Contractors are always learning
The one consistent thing in the life of a contractor is the changes. Whether that’s changes in HMRC legislation or a shift in your sector, change is a certainty in the life of a contractor.
To that end, contractors are always learning. They need to keep their ear to the ground at all times, keep learning and adapt to any changes that may appear on the horizon.
We recommend therefore that, as a contractor, it’s essential to mark a regular point in your calendar to do an overall business review and see if there’s anything you could be doing to make your life easier.
For instance, you may have decided to set yourself up as a limited company.
Running your own business and being a contractor, though, are two different things entirely.
If you find you’re paying more than you bargained for in respect corporation tax and other outgoings, then it may be worth transitioning to a full-time contractor instead of being a business owner.
Working alongside an umbrella could be the solution to relieving stress and keeping your finances up to date. Again, though, an informed decision must be made, which is where our expert advisors can help.