From experiencing financial benefits to having a more flexible working day, setting up as an independent contractor could be the best decision for you. However, before you make the move, here are some things you should consider:
- What skills do I have?
Setting up as a contractor means that you will be relying predominantly on the skills you’ve built up over the years. A current and comprehensive CV, which includes all your strengths and specialist skills as a contractor, is key to marketing yourself to potential clients and to being successful.
- What rates will I charge?
Contractors are in high demand, putting you in a good position to charge high rates for your services. In order to determine your rates, you should do some research around what others in your industry are charging and think about how much your own services are worth.
- Should I join an umbrella company or set up a limited company?
Before becoming a contractor, you will need to think about how you’re going to manage your business: will you set up under an umbrella company or will you set up your own limited company?
There are many pros and cons to each method and it’s important that you spend some time choosing between the two. Tax Agility can give you the advice you need to work out if an umbrella company or a limited company is the best fit for you.
- Choose an accountant that’s right for you
Owning a business, and running it successfully, requires a good understanding of finances and taxes. While it is fairly straightforward to handle the day-to-day bookkeeping, you may need some professional assistance when it comes to the intricacies of tax administration.
Tax Agility can help you to manage your accounts efficiently and we’ll deal with all the necessary tax responsibilities that apply to you as business owner. By taking on a majority of your accountancy needs, we are able to ensure that you’ll spend less time focusing on tedious paperwork and more time on running your business successfully.
How can Tax Agility help?
Tax Agility offer expert accounting services for contractors. We can complete a range of tasks for you, from filing your self-assessment tax return on your behalf to advising you on pension plans and potential future investments. Working with us can also save you money, as we’ll help you to minimise your tax liabilities by creating strategic tax plans.