Orange Genie News

Top 5 Questions

 

At Orange Genie Umbrella we’re always keen to provide the information our employees actually need. Based on our inbound call data, here are the top 5 questions we were asked in March 2018, along with the best answers our experts could devise.

Mortgage

Many contractors face difficulty securing a mortgage, mostly because high street lenders don’t understand the contracting world. When they ask for evidence of income, they’ll expect to see conventional employment. A successful and lucrative contracting career, with its many different assignments and occasional periods of downtime, can look risky and unstable to them.

Contractors who are engaged directly by agencies might also struggle to get the evidence a mortgage lender needs, particularly if they want a reference or an income statement from an employer.

Tax Avoidance

Tax avoidance and evasion has been a hot topic for a while now, and there’s a reason why we and other responsible industry experts keep bringing it up. With the usual pressure on rates and IR35 issues plaguing the public sector, many contractors are looking for ways to maximise their incomes and that makes them vulnerable.

Minimum Wage

What is the National Minimum Wage?

The National Minimum Wage and National Living Wage set out the minimum hourly rate a UK worker must receive.

The rates are updated annually, usually at the start of each tax year on the 6th of April, and they vary depending on the age of the worker.

 

 

 

 

The Self-Assessment deadline is fast approaching! Irrespective of whether you have a liability or not, if your Self-Assessment return is not submitted by 31st January 2019 you will be facing a minimum penalty of £100! 

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