Financial Services
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 Stakeholder 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.
ContractorMoney fully qualified advisers have access to competitive High Street mortgage rates, require little or no deposit and even have access to a scheme that allows you to borrow 125% of the house value. They can also advise on buy to let investments.
If you already own a house they can look at re-mortgaging 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 second day of any illness right up until retirement. 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.
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.
Investments
Ensure that you make the most of your time contracting with tax efficient savings and investments. Make full use of available tax allowances such as ISAs and exploit the governments new Child Trust Fund. Richard Braid at ContractorMoney holds the Investment Managers Certificate and will be happy to help with any queries that you have.
