Pre-2020, it was common for contractors to earn a good income but be time-poor. Then came new IR35 rules and Coronavirus.
Contractors are under more pressure than ever before.
Companies engage you to benefit from your specialist skills and knowledge. Who have you involved to help ensure your financial affairs are in order?
Is it something you want to leave to chance?
We understand contractors and specialise in advising you and your potentially complex financial affairs.
- Contractor Mortgages - approaching the wrong lender, may result in disappointment if they do not have a contractor-friendly mortgage policy. We understand how to approach contractor-friendly lenders, put your income in the best light and help you get the right deal. Whether this is your first home, remortgage, buy-to-let or more complicated lending requirements, we can help.
- Retirement and Pension Planning - only you will be saving for your future. Unlike an employee, you are not in an attractive company pension plan. From a financial planning perspective, you need to get the balance right between saving enough for your future without overextending yourself in case you end up out of contract for a bit. Don’t forget about the potential tax efficiency by saving into a pension.
- Investment Planning - any savings strategy needs to consider the range of options, the tax treatment and your objectives. We will consider all options from Individual Savings Accounts (ISA), Unit Trusts, Investment Bonds, (VCT), etc. All of these investments can carry different tax treatments and investment risks. We can help guide you through the options and which is right for you.
- Protection Planning - you do not have any employee benefits. Therefore you cannot underestimate the importance of having a tailored protection strategy to ensure that your income, your family and your health are protected.
- Tax-efficient planning - there are many ways to reduce the tax you pay through an effective and holistic financial plan. We always consider your priorities against the options available to construct an effective plan. No one is helping you and it can be difficult to make the right choices without holistic advice. For example, if you are forced to use a PAYE Umbrella, you may end up paying an effective rate of 60% tax on a portion of your income. The 60% tax may occur if your income is between £100,000 and £125,000.
- Inheritance Tax Planning - with the right planning, you can make sure that you pass more money to your loved ones.
The value of an investment with St. James’s Place will be directly linked to the performance of the funds you select and the value can therefore go down as well as up. You may get back less than you invested.
The levels and bases of taxation and reliefs from taxation can change at any time. The value of any tax relief depends on individual circumstances.