If you are contracting or freelancing via your own limited company, how you draw down income from your company will depend on several factors, the main one being your IR35 status.
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Guides for freelancers and contractors
Key Guides
- How limited contractors pay themselvesA mix of salary and dividends, depending on your IR35 status
- Umbrella vs. limited companyThe many factors which determine the value attached to freelance skills
- How much do contractors earn?Having a long-term plan can help in the short-term
- Becoming an IT contractorHow to determine whether or not contracting is the life for you
- Contractor hourly ratesHow to work out the market contract rate for your skills
- Contractor expensesWhat can you legitimately claim for as a contractor or freelancer?
- IT Contractor InsuranceProfessional indemnity insurance, and business liability overview
- IR35 InsuranceHow to protect yourself in the event of an HMRC IR35 enquiry
- Contractor mortgagesGet a mortgage loan based on your contract rate alone
- What is IR35?What are the consequences of being caught by the IR35 tax rules?
- Getting paid on timeWhat to do if a client is a late payer if you are a freelancer
- Late paying clientsWhat legal measures can you take against a late paying client?
- Umbrella companiesHow to choose the best umbrella company provider
- How does an umbrella company work?How a PAYE umbrella scheme works in practice
- Umbrella company pros and consWhat benefits can becoming an umbrella employee offer?
- Contractor accountantsTips for finding the right accountant for your freelancing business
- Contractor accountant tipsWhat to look out for when choosing an accountancy provider
- What is the AWR?Overview of the Agency Workers Regulations from October 1st 2011
One of the first things a new contractor has to decide is whether to contract via a limited company or an umbrella company. What are the advantages and disadvantages of each option?
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David Houston from contractor accountants Clarity Contracting provides some advice on what contractors should look out for when choosing an accountancy provider. David has been providing dedicated accountancy services to contractors for over 20 years.
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The vast majority of contractors and freelancers work through their own limited companies, or use the services of umbrella companies. Which is best for you depends on a number of factors.
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As a contractor, or freelancer, possibly the most important professional person you will deal with on a regular basis is likely to be your accountant. For limited company contractors, or sole traders, choosing the right accountant is an essential task when starting out, as you need to be sure that your finances are up-to-date, and your affairs are dealt with accurately and in a timely manner.
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According to the Small Business Research Centre at Kingston University , there are 1.4 million freelancers in the UK and this is set to grow.
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The contract market has been severely affected by the economic downturn, especially in 2008-9. Although the prospect of a double-dip is with us in 2011, the contract market is far stronger than it was a few years ago. We look at a few ways thatcontractors can find new sources of work.
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If you have decided to use a contractor umbrella company, you should make sure you ask a number of questions of potential providers before signing on the dotted line.
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The term ‘IR35′ is derived from the number of a 1999 Inland Revenue press release (now HMRC) – entitled ‘Countering Avoidance in the Provision of Personal Services’.
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Just as every small business needs to ensure their financial affairs are being handled by experts, all IT contractors and freelancers should make sure they sign up with a reputable, specialist accountant.
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