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Whether you’re an accountant or a banking consultant there are a wealth of finance contract jobs within the UK market. The financial sector relies on dynamic contract workers to parachute in and meet the demands of large, complex projects.
Financial Services Contractors
If you’re in the position of joining a project that’s in need of pulling back from disaster, you can find yourself in a very lucrative bargaining position, increasing your day rate up to 75%.
Get a quick quote and find out which umbrella company works for you
If you’re looking for more steady banking contract jobs you can engage the services of financial services contracting agencies to find you the perfect fit. Alternatively, you could apply straight to the financial institutions that take your fancy.
This route requires a top-notch CV and excellent networking skills as the interviews for financial service contracting jobs are more focused on your ability to immediately integrate into an existing team.
Umbrella company or limited company?
When a first-time contractor begins this new phase in their career, they must make a decision: join an umbrella company or start their own limited company. There are pros and cons to both approaches and the right decision will depend entirely on your needs.
- Remove you from the complex admin of contracting
One of the main perks of using an umbrella company is that they remove all the stress and guesswork from your working life.
As your employer, they deduct your tax and national insurance, and you don’t have to bother with the self assessment process. They charge a fee for this service but many contractors feel that it is worth the slight pay cut for the freedom from wrestling with HMRC. If you’re not sure contracting is for you, joining an umbrella company is a great way to trial out the lifestyle without making any complex long-term commitment.
- Clarify your position on IR35 compliance
Proving that you’re outside IR35 can be complex for financial service contractors, particularly because a single contract assignment can last for relatively long time (from four to six months) and that can leave very little room for other concurrent gigs. This means that HMRC would class you as ‘inside’ IR35 and require you to pay a much greater amount of tax. Umbrella companies act as an employer and take all your tax before paying you a salary, so you don’t have the headache of trying to work the system. Under an umbrella, everything is set up for you.
Check our pick of the best umbrella companies and get a quote here.
A limited company…
Will maximise your take-home pay
Because you’re responsible for every aspect of your business, if you choose to run a limited company, you can take advantage of certain tax allowances and increase the amount of money in your pocket each month.
While a limited company is still the most lucrative option, it can be a challenging proposition. Still, if you’re up for the administrative challenge, or engage your choice of contractor accountants, it’s a good way to get the most out of your salary.