Where to find useful information and guidance for contracting

Monday, 17 October 2011 02:19

Where to find useful information and guidance for contracting

Where to find useful information and guidance for contracting

When you take the leap from permanent employment and begin contracting,you may enjoy all the benefits of being your own boss – but when you need advice, where should you turn?

If you are a new contractor or freelancer, it is important that you arm yourself with all of the information you will require to help ensure you abide by all the relevant rules and legislation.

Luckily, there are many sources you can look to if you require a little help and advice, not least one of the UK's leading accountancy service providers that offers both umbrella company services or limited company services.

Accountancy service providers help to take away some of the accounting and administration tasks involved when working as a contractor, allowing you to focus primarily on your next assignment.

If you`re contracting through an umbrella company they help to take the hassle out of contracting by dealing with all the paperwork, payroll and tax issues,

If you have set yourself up as a limited company you may also find it is useful doing your research so that you can be sure you meet all the necessary criteria, follow the rules and avoid a penalty as a result.

Again, you will find that a reputable accountancy service provider will be able to advise you as you establish yourself and you may wish to make use of the services they offer.

Such companies will also be able to provide you with advice in areas that may seem complicated when you first begin contracting, such as IR35.

You may also know this as intermediaries legislation and the rule – which was introduced in 2000 – is in place in order to prevent tax and national insurance evasion, particularly among those using a personal service company or other third party. 

With this in mind, it can be worthwhile speaking to an accountancy service provider, even if you are an existing contractor, if you have any queries about your accountancy requirements In addition to guidance in this area, they will also be able to inform you about other employment regulations.

Additional useful sources of information include the Department for Work and Pensions, Directgov and Business Link – the latter two of which are both government-sponsored advice portals.

Remember that by taking every precaution when you first embark on your journey as a contractor, you can avoid making mistakes that could create problems further down the line.

For this reason, make sure you seek as much advice as possible to generate peace of mind, enabling you to get on with the job you excel at.



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