Inflation fall welcomed by the self-employed

(2 minutes to read)

Recent ONS data revealing a drop in inflation will come as positive news for the UK’s 4.8 million-strong self-employed population, says the Association of Independent Professionals and the Self-Employed.

Latest ONS figures have revealed that inflation fell from 3% in January to 2.7% in February with the Chancellor announcing at the Spring Statement that inflation was forecast to hit the target rate of 2% by the end of the year.

Tom Purvis, IPSE’s Political and Economic Advisor, commented on these recent findings, “The drop in inflation will be welcomed by many across the UK because it means that people are likely to start to see their real wages increase.

“It will be particularly welcome news for the self-employed because one of the biggest reasons for the fall in inflation is the drop in transport costs since January, with petrol prices down by 0.2 pence per litre. As the self-employed spend significantly more time travelling to undertake or win new work, this will make a real difference to their everyday business costs.”

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He added, “Another piece of good news for the self-employed is the falling price of restaurants and hotels. With freelancers and the self-employed having to travel more than others, a drop in the price of staying overnight will also have a big impact on their business costs.

“So it’s certainly good news for the self-employed and the wider country that inflation is falling towards the Bank of England’s target rate of 2 per cent. But there’s still no getting away from the sharp increase in inflation since the UK voted to leave the European Union.

“Hopefully the Government’s announcement yesterday that it had agreed a transitional period with the EU will help to assuage doubts about Brexit. And now, as the Government moves on to formal trade talks, it is essential that it prioritises the wellbeing of the self-employed sector and does nothing to weaken the vital flexibility of our labour market.”

To find out more about contracting please contact Jaime on 01442 795 100 or email jaime.thorpe@dolanaccountancy.com.

Why Dolan Accountancy?

Dolan Accountancy was set up by Simon J Dolan, the man behind the well-known brand SJD Accountancy. With over 25 years experience in the contracting marketing, Dolan Accountancy has the heritage, reputation and credibility you can trust. Working closely with our sister company, ContractorUmbrella, it means we can offer one low cost, fixed fee package at £95 + VAT per month. This gives you the flexibility of using both our Limited Company Accountancy Services and our award winning Umbrella Service, for one inclusive cost. We don’t believe in tiered packages or hidden extra fees, instead we aim to give you everything you need, including:

  • Free Company Formation – This is where it all begins. Once you have decided on an available name, we will form your company free of charge (if using our accountancy services) and it will be ready for you to use in as little as three hours.
  • Free use of ContractorUmbrella – With changes in Public Sector IR35 Legislation we understand that sometimes you are required to contract via an umbrella company. We will keep your limited company ticking over, while you work margin free via our sister company, ContractorUmbrella.
  • A Dedicated Accountant – Your accountant will be there for any company or personal tax advice that you require. We will never outsource work, even to internal teams.
  • Free Access to FreeAgent – The founder behind the multi award winning FreeAgent platform was one of Simon’s first clients, therefore it only seems fitting that we offer all of our clients access to FreeAgent, free of charge.
  • Free Business Banking – We have decided to waive our commission so our clients can use Tide free of charge for the first year.
  • Unlimited IR35 Status Reviews – We will review all of your contracts for IR35 purposes and provide you with our professional opinion as to its status.
  • Free Registered and Director’s Service Office Address – Sometimes you just don’t want your home address on display at Companies House. When you sign up to our accountancy services, we will offer the use of our address as an alternative.
  • Your Business and Personal Taxation Needs – This includes Company Accounts, Director’s Personal Tax Return, VAT Returns, Payroll, Corporation Tax and Dividend advice, to name just a few.

If you’d like to find out more about how Dolan Accountancy can help you and your business, please give us a call on 01442 795100 or email sophie.lewis@dolanaccountancy.com or jaime.thorpe@dolanaccountancy.com.

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