Freelancer MoneyBox: you’ll love it when a plan comes together

Freelancer MoneyBox provides expert financial guidance and advice. It allows you to gain valuable support on everything from banking, accountancy, mortgages, pensions, tax and financial planning which will help you advance your career. IPSE’s Nick Walton reports from the event.

The bi-annual and flagship IPSE event gives self-employed people across the UK a chance to meet with and learn from financial experts who answer all their business questions.

The event was held on the evening of Wednesday 14 September, at the Etc. Venues, in Victoria, London. Throughout the evening IPSE ran the hashtag #FreelancerMoneyBox on Twitter so those who could not be there were able to join in on the conversation online.

In addition to presentations from the likes of Brookson and Kingsbridge, attendees had the chance to meet one on one with experts for advice and guidance on their finances, or to raise any other concerns they have with their business.

Thomas Wynne, Head of Business Development at Kingsbridge, presented a guide to the best – and most important – insurances to take out if you’re a freelancer. Reasons to get yourself insurance are endless – they are a key IR35 indicator, they’ll make your business more credible and they will protect your business if the unexpected happens (without forgetting it’s often a contractual obligation anyway). Thomas went through the more essential insurances to consider, such as professional indemnity and public liability.

Bruce Nash, a Certified Financial Planner of Wealth Matters, advice to the audience was simple: “A proper financial plan! Invest some time in your own financial planning, or better, get help from a trusted professional”. Nash listed three main things that can help you grow your wealth that despite being obvious, are often neglected – time, discipline, and regular top-ups to your savings.  His presentation was timely – a quick show of hands saw only a couple of people in the audience have a proper financial plan in place.

Speaking after the event, Nash laid out his aim is to inspire the audience to take action and control of their financial planning: “This only takes a couple of hours, but can have an enormous impact on long term wealth, well-being and peace of mind.”

Matt Fryer, Compliance Manager at Brookson, rounded off the evening by presenting his ten top tips for freelancers. For Matt the most important tip is often the most simple: keep an eye on your finances. “Many people don’t actually know how their company is doing on a day to day basis, and therefore don’t know how much they have to spend and what opportunities are available to maximise their income. That’s why it’s important to have real time visibility on your company’s financial position.

According to Matt, getting the right accountancy support is key: “Look for a specialist contractor account who provides real time, automated bookkeeping that will calculate your tax bill in real time and offer proactive advice based on your individual circumstances.”

Moneybox is one of IPSE’s most successful events, and those who take part are always happy to share their experiences in its aftermath. For Bruce, “It’s a unique event with an excellent blend of “experts” under one roof that IPSE members can engage with, ask questions to and get helpful advice from, and all contractor/freelancer focussed." Matt highlighted how the format is a great chance for the audience to get some expert free advice: “Having the one on one sessions is a very useful opportunity for the attendees. Moneybox should do these sessions again.”

Looking ahead to the next MoneyBox, set to take place in January next year, Claire Barrance, IPSE’s Event Manager, said the event will continue to expand as its popularity grows: “Our January event will be key for our members to start the year positively with the latest financial information – especially when the self-assessment deadline is on the horizon – so we’ll be expanding the event, making it bigger and better than ever before.”

The Freelancer MoneyBox event series has become a staple in the freelance calendar – you can keep an eye out for the next one on IPSE’s event page.  


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