IT Contracting - Guides for Professional Contractors
How to become an IT contractor, deal with agencies, find contract work, negotiate IR35 and other tax rules, and stay off the bench!
A deeper dive into itcontracting.com
Common questions asked about www.itcontracting.com
1. What is IR35 and how does it affect contractors?IR35 is a tax legislation that determines whether a contractor is considered an employee or self-employed for tax purposes. It aims to prevent tax avoidance by contractors who work as disguised employees. If you fall within IR35, you may be subject to higher tax and National Insurance contributions. Our website provides information on IR35, including guides, insurance options, and contract templates to help contractors navigate this complex legislation.
2. Should I operate as a limited company or use an umbrella company?Deciding between operating as a limited company or using an umbrella company depends on your individual circumstances. Operating as a limited company offers more control and potential tax advantages, but also requires more administrative responsibilities. Umbrella companies provide a hassle-free option for contractors who prefer a simple and compliant way to get paid. Our website offers guides and calculators to help you compare the pros and cons of each option and make an informed decision.
3. What mortgage options are available for contractors?Getting a mortgage as a contractor can be challenging due to irregular income and contract-based employment. However, there are specialized mortgage products available for contractors. Our website provides 10 tips for getting the best mortgage rates in 2023, information on mortgage products tailored for contractors, and frequently asked questions to help you navigate the mortgage application process.
4. What insurance options should contractors consider?Contractors should consider insurance options such as IR35 indemnity, private medical insurance, public liability insurance, employers' liability insurance, tax investigation cover, and relevant life insurance. These insurances provide protection against potential risks and liabilities that contractors may face in their work. Our website offers information on these insurance options, including key facts and considerations to help contractors make informed decisions.
5. How can I optimize my IT contractor LinkedIn profile?Having a strong LinkedIn profile is essential for IT contractors to showcase their skills and attract potential clients or employers. Our website provides useful tips and guidance on how to optimize your IT contractor LinkedIn profile, including strategies for highlighting your expertise, building a professional network, and increasing your visibility in the industry. By following these tips, you can enhance your online presence and increase your chances of securing new opportunities.
Some reasons to choose itcontracting.com
Wide Range of CalculatorsThe company provides a variety of calculators that contractors can use to easily calculate their dividend tax, corporation tax, IR35 status, and more. These calculators save contractors time and effort in managing their finances and ensure accurate calculations.
Specialized Contractor MortgagesThe company offers specialized mortgage products tailored specifically for contractors. They provide valuable information and tips on getting the best mortgage rates in the current market, making it easier for contractors to secure a mortgage that suits their needs.
Comprehensive Contractor Pension GuidanceContractors can benefit from the company's comprehensive pension guidance, which explains the basics of contractor pensions, how pension contributions and tax relief work, and answers common pension-related questions. This guidance helps contractors make informed decisions about their pension plans.
Wide Range of Financial Protection OptionsThe company offers various financial protection options, including relevant life insurance, income protection, critical illness cover, and keyman insurance. Contractors can choose the type of protection that suits their needs and ensure they are financially protected in case of unforeseen circumstances.
Extensive Network of Trusted Accountants and Umbrella CompaniesThe company provides a list of trusted accountants and umbrella companies that contractors can choose from. This saves contractors time and effort in finding reliable professionals to handle their accounting and payroll needs, ensuring they receive quality services.