For those who are thinking of taking the leap into the contracting profession, or for all of you veterans who want to swat up on on your industry knowledge, here are our ‘Top 5’ things to consider when contracting.
When taking the leap into contracting, one of the first, and most important things to consider is getting a contractor accountant. Your accountant will be able to set you up with a limited company efficiently and compliantly, and advise you on how best to operate both cost effectively and tax efficiently.
IR35 is a buzzword that you will no doubt have already heard. It is something that all contractors should be aware of and can have devastating results on those who find themselves caught ‘inside’ the legislation. Compliance is essential, and you should always seek advice from your accountant, and for added peace of mind, get your contract reviewed by a specialist as soon as you receive it from your agency.
Insurance is one of those things that we’d rather not have to take out, but for freelancers and contractors, it is essential. Most contracts stipulate that business insurance is mandatory in order to start work, so all of you working through a limited company should ensure that you seek professional cover before starting a contract.
As a contractor, you are the owner, the worker, and the face of your business. Because of this, building a professional profile is very important to keep your head above the parapet should you ever find yourself out of contract. LinkedIn is increasingly becoming the most popular jobs board out there, and an up to date profile could be the key to landing your next job.
Have a War chest
As a contractor, you may find yourself out of contract from time to time, or ‘on the bench’ as some people call it. As a result of this, it is very important that you put some money aside for these periods of time. Building a ‘war chest’ can be a valuable asset should you ever have to wait weeks or months until your next job, or if you just fancy taking some time out of work.
Self Assessment – Q & A
Self-assessments. We have all heard of them, you maybe even know what they are. However, here at QAccounting some of our most frequently asked questions are about self-assessments. So below we have outline some of the most common questions we get asked, and the answers we get so tired of giving… just kidding.
Setting Up a Limited Company – 5 Key Things to Consider
If you are looking at going self-employed, then setting up as a Limited Company (LTD) may be the best option for you.
The Benefits of Having an Online Accountant
Here at QAccounting we are part of one of the UK’s largest contractor service providers. We started operating over a decade ago (around the same time DFS started their first sale) and have been dedicated to serving self-employed professionals ever since. One of the perks of choosing and accountant like QAccounting is that we offer all of our accounting services online.