Are you a Contractor in Financial Services?
- You will have noticed that the majority of large scale Remediaiton projects are drawing to a close. It will no longer be possible to operate through a Linited Company, but the majority of roles haven’t increased the day rate to reflect the additional tax you will have to pay.
What are your options?
- You could get additional qualifications, gain some experience and try to pivot to more lucrative Contracting options such as Business Analysis, Project Management, AML, Defined Benefit Pension Transfer Reviews and similar roles.
- You could take an employed role either starting from scratch or at a middle level on less money that you’re used to
- Or you could try to create a business while you’re still Contracting and try to grow it so that it can be utilised to supplement then eventually replace your earned income.
Why start a business?
You get to be your own boss, you choose when you work, what you do and you have control.
You create a passive income stream, so that revenue comes in regardless of whether or not you work. You can always earn more money but you can’t get back your time, so why sacrifice years of your life when you can create a passive income that will free you from those constraints? Would you be truly happy earning a lot of money in a role that requires you to work 12 hours days then take your work home with you so you can’t be present with your family or enjoy your time off? Do you feel truly fulfilled in the work that you do for someone else?
A training course is an allowable expense, if you’re still operating a company then purchasing this through your company will reduce the overall profit, which means that it will also reduce the Corporation Tax payable. By investing in yourself the business will also save tax.
Even if you’re no longer operating a company, this could be the best investment you ever make, it could free you from the rat race.
I’m interested – how do I sign up?
If this is something that you would be interested in doing you just need to sign up here.