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Contractor banking: choosing a business bank account
Contractors who have decided to trade through a limited company must apply for a separate business bank account for their contracting business.
…any must set up a separate bank account for their contracting business , and may choose from a range of busines… …r contractors who are due to commence their first contract at short notice and will need to provide a proof…
Category: Articles: Contractor banking | Mon, 08 Aug 2016

Contracting mindset tips: Agencies & clients can’t change terms & conditions at will
Contractors have an agreement with their client to supply certain services in exchange for payment, so any changes in terms must be mutually agreed.
…agreeing a rate. If you are paid by the day, with contracted core hours of nine to five, and then your client… …As a contractor, you have a contract that details exactly what service you provide to…
Category: Articles: Contracting Mindset Tips | Mon, 14 Feb 2011

Contracting mindset tips: clauses preventing you bypassing agencies are enforceable
Restrictive covenants stopping contractors working direct for clients are enforceable & protect the investment agencies have made brokering the deal.
…e covenants in the contract that prevent you from contracting direct with the client . These covenants are enfo… …markets for their ‘roster’ of contractors. These contracts might otherwise not even exist, if it were not fo… …agencies to include restrictive covenants in the contract that prevent you from contracting direct with the…
Category: Articles: Contracting Mindset Tips | Tue, 01 Mar 2011

Contracting mindset tips: If you don’t like it, just quit and move on
Contractors can develop skills allowing them to pick great assignments, enabling them to quit contracts that aren’t challenging or enjoyable.
…ested in developing expert skills to enhance your contracting career and, when these are in greater demand, the… …work, can simply choose to quit and find another contract. Would you hang around for more abuse from a bull…
Category: Articles: Contracting Mindset Tips | Thu, 07 Apr 2011

Contracting mindset tips: flexible contracting income allows a choice when paying tax
Contractors have a degree of flexible control over how they manage their contracting income and when to pay tax, which employees can’t possibly have.
…deductions like ‘employee NI’ and ‘employer NI’. Contracting income is much more flexible, allowing you greate…
Category: Articles: Contracting Mindset Tips | Tue, 12 Apr 2011

Contracting mindset tips: deliver what you promise or expect to pay the price
Contractors should always deliver what they’ve committed and contracted to deliver; if they fail to, they should expect to pay the price – literally.
…Employees have employment contracts and multi-levelled disciplinary procedures before… …hey get fired. Contractors have a legally binding contract for services, so if they don’t deliver, the clien…
Category: Articles: Contracting Mindset Tips | Tue, 12 Jul 2011

Contracting mindset tips: think in terms of the value you can offer your client
Contractors often sell their technical skills and expertise, yet clients are more interested in the value a contractor can add to their organisation.
…just on their specific expertise, will win better contracts. Are you interested in the model of blowtorch you…
Category: Articles: Contracting Mindset Tips | Mon, 05 Sept 2011

Contractor guide to the settlements legislation S624 ITTOIA 2005, formerly S660
Contractors can assign shares to a spouse despite the settlements legislation, because of the Arctic Systems case.
…ommercial transaction, the valuation process of a contracting business is inherently flawed. If an HMRC inspect…
Category: Articles: Settlements Legislation | Mon, 30 Jan 2012

Settlements legislation (S624/S660): minimising risks of an inspection and penalties
Contractors sharing income with a non-fee-earning partner can adopt a number of strategies to avoid an HMRC inspection that could result in penalties.
…ouse can make an investment and buy shares in the contracting business at market rate. This may be a good optio…
Category: Articles: Settlements Legislation | Mon, 24 Jul 2017

Why contractors need life insurance
Contractors don’t have employee benefits, so must ensure their loved ones have a financial safety net if the worst happens.
…tractors need life insurance because when they go contracting, they lose all their employee benefits and become…
Category: Articles: Contractor Life Insurance | Wed, 13 May 2015