So contracting has tickled your taste buds this January, congratulations on considering or continuing a career that offers so much more earning potential and flexibility than permanent employment!
If you’re new to contracting and on the hunt for an accountant, or have been contracting a while and looking to switch accountant, (make sure you stop by our service page to see what our award-winning all-inclusive service provides), it’s also a good time to consider which financial services you’ll need, both professionally and personally.
Which financial services should you consider?
Permanent employees can enjoy many potential benefits without even knowing they’re there; such as non-contributory pensions, health insurance and professional protection. These benefits are there with your best interests at heart, but never really needed your attention to manage or set-up, as your employer would have done it for you.
Now that you’re a Limited Company contractor it’s up to you to source, plan and manage those perks. So which should you consider?
Which services you need and when
When choosing financial services it’s worth considering what you need now to contract safely and securely, and which services you could potentially need in the future.
Services to consider now
For example, we’d strongly advise having insurance such as critical illness, income protection and life assurance cover prior to starting contracting. This makes sure you’re fully protected should the unexpected happen.
Services to consider once you’ve got going
Your contractor accountant is there to ensure you get the most from your take home pay and stay on the right side of the Taxman, so what’s the next step, and how do you make your money continue to work hard for you? It’s time to consider pensions, ISAs and investments, all of which a financial adviser can help you with.
Services to consider when thinking about property
Whether you’re a first time buyer, remortgaging, buying a property to let, or looking for protection and insurances, a financial adviser can advise you every step of the way.
For some contractors, mortgages can pose a difficulty as most lenders standard criteria isn’t met in the same way as it is for permanent employees. A financial adviser understands this and is able to source the right mortgage for you with a provider who accepts your unique circumstances.
Specialist financial advice for contractors
Brookson Financial is your one-stop shop for all of the above. They’ve been providing contractors and the self-employed expert advice for over 20 years, and understand exactly what your needs are, so no need for frustrating conversations about your finances!
As well as offering tailored advice Brookson Financial provide a free financial health check, designed to help you understand whether you’re using the best financial products for your personal circumstances, both now, and for any future plans. Any current areas of need are highlighted, and suggestions are made to help you get what you want from your money.
How Intouch Accounting can help
Having everything you need to contract smoothly and efficiently from a tax and accounting point of view is a must-have for any serious Limited Company contractor. With an award-winning service for a monthly fixed fee, our service provides you with a personal Contractor Accountant who’s on hand to offer you unlimited advice and support whenever you need it.
We keep you on the right side of the Taxman, providing unlimited IR35 reviews and advice, meaning you’re free to get on with contracting whilst we take care of all your accounting needs. And as an Intouch Accounting client you get exclusive access to Brookson’s services, meaning their team of experts will work closely with your Intouch Personal Accountant to ensure your best interests are first on our priority list. So less legwork and admin for you!
But don’t just take our word for it, here’s a selection of reviews from Intouch Accounting clients who have already made use of our unique relationship with Brookson Financial and their services:
For more information about the services we offer and how we can help you, get in touch with our team of experts today.
This blog has been prepared by Intouch Accounting. While we have made every attempt to ensure that the information contained in this blog has been obtained from reliable sources, Intouch is not responsible for any errors or omissions, or for the results obtained from the use of this information. This blog should not be used as a substitute for consultation with professional accounting advisers. If you have any specific queries, please contact Intouch Accounting.