The Benefits of Contract Work
Office of National Statistics estimates from the end of 2014 suggests there are now more than 3.2 million self-employed individuals in the UK. Some are small business owners with retail shops, manufacturing operations or professional offices. Many of them are contractors earning a good living by providing certain products or services to clients under set terms.
Contracting can be an extremely profitable way to make a living. However, contractors also have business responsibilities that cover everything from revenue reporting to taxation. Because the contractor is essentially a self-employed businessperson, any activity conducted under an umbrella company or through a limited company must be properly reported to the government.
i-CAS helps contractors make the most of their business opportunities by providing sound and reliable financial services. We are an experienced accountancy firm capable of offering you clear, concise, and helpful advice about starting your new business as a contractor. We can explain the differences between limited and umbrella companies, and how these affect your status as a contractor or freelancer. The following is a brief explanation to get you pointed in the right direction.