Becoming a Contractor
Making the leap from being a full-time employee to an independent, self-employed worker can seem incredibly daunting, yet more and more people are taking the decision to become a contractor.
Because contractors are generally more flexible than full-time employees, are easy to work with and can provide skills that often cannot be found elsewhere, demand for contractors is only bound to increase.
Why become a contractor?
The life of an employee is very different to the life of an independent contractor, but there are also a great number of perks. As well as being able to control your workflow, you will also usually benefit from higher rates of pay, flexible working hours – as you can choose exactly when and where you work – and a wider variety of projects to pick from. And with some permanent jobs no longer offering the high security they once did, working on your own terms is certainly something to consider. It’s been suggested that many full-time employees who were made redundant during the recession went on to become contractors.
On the other hand, contractors are not entitled to sick leave or holiday pay, if you don’t work to find contracts then you don’t get paid, and there is unfortunately a large amount of paperwork that comes with running your own business. If this is ringing alarm bells for you then you might feel more comfortable on an umbrella scheme through our sister company Exchequer Solutions.
Why contractors are working with
Exchequer Accountancy Services
Once you start working on your own terms, you will also be responsible for your own accounts and paying your own taxes. For some people, the amount of administration tasks they have to do on top of working can be incredibly off-putting. That’s why contractors across the UK are choosing to work with Exchequer Accountancy Services when it comes to handling all of their accounting needs.
We will deal with HMRC on your behalf to ensure that deadlines are met and that the right paperwork is filed in order for you to avoid fines. Our flexible services mean your personal accountant will work around your schedule and to your specific needs; keeping you up-to-date on your taxes, giving advice on how you and your business can become more tax efficient, and helping with tasks such as filing expenses.
By working with our expert and friendly team, you will be able to focus on securing those all-important contracts and going above and beyond for your clients, while we take care of the paperwork to ensure that all your tax affairs are legally compliant. For more information on our services for contractors, please contact the Exchequer Accountancy Services team on 033 3323 1199 or fill out the simple form below.