or month to cover your outgoings? What margin would make this project worthwhile? Especially in the beginning, you won’t quote every project right. However, understanding where you stand financially will help you make confident decisions around pricing. Growing a business doesn’t happen overnight. But by keeping an eye on everything, from your finances to identifying additional revenue streams – it can be achieved sooner. Have patience, plan ahead and learn from any mistakes, and you’ll gradually evolve your freelance career into a business that takes care of your future.

For example, if you’re a designer of business cards, consider whether you could take additional burden away from your clients by arranging print for an extra fee. This way they have a sole supplier, and you can maximise the life cycle of your relationship with them – along with finding clever ways to add margin to your offering. Just ensure the work is relevant to what you currently do. Offering services at completely different ends of the spectrum will confuse clients and take away from your niche positioning if you have one. 4. Begin to build a team With complementary services and retainers, you can expect to have more work scheduled in the calendar. But, ultimately, you only have so many hours in a day. Rather than exhausting yourself or rejecting work, hold on to clients by incorporating other freelancers into your model or eventually hiring staff. Make sure that the demand for work covers the cost of additional resources. Outsourcing or hiring needs may have M 

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E IN AN ideal world, off-payroll tax rules, or IR35 as it is commonly referred to, would cease to exist, or, perhaps more sensibly, would have never existed in the first place. Sadly, IR35 is here to stay (for the foreseeable future at least) and independent professionals need to be aware of it. Complying with IR35 is anything but straightforward. One of the most frustrating things about this legislation is that many independent professionals have no idea whether it applies to their engagements or not. The good news is the government intends to remove the burden of determining IR35 M 

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By Andrew Chamberlain

Off-payroll tax rules: What are they and why do they matter? status from contractors. The bad news is that the burden is going to pass to your client, and the decisions they make will affect your tax position. You won’t have any say in the process and the likelihood is that, in many cases, the clients will get it wrong. This may sound bleak; however, it is unfortunately the reality of the situation. IPSE, the association of Independent Professionals and the Self-Employed, is campaigning to prevent this dystopian nearfuture. In the meantime, it is important that all freelancers, particularly those that are new to it, understand what IR35 is and how it is set to change. M       

S,   IR35? IR35 is a tax law that allows HMRC to treat fees paid to a limited company as if they were an employee salary. It was created to stop ‘disguised employment’ – where individuals work through their own company, sometimes referred to as an intermediary, but act like an employee of their client. Such arrangements allow people to pay less tax and remove the need for employers to pay National Insurance Contributions as well as benefits (like sick pay and holiday pay) to their staff.

W     The main problem with IR35 is that it unfairly affects the smallest companies: freelancers. Many freelancers who legitimately use a limited company to supply services have been falsely accused of ‘disguised employment’. Worse, IR35 investigations can be long, intrusive and extremely costly for freelancers. They can even cause reputational damage, and many freelancers expend large amounts of time and money protecting themselves from the risk of IR35 investigation. IR35 remains on the statute book. That means everyone who provides services through their own limited company has to make sure they’re compliant with IR35 – or as compliant as it’s possible to be with such a complicated piece of legislation. H  IR35  ? IR35 status largely depends on three factors, so it is important to make sure your contract (and conduct while undertaking the contract) contains the following: • An unfettered right of substitution. This means the contractor is not contracted personally to do the work but could send a substitute in case of absence. This is one way of showing that the relationship is not employment. The ‘unfettered’ aspect is important here – the contractor business shouldn’t need to ask permission from the client before sending the substitute. • Direction, supervision and control. A genuine contractor should decide how to get the work done, not the client, so autonomy and independence in the relationship are vital. • There should be no Mutuality of Obligation (MOO) in the relationship. MOO is a very a difficult concept to

contractor is an independent service provider, not a member of the team. Just because your contract looks IR35-proof doesn’t mean HMRC will not attempt to apply IR35. W        ? Since April 2017, responsibility for determining whether a contractor falls under IR35 has been moved away from the contractor themselves to the public sector body they are working for. If the public sector client decides IR35 should apply – and most have – then the contractor’s payments are taxed at source, as if they were an employee. Because IR35 is so complex, public sector bodies have no idea whether it should apply to their engagements or not. These organisations are naturally risk-averse, so inevitably, they applied IR35 across the board.

explain, and there is disagreement even among experts about what it means. The contractor is under no obligation to do work outside of what is stated in the contract, unlike a traditional employee, and the client is not obliged to provide additional work. Technically, for IR35 to apply, the engagement must fall down on all three of the above, though it’s best practice to ensure all three are addressed from the start. As well as these, other factors such as using the client’s equipment or attending team meetings could come into play in the case of an investigation. These factors could be used to suggest that the relationship is more one of employment than business to business services. It’s important to look beyond the contract to the actual working practices. It should be clear to all parties that the

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This overly cautious approach from public sector bodies has resulted in thousands of contractors paying more in tax than they should. In turn, this has led to many contractors moving out of the public sector and stalling numerous government projects. The public sector change has been nothing short of a disaster. Many business groups are working to try and stop the government extending the changes to the private sector. W       ? In the 2018 Budget, the chancellor announced that the public sector changes would be extended to the private sector from April 2020. Despite providing very little evidence to support its claims, the consultation document asserts that there is widespread non-compliance with IR35, and thus justifies the intention to extend the changes. IPSE is working with clients and agencies to ensure they are well informed about their responsibilities. Clients do not have to put everyone inside IR35 – in fact, they are required to take ‘reasonable care’ when making determinations.

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A I Tax, National Insurance and pensions. For freelancers, these words can spell regular anxiety attacks. Our time is money, and it’s easy to be too busy to pay much attention when changes are announced in the fusty legal minefield surrounding self-employment. But the government’s focus on, some would say targeting of, freelancers in these important areas means it will pay us to keep up to date. For a start, many self-employed people face a higher tax bill from April 2020 when the IR35 rule is extended to the private sector. It will force thousands of contractors and freelancers to pay Income Tax, as well as National Insurance (NI) at the 12 per cent rate, rather than a lower rate. HMRC says ‘small’ businesses will be exempt – but has not yet told us what ‘small’ means. Clearly, it will be important to be able to show that, in any given contract for a client, you are genuinely self-employed. Otherwise, you will be put straight on the payroll and slapped with a higher NI rate yet receive none of the benefits and perks of a real employee.

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Your contract is only IR35-proof if: • You are entirely responsible for your business; • You could hire someone else to do this particular work; • You agree a fixed price for a job, not a time payment; • You will fix problems in your own time and;

By Iona Bain

‘It pays to keep up-to-date’ with policy changes

• You provide your own tools and equipment. Quicker down the track comes Making Tax Digital. Anyone above the VAT threshold of £85,000 must, from this 6 April, keep digital records and submit returns using compatible software – but only for VAT. Then from April 2020, though it could be later, all our Income Tax self-assessment will have to go digital. That means freelancers have just over a year to prepare for what could for many be quite a culture change. Finally, what about a pension? At present, we, the self-employed, are pension Cinderella’s’. We are excluded from auto-enrolment into workplace schemes where employers will, from April, make a three per cent contribution. But there is much talk and study afoot about how to do more to get us saving for later life. Watch that space. But meanwhile, one valuable option is already in place for anyone under the age of 40, and that is the Lifetime ISA. Save up to £4,000 a year and get £1,000 from the government, as long as you don’t touch it till you’re 60. I’ve got mine. M       

sa ving

R By Ryan Barnett

Top FOR freelancers, saving can be an integral part of making a business thrive. Saving implies security; it’s creating a financial buffer for periods of less work, as well as investment and making sure you meet your self-assessment tax requirements. When my grandad passed away, we found nearly £800 under the mattress. His wife, my nan, didn’t even know about it. Savings accounts for the average person have been available for a century. Assets such as property, land, gold and stocks have been a way of storing value in a reliable ‘secure’ manner since the Babylonian period. US government bonds are indeed called ‘securities’, partly because of the reliability of getting your money back.

o s tip

Since the 1980s, the general public have had far more ways to save than ever before. Not least in 2019, with the advent of new technology and new financial instruments to keep your money safe. For many, this also means accruing new value. Increasingly, people are concerned that their money is not invested in deforestation, burning fossil fuels or funding conflict. And with interest rates so low since the recession, traditional saving methods are less attractive.

As an individual or as a business, your medium-term economic health is imperative. Try and keep out of that overdraft, watch what you spend, then think about saving. If you have an accountant, you should certainly consult them before making any decisions. But if you don’t, not to worry. The market is awash with jargon and there are so many different accounts, ISAs and stocks to look at – it can be confusing. My Money has put together the basics of what is on offer.

accounts to manage their money and reaping the benefits.

Stocks and shares ISAs can include a range of bonds and shares, but you have to be over the age of 18. Obviously, any investment like this is subject to the market and your investment could be at risk. However, with that risk comes higher returns. You will have to pay a fee to a provider and then probably another small fee to invest in each stock.

Accounts like these are often a bit more geared towards millennials, with apps for tracking spending. You can set targets, warnings and thresholds which help you manage your money.

LISA Lifetime ISAs (LISAs) can be used by anyone from 18 to 40. You can deposit up to £4,000 a year and get a 25 per cent bonus every year until you are 50. If you withdraw before 60, you will lose 25 per cent of the investment. It is designed to help people save for retirement.

T   Every bank provides a standard savings account connected to your current account. There will be a low level of interest applied, typically below 0.8 per cent. Most big banks provide different accounts, geared towards different age groups or different functions. HSBC, for instance, provides a regular savings account which mandates you to deposit at least £25 per month, with a decent three per cent interest rate for average HSBC customers.

Mint is probably the best known. For small businesses and the self-employed, Intuit’s QuickBooks app is increasingly popular. There are several watchdogs which can help you decide where to save or invest. Martin Lewis of Money Saving Expert regularly writes about savings and ISAs and is a good place to start. You can also visit Ethical Consumer online, which rates investment providers in terms of their geopolitical, social and environmental impact.

For the self-employed, it is arguably a no-brainer. But there have been concerns that LISAs could be subject to mis-selling. ‘M’ 

There are also accounts geared towards saving for a home; or for children, which can only be accessed with parental permission. Accounts range in accessibility and when interest is paid on deposits. Look out for Virgin Money, Sainsbury’s Bank and Tesco Bank for the better rates. There may be restrictions on how many times you can withdraw. Although this is good for saving, it may put you in a sticky situation if you find yourself in financial difficulty and need to withdraw funds.

in terms of accessibility and rates of interest.

‘Management accounts’ here refers to secondary bank accounts, often provided by ‘starter’ banks which people use to manage their current accounts. Though this is not saving per se, more and more people are using Monzo or Starling

ISA An Individual Savings Account can be opened by any UK citizen. You must be at least 16 for a Cash ISA. This is a savings account where you do not pay tax on the interest, ever. You can save up to £20,000 in one tax year (ending April 5). They vary M 

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T

Sponsored content by SJD Accountancy

easy ways to prepare

for the new tax year THE end of the tax year is here, which means it’s time to get your financial matters boxed off and make plans for the year to come. If you’re self-employed, this can be a busy time. But fear not: help is at hand. Here are some quick tips to help you get your business in good order and your finances up to speed before the start of the new tax year.

Get yourself organised

Use up your ISA

Now is the perfect time to round up all those stray expenses to claim relief for the current tax year. Also use this as an opportunity to organise receipts for the next year: create some storage space and, where possible, store a copy of any purchases electronically. This will stand you in good stead for your Self-Assessment Tax Return.

This one’s straightforward. You have an annual limit as to how much you can pay into your ISA and this will reset at the start of the tax year: if you haven’t already, use it..

While getting yourself organised, look and see if you’ve had all your invoices paid for the last year. If not, now is the perfect time to give your clients a gentle nudge.

of £85k initially, it’s still good practice to align your returns with this. The new financial year is the easiest time to change the way you record your financial information. Think about topping up your pension

Specialist accountants like SJD Accountancy understand the demands that contractors and freelancers have on their time. That’s why we’re here to make your business life as easy as possible by providing advice, insight and support on everything that accompanies the self-employed lifestyle.

State pension contribution costs are set to rise in April, so if you haven’t already done so, now could be a good time to top up yours. Reassess your business goals for the upcoming year Just like making New Year’s resolutions, this is the perfect time to reflect on the past year and set some new goals. Consider whether you did everything you intended, whether you invested your money wisely and whether there’s anything still outstanding you’d like to make work. Whether it’s a new skill you’d like to learn or a financial target to meet, the new tax year is the best time to re-forecast. Review your business insurance needs If your business has changed or expanded over the past year, it might be time to think about the type of insurance you need. This can provide peace of mind and keep you protected from any of the pitfalls you might come across as a contractor or a freelancer. The type of insurance you’ll need will depend on the nature of your business and your working practices, so it’s worth investigating what’s best suited to your needs.

Start filing your accounts digitally Starting in April 2019, the new initiative known as Making Tax Digital means all VAT returns must be filed digitally using HMRC’s approved platform. Though this will only affect businesses with an annual turnover M 

Invest any excess profits If you have any outstanding finance left over in your company, make sure you use it wisely to reduce the amount of Corporation Tax you pay. Some easy ways to take care of this are to top up your salary if you’re still under the personal allowance threshold (this is currently set at £11,850) and to claim all you can in expenses. Update any old equipment New (tax) year, new you. Whether it’s an out-of-date computer, a set of old tools or even a uniform that’s seen better days, if you’re required to use specific tools or materials for your job, you can claim it as an allowable expense. Just remember to keep all receipts handy for your tax return. Make sure you’ve got work lined up When you’re thinking about how to distribute your finances throughout the tax year, you should be sure you’ve got work lined up. Take some time to reach out to any old clients, to plan for the coming months and make sure you know where the money is coming from. This will help you to better distribute your wages and ensure you’ve got enough to keep you afloat during any slow periods.

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IPSE Sponsored content by Christina McLean, IPSE 30

Financial benefits of being an IPSE member

BRANCHING out on your own can be a daunting financial undertaking. All of a sudden, where you had an accounts or HR department to sort your taxes and pensions, you now are responsible for it. This can be overwhelming at the best of times and why IPSE, The Association of Independent Professionals and the Self-Employed, has introduced a range of membership benefits over the years that aim to take away this burden, and help its members save money.

Tax and legal helplines and contract templates Some of the easiest ways to lose money unnecessarily are through tax complications, legal issues or not having the right contract in place. To avoid any mistakes when it comes to taxes, IPSE members get access to a dedicated tax helpline, which provides them with all the advice and guidance required to ease the burden of tax, delivered by knowledgeable and friendly taxation experts. These experts provide guidance around: • Any contact from HMRC that isn’t clear • Any contracts governing your engagements • Any UK VAT issues

Members also have unlimited calls for legal support on business matters to a dedicated 24-hour legal helpline. By receiving quick, friendly, pragmatic advice and recommendations from fully qualified and experienced lawyers, IPSE members are able to either avoid legal issues before they arise or tackle any legal queries head-on without having to get expensive lawyers involved. This type of proactive cover also boils down to having the correct contracts in place – an essential part of every freelancer’s toolkit. Not only do they outline the wants, needs and expectations of the parties, but they also provide a legal framework within which these will be achieved; and a backup should legal intervention be required. Contracts are essential for detailing what you will be paid for, for how much, and for avoiding the scourge of late payment, ultimately saving you from losing any income.

For example, should you have a dispute with HMRC, the entire HMRC compliance check is handled. This is from the first letter landing on your doormat right through to tribunal, if necessary. This saves members the time and money of hiring outside help and wasting their own valuable business time. If HMRC want to proceed with the check, IPSE will represent you at no cost. Without IPSE’s expert help, this has the potential to be a long and costly process.

Other money-saving safety net benefits include: • If a client goes into administration without paying your outstanding invoices, IPSE can compensate you up to £10,000. • If you are working on a contract and get called up for jury service, IPSE will compensate you based on your day rate as per the contract up to £5,000.

Supplier directory and partners In addition to the tax helpline, IPSE also finds its members the best service providers it can. Their supplier directory acts as a one-stop-shop for finding an accredited accountant so that you know you’re getting a trusted service without having to waste time searching the internet. By sourcing the right services, such as an accountant, IPSE members can avoid paying more than they should and are able to get professional help to take over the bits of business that are best outsourced, leaving you time to focus on doing what you do best.

• If you are ill or injured for three or more weeks, IPSE will compensate you up to £2,000 based on your day rate as per your current contract. • If an agency does not meet the terms of the contract that is in place, IPSE will compensate you up to £1,000 based on your day rate as per your current contract. • If you are unable to work while on contract due to a tax compliance meeting, IPSE will compensate you up to £500 based on your day rate as per your current contract.

Pension and life assurance

IPSE Rewards The IPSE Rewards platform furthers the value for members. Through this platform, IPSE members can access a wide collection of rewards and savings that are available from some of the UK’s biggest brands, such as the latest technology on the market, your favourite restaurants and delivery services, high street shopping and more.

Saving for your future is crucial but can be daunting, so IPSE has negotiated a group pensions rate with Aegon, one of the UK’s leading pension providers. Aegon provide a wide range of investment options to make the transition into retirement as seamless as possible. IPSE Plus members also receive £5,000 life assurance as standard; once activated, you can choose to increase this up to £250,000 at a discounted rate. This way, you can work with the peace of mind that your loved ones will be cared for.

By taking advantage of IPSE Rewards, members could easily save more than the IPSE membership fee every year. Insurances It’s important for any self-employed person to have the right protections in place should anything go wrong. IPSE has carefully put together a range of insurance benefits so that its members can have peace of mind, knowing they are protected. M 

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IPSE Academy As technology and business advances it is essential that, as an independent professional, you are keeping your skills and knowledge up to date to maintain a competitive advantage. Often, freelancers are less likely to engage in training due to costs and lack of flexibility. That’s why the organisation launched IPSE Academy, which offers discounted courses and training providers.

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IPSE Freelancer Awards Apply for free today and you could be in with a chance of winning up to Â£5,000, as well as recognition at a national level.

Individual award categories

FREELANCER OF THE YEAR (24 and over)

YOUNG FREELANCER OF THE YEAR (23 and under)

Deadline Judging day event Awards ceremony

NEW TO FREELANCING (operating for 2 years and under)

FREELANCE PROJECT OF THE YEAR (any successful project)

Friday 29 March at midnight Thursday 9 May, Rise, London Thursday 13 June, Steel Yard, London

Apply online at www.nationalfreelancersday.com/ipse-awards If you have any questions email events@ipse.co.uk 32

W By Tim Bradburn

Financial wellbeing: Why it pays to evaluate the market regularly MARKET FORCES affect the majority of people in one way or another, but those of us who run our own businesses are more exposed than most. So, it makes good financial sense to evaluate the market thoroughly, not only when M 

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starting out, but also on an ongoing basis. Although market changes aren´t easy to predict, there is plenty that can be done to assess potential opportunities and threats. If you´re not used to doing this, here are three questions to consider. M       

H        ? “Every time we’re talking to somebody about a project, we’re trying to figure out what a win looks like for the client,” says Shane Pearlman, who built his freelance operation into a global digital agency. “Maybe the thing they really care about is not what you thought,” warns Shane. “So, you have to keep asking questions to find out what it is.” “The other thing we’ve learnt is that the answers can change. We had one project that ran for eight years and the answers changed five or six times. A couple of times we missed the change and it created tension until we finally realised that we were out of sync.”

When asking questions, it´s very important to understand who the ultimate decision-makers are. “We had a huge problem when we were working directly with the CEO of a large investment company,” recalls Shane. “We were doing everything the CEO wanted only to discover that the board, not the CEO, was driving decisions, and they weren’t pleased with the product, despite the fact that the CEO was.” Doing your research helps you work out whether you need to tweak your product or service, change the emphasis of how you pitch it, or target a different type of client altogether.

H    ? According to an article in the Harvard Business Review titled ‘How competitive forces shape strategy’, a five forces analysis can help you assess your position in the market and how this affects your profitability. The five forces are:

1. Rivalry – do you have lots of competitors vying for the same business as you? 5. Supplier power – do you rely on being able to source certain things to do your work, and are they difficult or expensive to acquire?

4. Buyer power – is this a buyers market, where your clients can dictate terms and you don´t have much room for negotiation?

2. Threat of new entrants – is it an easy market to get into, and therefore how many new competitors are likely to appear in the near future.

3. Threat of substitution – could clients switch to doing something in a different way, thus putting you and your competitors out of business?

For each of these forces, score the level of intensity as high, medium or low. Generally speaking, the more ´low´ scores you have, the more attractive your market, because there are fewer constraints on profitability. If all your scores are ´high´, then maybe this isn’t the most profitable market for you.

You could therefore test some other markets. For example, is there a different audience who might be interested in what you do? Alternatively, could you think about ways to influence one or more of the scores? For example, if ‘supplier power’ is high, could you persuade a powerful supplier to make you an exclusive partner?

I     ,    ? Understanding the stages in the evolution of a market can help to predict where it´s likely to go next. In his book, The Evolution of New Markets, economist Paul Geroski observes how markets go through specific stages. The first stage is the era of ferment with the emergence of a new technology or radically different way of doing things. As more and more people become aware of this shiny new thing, an ever-increasing number of competitors rush into the market spurred on by the hype.

The same applies if a standard way of doing things has been around for ages – don´t expect it to last forever because all markets eventually decline. The key is to stay aware. By evaluating the market proactively, we stand a better chance of finding the most profitable path for years to come.

Stage 1 - ‘Ferment’

At this point, there is no industry standard and there are many different variations of the technology or approach. The transition to the second stage is marked by an inevitable shake-out, which culls a large number of weaker competitors. The survivors then go on to dominate the industry, and develop standard ways of doing things, leading to the era of dominant design. Remember the emergence of social media? A decade ago, there was no standard way of handling social media icons on a website, whereas now there is a clear dominant design – most websites feature a row of icons on the page header or footer. The market then reaches full maturity, which can last for a very long time. Eventually, however, something else will come along to replace it, and it goes into the third stage, the era of decline, leaving behind a few niche producers, who usually have to charge a lot of money to supply a handful of remaining customers.

Transition period - “Shakeout”

Stage 2 - ‘Full maturity’

The transition between stages can happen quickly or gradually and it´s almost impossible to predict accurately when it will come. What you can do is spot which stage a particular market is currently in. And once you know that, you can adopt the right strategy to fit the stage. For example, in the era of ferment you know the shake-out will happen at some point in the not-too-distant future. So it´s not a good idea to bet the farm on equipment or training that takes years to pay back, unless you´re sure it will become the dominant design.

Stage 3 - ‘Decline’

And if your clients are businesses operating in such a market, you should take care not to put all your eggs in one basket, because you don´t know which firms will survive the shake-out. M 

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M Sponsored content by CMME

Second charge mortgages: Should this be your first choice? ALSO known as secured loans, second charge mortgages are quickly becoming a mainstream form of lending. Right now, more and more homeowners are looking to them as an alternative to remortgaging or taking out a personal loan.

And if the worst happens and your home is repossessed, lenders will recover funds in the order they were charged in. If you’re thinking about this option, remember that just like any mortgage, failing to repay it could mean you’ll lose your home.

So, what is a second charge mortgage? Well, it’s essentially where the borrower’s home is used as security, helping them to raise funds against their property for a wide range of purposes. People often use them when they can’t get any more funding from their existing lender.

So, there are certainly positives and negatives to second charge mortgages. Are they the right way to go? To dig deeper, we’ve asked our expert second charge consultant Tammy Chalk a few questions.

From home improvements and buying a new vehicle to bills and even paying for a wedding, there are a huge amount of reasons why people decide to take out a second charge mortgage. One of the big advantages is that second charge mortgages allow homeowners to retain their current mortgage at a competitive interest rate. As a result, they are widely seen as the best option for people who have high early repayment charges on their existing mortgages. A second charge mortgage could be a good option for a range of people. For example, someone who has recently become a contractor and needs to raise funds quickly, a property owner with a poor credit rating – and also people who are looking to raise capital against their UK home to purchase property overseas. Second charge mortgages are certainly not without their risks, however. It’s important to remember that second charge mortgages still need to be repaid alongside your first mortgage.

W       ? There are a number of reasons to apply for a second charge mortgage and they include: • Debt consolidation • Home improvements/extensions • Helping with university fees • Helping your family with a deposit for their first home • Buy-to-let property purchase • Children’s tuition fees • Payment of a tax bill • Transfer of equity • Lease extension W       ? A second charge mortgage is open to a variety of borrowers, including contractors, freelancers and self-employed professionals, but there are stipulations. First and foremost, you must have an existing first charge mortgage on a property. You must also be 18 years old and over, as well as employed (in a contract or permanent work).

W          ? A second charge mortgage is basically just another name for a homeowner loan: a loan that is secured to your property. And as with any loan of this kind, you must remember that if you stop making repayments, the lender has the right to repossess the property to take back what you owe. This is, of course, a worst-case scenario, but it’s important to bear in mind.

H        ? The second charge loan application process is similar to applying for a remortgage. A broker who specialises in second charge products will go to a panel of lenders to check the quote you get is competitive and applicable to your circumstances. Most second charge lenders only accept business through a registered broker, and in nearly all instances the client does not need a solicitor to act for them – this can help expedite the process. This is different to remortgage applications, where a conveyancer or solicitor is usually needed. W    ? Documents vary from lender to lender. Typically, they need a copy of your credit report and proof of income: for example, a copy of your contract if you are a contractor, HMRC documentation if you are self-employed and payslips if you are a PAYE employee. If you are consolidating unsecured credit, you will also need a list of the debts credit you wish to clear. It is best to have these details ready when you go for your first talk with the lender. Next, when you get a loan recommendation, the lender will ask for some additional documents, such as bank statements, as well as application M 

forms and other lender-specific documents. H    ? How much you can borrow depends on the existing equity in your home: in short, the percentage of your property that is owned outright by you. You can calculate this by establishing the value of the mortgages you owe against the value of your home. For example, if you bought a house for £300,000 and you have £250,000 left to pay on the mortgage, then you have £50,000 equity. This can, however, change in response to shifting property demands – especially if your property increases in value. Opting for a second charge mortgage or a secured loan will essentially allow you to get an approved loan secured against the equity in your property. Then, based on that you would be able to apply for a second charge, subject to underwriting and valuation by the lender. In most cases, homeowners who choose a second charge mortgage or secured loan tend to borrow anything between £30,000 and £80,000. The more equity you have in your property, the more money you are likely to be able to borrow. Of course, applications are all reviewed on a case-by-case basis. And, like any other lending, all loans are subject to affordability calculations and credit status. M    

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On the plus side, because the loan is secured against your home, it is often possible to borrow more than you could with a personal loan. Plus, you can spread your repayments over a longer term to make them more affordable. Lenders will also lend for pretty much any legal purpose, and are more flexible in terms of what you are using the money for. W   ? There are positives to second charge mortgages, but there are definitely risks too, so they are by no means for everyone. And there are several alternatives you can also consider, such as remortgaging, further advances and personal loans. It’s always best to speak with a specialist before applying for any type of mortgage to make sure you understand the process and what’s involved. You should also make sure the mortgage or loan you’re applying for is the one that suits you best and that you are able to afford it.

*IPSE are not authorised to offer regulated mortgage advice. IPSE are introducers to CMME. Your home could be repossessed if you do not keep up repayments on your mortgage. *CMME is a trading name of CMME Mortgages and Protection Limited. Authorised and regulated by the Financial Conduct Authority (FCA reg. 414798). Registered in England No. 04886692. Registered Office: Albany House, 5 Omega Park, Alton, Hampshire, GU34 2QE. Please be aware that Commercial Mortgages, Overseas Mortgages and some Buy-To-Let Mortgages are not regulated by the Financial Conduct Authority. Calls may be recorded for training and security purposes and to improve the quality of our services.

T Sponsored content by Sherpa

Making life easier with the latest tools and services

SO, it’s the dawn of another year. Another business year, another tax season and the endless administration of it all. Each year, there are a host of new apps and tools coming to the market designed to make our lives a little easier and more connected. Although these two don’t always go hand in hand… It’s good to know that the self-employed have not been left out. There are some great tools, apps and services out there to help us get on top of our admin, from staying on the right side of the law to getting paid a little faster. Here are seven tools and services that can help save you time and money, make you money and even protect what you work hard for.

W        ,      Knowing exactly where you are financially has never been easier thanks to apps like Albert (getalbert.com). This simple tool connects to your bank account and enables you to see what has come in, what is going out and produces quick reports so you can stay on top of things. Moreover, it can also produce customisable HMRC-compliant invoices, track and store them and even sort your accounts for you.

S          -   From as little as £8 a month, services like Farillio (farill.io) provide access to legal experts and tools to help you out with your business. Their experts are on hand to answer your questions; there is a comprehensive suite of ready-to-go legal documents at your fingertips; and a collection of videos to help guide you.

D’   While the majority of self-employed people enjoy the freedom and control they get from being their own boss, they miss out on the safety net their employed friends get. But services such as Sherpa (meetsherpa.com) offer free online advice on what insurance packages you need to ensure you are covered in the event of death or serious illness. In just a few minutes, you could have your own bespoke advice and tailored package which you can either choose to go and buy yourself or buy in a few clicks using Sherpa’s own cover.

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H           ?

A new service called AnyGood (anygood.com), is turning the recruitment industry on its head and creating an interesting opportunity to earn yourself a little extra money. All you have to do is sign up and once approved, you can recommend people you know for the roles they have posted. If your candidate is successful, you receive £1,500 as a thank you. Not bad for a few minutes’ work.

This can be hard to judge. All those little trips and longer trips in the car need to be added up and many people undercount rather than overdo it, just to be on the safe side. Either way, one thing is for sure – you have to have good record keeping when it’s time for the tax return.

B ,   

S        ?

Clients can often insist that you have the right professional indemnity or public liability insurance. In the past, you would have to buy an annual policy, even if you hardly needed this type of cover.

If you are thinking of opening a bank account just for your business then here’s a little fact for you. One in 12 business accounts opened last year were with a bank called Tide (tide.co).

But with Digital Risks (digitalrisks. co.uk), you can switch it on, switch it off, increase it, decrease it as you need to, making it work for your business and your different clients’ needs.

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MileIQ (mileiq.com) is a great little app that tracks your business mileage for you and then produces simple reports to help you record and claim exactly the right mileage.

Why? You can open an account in minutes, get a contactless card, get access to credit and link it with your accountancy tools. It is incredibly easy, plus you can even use your cards abroad at no extra charge.

National Freelancers Day Hosted at King’s Place, a beautiful, canalside venue in Kings Cross, on Thursday 20 June, the day will include a huge variety of inspiring keynotes, seminars, speeches, panel sessions and interactive workshops.

Whether you’re a career freelancer, have just started out, or are simply considering taking the plunge following a side hustle project, you’ll find something at IPSE’s flagship event National Freelancers Day 2019. What to expect The day will kick off with our opening keynote from Pip Jamieson, founder of The Dots, a diverse community of creators, freelancers and teams and named by the Sunday Times as one of the top #100 Disruptive Entrepreneurs. Drawing on research, analytics and data from over 400,000 freelancers on The Dots, Pip Jamieson, will provide 10 tips that the most successful freelancers are adopting to thrive in the booming No Collar market.

Closing keynote Award-winning comedian, TV writer, and Sunday Times best-selling Author, Adam Kay will conclude the event with a passionate and hilarious account of his journey from a fulltime medical professional to diverse freelancer. This year as well as general admission tickets we are offering a premium package which gives you the opportunity to meet Adam Kay, receive a signed copy of his book ‘This is going to Hurt’ and join us at our IPSE Freelancer of the Year Awards ceremony taking place on Thursday 13 June. Don’t miss! With live personalised illustrations from Emmeline Pidgen, complimentary professional headshots and a free networking lunch, it promises to be a day to remember. You can keep up to date with all the event news, book into sessions and network with other guests by downloading our event app which will be launched next month.

Agenda Structured around four key streams – health and wellbeing, digital, winning work, and financial – the day will bring together speakers from a range of industries, specialisms and companies. Topics include finding work life balance, collaborative working, funding and setting and upping your rates. 40

Don’t miss out: join the hundreds of other freelancers starting and growing their businesses at National Freelancers Day. Visit www.nationalfreelancersday.com for more details.

S How small businesses are underestimating cyber crime