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There has been much talk recently about freelancers and contractors struggling to get their invoices paid by the agencies or end clients.
With the credit crunch hitting cash flows hard, the bigger companies are often guilty of extending credit terms without your say so. If firstly the client delays in paying the agency and then they delay in paying you, it’s added weeks on to money that would be better off in your bank.
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IT Contractors are hired when companies are looking to fill a short term gap in their IT expertise, or as part of a general strategy to outsource technical work. This article looks at what factors influence how much IT Contractors can earn.
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As an IT Contractor, you will spend money on a variety of things in the course of your work. During the course of each tax year, you should retain receipts for all expenses where possible.
Claiming expenses will help to reduce your overall tax liability and therefore maximise your take home pay.
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An umbrella company acts as your employer, for tax purposes, when you undertake a contract with an employment agency or a client. It is an alternative to you setting up your own Limited Company and, if your contract is outside of IR35, it is usually the most cost effective way for you to operate.
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Although most IT contractors tend to set up their own limited companies, a significant number prefer to work through an Umbrella Company.
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If you’ve not already set up a pension or don’t currently make full use of the allowances available, you could be paying substantial amounts of tax unnecessarily.
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As a small business site, we have a wealth of tax guide which detail what a limited company’s tax obligations are, how to find an accountant and deal with current tax issues. We have also produced an overview of things you should consider below:
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Starting your own business doesn’t necessarily have to be about building up a big company and putting yourself at the top as boss.
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If you provide professional services to a client via your own limited company, and are deemed to be caught by IR35, your tax bill will be considerably higher than someone who falls outside the IR35 net.
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