Financial Planning
We are happy to offer members access to specialist independent financial advice through our colleagues at ContractorMoney.
Over the years they have amassed considerable expertise in helping contractors to make the most of the opportunities provided by freelancing, whilst also ensuring that you avoid the pitfalls now that you are without the safety net of a large 'employee' benefits scheme.
Contact contractorumbrella@contractormoney.com or call 0845 062 8888 to speak to an adviser.
Pensions
The ContractorUmbrella Group Personal Pension scheme represents a very tax efficient means of transferring funds from contract and into personal hands with no tax deductions whatsoever. Income Tax, employees and employers National Insurance are all dramatically reduced as a result of asking us to make a contribution to the scheme on your behalf. The scheme is a low cost and flexible route to tax efficient investment for your retirement and the team at ContractorMoney will be happy to advise on any related pension queries that you may have (i.e. they can look at the merits of transferring old, high cost pensions and consolidating your investments within a single wrapper where appropriate). Please visit our Pensions page for more information.
Mortgages
ContractorMoney have negotiated specialist underwriting terms for ContractorUmbrella members based on your contract rate alone. This avoids the need for lenders to request income references from us, which can always be misinterpreted by unhelpful mortgage underwriters who often have a traditional bias against freelancers.
ContractorMoneys fully qualified advisers have access to competitive High Street mortgage rates, require minimal deposit and can help Contractors who are literally in the first few days of their first ever contract. They can also advise on buy to let investments, overseas and commercial mortgages.
If you already own a house they can look at re-mortgaging options and aim to move you to a more competitive rate and in most cases the new lender pays towards any admin costs incurred.
ContractorMoney handle the whole mortgage process for you from start to finish and are able to offer a quick and efficient, hassle free alternative to the lottery that contractors normally face when they require a mortgage. They charge no brokers fees whatsoever for our members. For more information please visit our Mortgages page.
Income Protection
As a contractor you are completely exposed to the potential financial hardship that an accident or sickness represents. The day that you call your clients site to say that you're ill is the day that your income will stop.
So much of your current lifestyle is dependent on your ability to maintain an ongoing income including - mortgage/rent, car, bills. With state benefits set at ludicrously low levels and becoming ever harder to qualify for it is vital that you look at ways to protect yourself.
The advisers at ContractorMoney have devised a unique package of protection policies that is tailored specifically to the way in which you work. A tax free income can be provided from the very first day of any illness and can you an income right up until retirement if you are never able to return to work. This way your standard of living is protected from the impact of even minor illness such as the flu whilst you can also rest assured that if the illness is more serious, a substantial long term, inflation proofed level of income will be maintained. Contact ContractorMoney today and they will be happy to provide a no obligation quote.
Contact Samantha Foster on contractorumbrella@contractormoney.com or call 0845 062 8888 to speak to an adviser.
Life cover and Critical Illness cover
Now that you are contracting you are hopefully earning more than when you were a permi. If you have dependents or credit commitments it is important to earmark a small portion of that extra income to make up for the loss of the any previous employee benefits package.
Death in service benefits could need replacing and mortgage debt may now be unprotected and ContractorMoney will be happy to advise on suitable plans to reflect your employment status.
With a price war going on between providers now may also be the time to check that any existing policies are competitive and the advisers will be able to review these plans to ensure that the cover is suitable for your requirements.
Contact Samantha Foster via contractorumbrella@contractormoney.com or by calling 0845 062 8888.
Investments
Ensure that you make the most of your time contracting with tax efficient savings and investments.
With the challenges of various contractor focused attacks by HMRC, it is vital that contractors make use of the dwindling number of tax breaks still available and don't pay extra tax unnecessarily.
For over a decade now clients have been able to build up a substantial 'nest egg', by using all or part of their personal allowance to invest in an Individual Savings Account (ISA). In each tax year (ending April 5th), contractors can invest up to £7,200 into this tax efficient 'wrapper'. 'ISA allowances cannot be carried forward to the next tax year and so it's a case of use it or lose it unfortunately.
You can invest in cash or in an equity (stock market) based ISA or a mixture of both.
Make full use of available tax allowances such as ISAs and exploit the governments Child Trust Fund where appropriate. The Independent Financial Advisers at ContractorMoney can help and Tony Harris can be contacted via contractorumbrella@contractormoney.com or on 0845 062 8888.
