Welcome to our latest blog update! Here at The Sterling Group, we are committed to keeping you informed about the recent changes in the UK financial landscape that may affect our agencies and contractors. Let’s dive right into the key highlights.
A Fresh Perspective on Health Services
The Government has outlined an impressive £22.6 billion increase in day-to-day health budgets for the NHS and a further £1 billion boost to the capital budget over the next year. If you’re in construction or the health sector, the £1 billion health capital investment to address the backlog of NHS repairs and upgrades presents significant opportunities.
A Boost for Workers
The government has announced a 6.7% increase in the national living wage to £12.21 per hour. There will also be a phased increase in the national minimum wage for 18-20-year-olds to £10 per hour. For agencies and contractors, this change will need to be factored into payroll calculations.
Changes to National Insurance
To repair the public finances and help raise the revenue required to increase funding for public services, the government is taking the difficult decision to increase the rate of employer NICs by 1.2 percentage points to 15%. The per-employee threshold at which employers start to pay National Insurance will be reduced from £9,100 per year to £5,000 per year. These changes will apply from 6 April 2025.
An Update on Capital Gains Tax
The lower and higher rates of Capital Gains Tax are set to increase, from 10% to 18% and 20% to 24% respectively. Contractors should be aware of these changes, as they may impact financial planning strategies going forward.
Infrastructure Projects on the Horizon
Noteworthy for the construction sector is the allocation of funds towards transport projects, including TransPennine upgrades, east-west rail, and road network improvements. The HS2 project represents a significant investment and opportunity for businesses in the sector.
In conclusion, these changes present both challenges and opportunities for our agencies and contractors. The Sterling Group will continue to help navigate these changes and provide necessary support to ensure your business thrives in the evolving landscape.
Full details on the Budget can be found here
Stay tuned for our next blog post!
Discover the Benefits of Setting Up a Limited Company
In today’s evolving business landscape, more freelancers and contractors are considering the leap to establish a limited company. With changes in regulations, setting up a limited company has become increasingly appealing. The Sterling Group not only offers the expertise but also provides a comprehensive service to guide you through this transition seamlessly. In this blog post, we will explore the advantages and considerations of setting up a limited company, especially in relation to IR35, and how Sterling can support your entrepreneurial ambitions.
The Sterling Group’s Expertise in Limited Company Formation
Understanding the complexities of setting up a limited company can be daunting, especially for those transitioning from sole trader status. The Sterling Group stands out by offering the opportunity to set up your own limited company with their expert guidance. Their bespoke services are designed to cater to the unique needs of each contractor, providing peace of mind and ensuring compliance with relevant regulations.
For freelancers and contractors, partnering with Sterling means accessing unparalleled market knowledge and guidance that simplifies the process. This partnership allows contractors to focus on their core business activities while Sterling provides advice on the financial intricacies of running a limited company. The Sterling Group’s team of professionals brings a wealth of experience in the contracting industry, making them well-equipped to manage the accountancy requirements of your business effectively.
Pros and Cons of Setting Up a Limited Company as a Sole Trader
Transitioning from a sole trader to a limited company comes with its own set of advantages and challenges. One of the primary benefits is the limited liability protection offered to business owners. This means that personal assets are protected in case of business debts or liabilities, providing a safety net for entrepreneurs.
Furthermore, setting up a limited company can enhance your professional image, potentially attracting more clients and opportunities. It also opens doors to various tax efficiencies, allowing contractors to retain a higher portion of their earnings. However, it’s important to note that running a limited company involves increased administrative responsibilities and regulatory compliance requirements.
On the flip side, the transition may require additional paperwork and costs associated with incorporation and ongoing compliance. It’s crucial for contractors to weigh these pros and cons and seek expert advice to make an informed decision. Sterling offers invaluable support throughout this process, ensuring that you fully understand the implications and benefits of establishing a limited company.
Why Setting Up a Limited Company Matters in Reference to IR35
The IR35 legislation aims to tackle tax avoidance by identifying workers who are essentially employees but operating as self-employed individuals for tax purposes. Falling inside IR35 can have significant financial implications for contractors, as it affects how your income is taxed. Setting up a limited company and ensuring all contracts worked on are outside IR35 provides an opportunity to avoid these complications and maintain more control over your finances.
By working on assignments that operate outside IR35, contractors can benefit from legitimate tax planning opportunities, ensuring that they retain a greater portion of their earnings. This strategic approach not only optimises tax efficiency but also offers greater flexibility in managing your business affairs. The Sterling Group’s expertise in navigating IR35 regulations ensures that you remain compliant while maximising your financial advantages.
The Cost of Setting Up a Limited Company with Sterling
When considering the cost of setting up a limited company, it’s important to evaluate both the initial and ongoing expenses. Sterling offers competitive pricing, making the process accessible and financially viable for contractors. Their one-off incorporation services start at just £75 +VAT, covering essential registrations such as PAYE, corporation tax, and VAT.
Additionally, Sterling’s monthly fee of £150 +VAT encompasses a range of services designed to streamline your business operations. From dedicated accountant support to the completion of statutory accounts and tax returns, Sterling provides comprehensive assistance that ensures your business remains compliant and efficient. Their use of FreeAgent cloud-based accounting software further enhances financial management, providing real-time updates and insights.
Benefits of Establishing a Limited Company with Sterling
Choosing Sterling to establish your limited company comes with a host of benefits aimed at simplifying your business operations and maximising your financial outcomes. One of the standout advantages is the bespoke service offering, which allows you to outsource time-consuming accountancy tasks. This delegation frees up your time, enabling you to focus on other aspects of your business, such as growth and client engagement.
With Sterling’s contracting expertise, you receive exceptional value for money. Their competitive monthly fee covers a comprehensive suite of services that cater to your specific needs. The ability to have real-time financial updates empowers contractors to make informed decisions promptly, enhancing overall business agility.
Furthermore, Sterling’s professional service is often the most tax-efficient way for contractors to operate, allowing them to maximise their earnings This financial efficiency, coupled with unlimited support and access to exclusive rewards, positions Sterling as a reliable partner in your entrepreneurial journey.
Navigating the Transition to a Limited Company with Confidence
Transitioning to a limited company is a significant step for freelancers and contractors looking to elevate their business operations. The process involves a range of legal, financial, and administrative considerations that require careful planning and execution. Partnering with an experienced provider like Sterling ensures that you have the necessary support to navigate this transition smoothly and confidently.
Sterling’s dedicated accountants work closely with you to address any concerns and provide tailored advice that aligns with your business goals. This collaborative approach fosters a sense of partnership, allowing you to focus on achieving your objectives while leaving the technicalities to the experts.
Leveraging Expert Guidance for Long-Term Success
Establishing a limited company is not just about short-term gains; it’s about laying the foundation for long-term success. With Sterling’s continuous support and expert guidance, contractors can focus on growing their businesses and exploring new opportunities. The comprehensive suite of services provided by Sterling covers all aspects of business management, from compliance to financial planning.
By leveraging expert insights and strategies, contractors can develop a sustainable business model that adapts to changing market conditions and regulatory requirements. Sterling’s commitment to your success is evident in their proactive approach to addressing challenges and identifying growth opportunities.
Conclusion
In summary, setting up a limited company offers freelancers and contractors numerous advantages, from enhanced tax efficiency to increased professional credibility. The Sterling Group’s expertise in limited company formation provides the necessary support to ensure a seamless transition and ongoing success.
By choosing Sterling, you gain a trusted partner dedicated to helping you achieve your business goals. Their comprehensive services and competitive pricing make the process accessible and financially rewarding. Whether you’re just starting your entrepreneurial journey or looking to expand your existing business, Sterling is here to guide you every step of the way.
Explore the benefits of establishing a limited company with Sterling and take control of your financial future. For more information and to get started on your business transformation, contact Sterling today.
Call the Sterling offices on:
Customer liaison:
01925 626 200
Contractor joining team:
01925 626 286
Agency account management:
01925 626 285
Email: info@thesterlinggroup.co.uk
You can find out more about IR35 right here
Introduction
In the high-stakes world of sports, behind every iconic stadium and memorable event lies an intricate web of contracts, commitments, and unparalleled expertise. The Sterling Group stands at the forefront of this dynamic landscape. With a lineage that dates back to 1998, Sterling has cemented its place as a pillar in the UK contracting sector, especially within the realm of sports. Explore the history of The Sterling Group, delving into our milestones, industry influence, and the value we offer.
History of The Sterling Group
1998 – The Inception of Excellence
Founded in 1998, The Sterling Group began with a vision to provide unmatched services to contractors across the UK. From its humble beginnings, the company quickly grew, establishing strong relationships with contracting agencies and contractors alike.
1999 – The Millennium Dome Project
Just a year after its founding, Sterling worked with contractors undertaking a major project— the Millennium Dome. This iconic structure, now known as The O2 Arena, stands as a testament to Sterling’s early commitment to excellence and reliability for our contractors.
2003 – Building the New Wembley Stadium
By 2003, Sterling had already carved out a niche for themselves, as the contractors who worked with them played a significant role in the construction of the new Wembley Stadium.
2008 – London 2012 Olympic Village
Sterling’s involvement in the construction of the Olympic Village for the 2012 London Olympics served as another feather in their cap. The project was a mammoth task, requiring meticulous planning, coordination, and execution even behind the scenes to ensure everyone Sterling worked with was serviced and supported to make sure the work was completed. Sterling worked with contractors and helped support them as they rose to the occasion, delivering world-class facilities.
2012 – Commonwealth Games 2014, Glasgow
Sterling’s contractors once again proved their mettle by contributing to the infrastructure for the 2014 Commonwealth Games in Glasgow. This achievement further solidified The Sterling Group’s standing as a trusted name in the contracting industry, particularly in sports-related projects.
Impact on the Industry
The influence of The Sterling Group on the UK contracting industry cannot be overstated. Their unwavering commitment to quality and compliance has set new benchmarks in the industry.
From national landmarks like Wembley Stadium to international events like the Commonwealth Games, Sterling’s contributions have been nothing short of monumental. Sterlings work has not only met but often exceeded industry standards, setting a precedent for future projects.
Sterling has continually pushed the boundaries of what’s possible in working with contracting agencies and contractors alike. By integrating advanced technologies and innovative methodologies, they have streamlined processes, and enhanced overall project efficiency.
Unique Value and Expertise
With over 25 years of experience, The Sterling Group is one of the longest-established contractor organisations in the UK. This longevity speaks volumes about our reliability, expertise, and commitment to excellence.
The path to success is often fraught with challenges, and they have faced their fair share. However, their ability to overcome obstacles—whether related to compliance, legislation, or project-specific issues—sets them apart. Sterling’s resilience and proactive problem-solving approach have earned them the trust of clients and partners alike.
At the heart of Sterling’s success lies a set of core values that guide every project they undertake. These include a commitment to quality, a focus on customer service, and an unwavering dedication to compliance. These values are not just words but are reflected in their daily operations and interactions with clients and contractors.
“I have worked with Sterling for almost 10 years, and they have always gone above and beyond what is expected in terms of service. The main thing they do is pay the workers correctly and on time, and if for any reason there are any issues, they deal with it in a professional and timely manner.”
Scott Richards – Manchester
The Sterling Group’s legacy in the contracting world is a testament to their expertise, commitment, and unwavering focus on quality.
For contractors, contracting agencies, and sports enthusiasts alike, understanding Sterling’s history offers valuable insights into what makes an umbrella company truly exceptional.
If you’re looking to explore more about how Sterling can bring unmatched value to your projects, consider reaching out. Sterling’s team of experts are always ready to help you with precision and professionalism.
Get in touch today.
Customer liaison: 01925 626 200
Contractor joining team: 01925 626 286
Agency account management: 01925 626 285
Email: info@thesterlinggroup.co.uk
What is the FCSA and why do we work so hard to remain a member?
At The Sterling Group, compliance isn’t just a requirement—it’s a commitment to excellence that defines who we are and what we stand for. We take our adherence to industry standards seriously, which is why we are proud members of the Freelancer & Contractor Services Association (FCSA).
But what exactly is the FCSA, and why do we go the extra mile to maintain our membership? Let’s delve into the significance of FCSA compliance and why it’s essential for umbrella and CIS companies like ours.
Understanding the FCSA:
The FCSA stands as a beacon of trust and reliability in the ever-evolving landscape of contingent workforce management. As a self-regulatory body, the FCSA sets stringent standards for umbrella companies, contractor accountants, and payroll providers within the UK. Its primary aim? To uphold compliance, ethical conduct, and best practices across the industry.
Why FCSA Membership Matters:
1. Quality Assurance:
Being an FCSA member is akin to holding a seal of quality assurance. It signifies that we adhere to the highest standards of professionalism, ensuring our clients and contractors receive services that meet rigorous benchmarks.
2. Compliance Confidence:
Compliance isn’t just a legal obligation; it’s a cornerstone of trust in our industry. By aligning with FCSA standards, we demonstrate our commitment to compliance with tax, employment, and regulatory requirements, offering peace of mind to all stakeholders.
3. Transparency and Accountability:
Transparency fosters trust. As an FCSA member, we embrace transparency in our operations, providing clear and comprehensive information to our clients and contractors. Moreover, our membership holds us accountable, driving us to maintain the highest ethical standards in all aspects of our business.
4. Access to Expertise:
FCSA membership grants us access to a wealth of industry expertise and resources. From updates on legislative changes to best practice guidance, we stay ahead of the curve, ensuring that our services remain compliant and relevant in an ever-evolving regulatory landscape.
5. Advocacy and Representation:
As part of the FCSA community, we contribute to shaping industry standards and advocating for the interests of contractors, freelancers, and service providers. Through our collective voice, we strive to foster a fair and equitable environment for all stakeholders.
Our Commitment to FCSA Compliance:
At The Sterling Group, FCSA compliance isn’t just a checkbox—it’s a cornerstone of our ethos. We understand the importance of maintaining the highest standards of professionalism, ethics, and compliance in everything we do. From rigorous due diligence in our vetting processes to ongoing training and development for our team, we spare no effort in upholding the principles of the FCSA.
FCSA membership isn’t just a badge we wear—it’s a testament to our unwavering dedication to excellence and integrity. By remaining committed to FCSA compliance, we ensure that our clients and contractors receive the exceptional service they deserve while contributing to the continued advancement of our industry.
For more information on how The Sterling Group can help you, get in touch with us today.
Customer liaison:
01925 626 200
Contractor joining team:
01925 626 286
Agency account management:
01925 626 285
Email: info@thesterlinggroup.co.uk
Maximise Efficiency: Why The Sterling App is a Must for Contractors
In the bustling world of small business and self-employment, every minute and every penny counts. Streamlining your administrative tasks is not just a convenience; it’s a critical strategy for thriving in a competitive market. So, Maximise Efficiency with The Sterling App. This is where the app stands out as a beacon of efficiency and fiscal prudence for contractors and freelancers. Developed with the user’s ease in mind, The Sterling App offers a repertoire of features designed to unburden the modern contractor, enabling them to focus on what truly matters – their craft and their clientele.
Contractors and small business owners are not merely adopting the app; they are avidly advocating it for its seamless integration into their financial management strategies and unmatched user experience. In this comprehensive exploration, we dissect the deep-seated benefits of The Sterling App, discuss why it outshines its competitors, and offer testimonials to underline its sterling reputation.
The Sterling App: What Sets It Apart
The quintessential question for any potential user is ‘why The Sterling App?’. The answer lies in the app’s intrinsic value, with features like live payment tracking, real-time expense submissions, and a user interface built for anyone, no matter their technological proficiency.
Key Features and Benefits
Imagine having your payslips and PAYE at the tip of your fingers. The Sterling App ensures finances are within your sight at all times, giving you a proactive grip on your economic navigation. Its intuitive design transcends the limitations usually faced by complex financial software, making budgeting, and planning accessible to all.
User-Friendly Interface and Customisation
In an era of personalised experiences, The Sterling App does not disappoint. Unlike rigid financial tools, it allows users Cross-device synchronisation to ensure you’re always working with the latest data, whether it’s on your phone or on Sterling’s portal accessed via your desktop.
Real-Life Use Cases
To add a human touch to the app’s efficiency, consider the triumphs of those who have embraced it. From multi site construction contractors submitting expenses to graphic designers streamlining their client invoicing, The Sterling App has catalysed operational makeovers with tangible results.
Success Stories and Testimonials
Behind every successful feature is a satisfied user. Stories of The Sterling App reducing hours spent on financial paperwork or ensuring no expense claim goes unaddressed are not rare. Testimonials echo a unified sentiment of empowerment and liberation from financial worry, enabling users to focus on their professional goals with renewed vigour.
Why The Sterling App Works for Small Business Owners
For small business owners, financial management can be a dual-edged sword, either propelling you forward with foresight or bogging you down with intricate details. The Sterling App is the salve for the latter, offering solutions that are cost-effective and time-saving.
Time-Saving Features
Automation is the buzzword that translates to actionable time savings. The Sterling App’s integrated approach automates mundane tasks, from viewing time sheets and payments to submitting expense claims or holiday pay requests ensuring a contractors time is reclaimed for more strategic pursuits.
How Freelancers and Self-Employed Contractors Can Benefit
For the legion of freelancers and self-employed professionals, The Sterling App is not just a tool; it’s a companion in their entrepreneurial voyages. The app allows contractors to access their account from any where at any time of the day.
Efficient Financial Management
It presents a centralised platform for financial activities, making invoice generation, payment tracking, and expense management as simple as a few taps on your smart device. The app’s power lies in this simplification, ensuring that even the most disinterested technophobes are invigorated by the ease with which they can manage their financial affairs.
Personalised Services
One size fits none in the domain of freelancing. The Sterling App acknowledges this, providing customisable services tailored to individual needs. Whether you’re a part-time contractor or a full-fledged consultant, the app adapts to you, not the other way around.
The Impact on Your Business
The final chapter in The Sterling App’s success story is the quantifiable impact it has on businesses. Whether an uptick in invoice turnover, the optimisation of financial workflow, a significant reduction in costs, The Sterling App is a bottom-line booster through and through.
Financial Management Par Excellence
Contractors utilising The Sterling App are adopting a modern standard in financial management, one that ensures accuracy, timeliness and compliance without fail. The ripple effect through the company’s operational efficiency is palpable, leading to enhanced client relations and a buoyed professional reputation.
Conclusion
The Sterling App is a lighthouse in the sea of financial management tools – a bright beacon guiding contractors and small business owners alike towards operational clarity and financial ease. Freelancers are discovering , its utility is universal. If you’re ready to experience the liberation that comes with financial efficiency, it’s time to embrace The Sterling App. Try it for yourself; the testimonials you’ve heard only scratch the surface of what The Sterling App can bring to your professional life.
Navigate to the app store of your choice, download the app, and join the myriad of satisfied users who now call The Sterling App their financial ally.
Your contracting career or small business endeavours deserve the competitive edge that The Sterling App provides. It’s not just a recommendation; it’s an essential tool for the progressive professional.
We’re here and ready to help you get started, speak to our team today.
Our friendly staff are on hand to guide you through the registration process, answer any questions you may have and solve any queries.
Call us on 01925 626200
Or email us at: info@thesterlinggroup.co.uk
For more information on the benefits provided in the app visit Circular Benefits
As a contractor, your reputation and livelihood depend on compliance – having all of your paperwork and processes in order so you can focus on the work, without worrying about potential issues. However, staying on top of today’s complex regulatory landscape alone is a daunting task. That’s where The Sterling Group aims to provide support by handling all aspects of your payroll, insurance, compliance and more so you can co concentrate on your role without these headaches. But how can you really know if we actually have all the bases covered?
Documentation:
Look for insurance and compliance documentation to ensure the correct cover for your role and industry. Our team is always available if you need to confirm any details about our insurance or any other aspect of your contract. A compliant company will proudly display and make available to you the relevant certificates and policies They should also make available any professional accreditations they have obtained to demonstrate compliance, such as membership of the FCSA, or Professional Passport and any financial accreditations. Lack of documentation could be a red flag.
Reviews and Research:
Another way to confirm compliance is to check reviews and do your research. See what other customers are saying about how the company handles compliance and regulations. You can also search online for any compliance issues or violations the company may have faced. Our TrustPilot review is rated excellent and keeps growing – you can check that out right here: https://uk.trustpilot.com/
Transparency
When working with an umbrella company ensure they are transparent regarding any deductions made from your earnings. The payslip should clearly state what all the deductions are for. Sterling issues every contractor with a payslip guide which clearly and transparently shows all deductions made. We are always happy to discuss this at the start of your assignment to ensure you fully understand the process.
Compliance is deeply integrated into our company’s culture. At every level, from our dedicated leaders to our frontline team, we ensure that regulatory knowledge is nurtured and shared. Our committed employees understand that compliance is not just important, but it is our utmost priority. We will always encourage our contractors to review contracts and policies. Do terms clearly explain relevant compliance obligations? Compliant companies make their standards transparent. Our team is well versed in making sure you’re fully up to date and are able to understand exactly what you are working with. We encourage you to ask questions! As one of the longest established contractor organisation in the UK compliance and customer service is at the forefront of everything we do.
Third-Party Audits
Consider a third-party audit. The gold standard is independent validation of a company’s internal compliance workings. Look for companies that undergo regular third-party audits. We take the time out to review our verification every year to stay consistently compliant. Our 2023 audit is already underway. HMRC have a guide about working via an umbrella company it may be helpful to check out the link: www.gov.uk/guidance/working-through-an-umbrella-company
Finally, trust your intuition – pursue companies that inspire confidence in their commitment to following both the letter and spirit of regulations. Honesty and transparency are hallmarks of umbrella companies that prioritise compliance.
If you have any questions about the compliance of The Sterling Group, or need to chat about any of our services you can get in touch with us by emailing info@thesterlinggroup.com or call 01925 626 200
