If you are thinking of starting out as a freelancer or a contractor, you will very quickly need to get a basic understanding of the IR35 rules. (more…)

“Time is money” isn’t just an adage when running a small business, it’s a way of life. When your business model is to sell your time and expertise, it’s important to monetise every moment of every working day.

There are plenty of hacks to help freelancers and contractors get more and more efficient with reducing the cost of non-billable time. These tend to focus on outsourcing your unproductive time and automating repetitive tasks, but you also need to pay special attention to the time and effort you spend on winning new business. (more…)

Making the decision to go it alone and leave the relative security of life as a PAYE employee is a big one, but it can pay dividends (quite literally) when it comes to your potential earning power.

If you’re thinking about whether becoming a contractor could be the right career move for you, we have put together this guide to cover the key things you need to know before you make the move.

If you want to become a contractor, the good news is that there are plenty of different roles available, with everything from IT specialists and engineers, to management consultants and even locum doctors engaged on this basis.

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As the recession continues to hit UK businesses, many are finding they have to make redundancies to save money, and replace their full time staff with part-time freelancers.
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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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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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Alongside freedom, the potential financial benefit associated with contracting or freelancing is a prime motivator for many people thinking of working for clients as an independent worker.

One of the first things people ask is: “what hourly / daily rate should I charge as a contractor?”
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Aside from limited companies, the umbrella company is the second most popular business structure used by contractors and freelancers.
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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.

So what can be done about it?
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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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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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