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Are you switching from Limited Company to Umbrella Employment? Click here to calculate your take home pay >>

We have created an information hub to support our Orange Genie Accountancy clients, our Umbrella Employees and agencies where the the Covid-19 rules and legislation are explained for recruiters, contractors and the self-employed. Click here to find out more>>

Self-Employed Contractors FAQ - June 2021


Here are the most frequently asked questions we've received from self-employed contractors in June 2021, with answers from the experts at Orange Genie Accountancy:

Everything you need to know about self-assessment: Download our FREE guide>>

How do I repay my bounce back loan?

You are able to tailor your payments to suit your individual circumstances and choose to make no payments on your loan until 18 months after you originally took the loan out. You can make interest only payments for 6 months’ pause your repayments at any time and extend the length of your loan from 6 years to a maximum of 10 years.

Can I reduce my payment on account for self-assessment that is due in July?

Possibly. If your income is substantially different in 20/21 from that of 19/20 and you know you will have less tax to pay then you should be able to reduce your payment on account. The best way to check this and avoid any mistakes is to file your 20/21 tax return as soon as possible before 31 July. That way you can be sure of your liability and make the appropriate claim.


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