Contracting can provide greater earning power and flexibility in how you work, but also provides some unique challenges when it comes to your own financial planning.

Contractors typically will not;

  • Be auto-enrolled into a company pension scheme
  • Have access to any employee benefits, including important insurances
  • Pay tax automatically via PAYE

This means that as a contractor, you will need to;

  • Arrange your own pension scheme
  • Arrange your own set of insurances
  • Pay your own taxes
  • Set up your business affairs in the most tax efficient way
  • Understand IR35

For many years at KWM, we have worked with contractors and assisting them with all of the above.

At KWM, we also have experience of working collaboratively with most of the large Umbrella Companies, which is helpful when setting up pensions in the most tax efficient way.

It is not just pensions that need careful attention for contractors though.  Protection is fundamental. Although it’s very easy to put off or avoid, it answers one of our most basic desires – to keep safe all we hold dear.

Our good health is arguably our most precious asset. It’s often something with take for granted.

Protection is about more than simply buying a life insurance policy – more than ever it’s vital to consider the whole picture. How will your family cope in the event that you passed away? What would happen in the event of an illness? Are you prepared should you suffer a loss of income?

With our advice, investment solutions, protection expertise and regular reviews, you can help secure and inspire your financial future. Our team of qualified, expert advisers will work with you to develop an appropriate financial plan to match your current circumstances and meet your future objectives.

The value of investments will be directly linked to the performance of selected funds and these can fall as well as rise. You may get back less than the amount initially invested.

The levels and bases of taxation and reliefs from taxation can change at any time. Tax relief is dependent on individual circumstances.

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