Getting forex wrong can cost a creative business thousands of pounds. The bigger the international transaction, the greater the risk. Exchanging currencies at the wrong time can even put a firm’s future at risk.
For those agreements that fall within the grey area, treating something as a contract when it should be treated as a grant could mean that income is significantly understated in a charity’s accounts. This could be the difference between being subject to audit or not, and may distort figures provided as part of funding applications.
The modest increase in self-employed National Insurance Contribution has generated some press headlines this morning, but has completely failed to address the real inequality which is the 13.8% Employers National Insurance Contribution.