How Do Contractors Benefit From Running A Limited Company?

Pros Cons Contractors Limited Company

We get a lot of questions here at Kingsbridge HQ about the pros and cons that come with running your own limited company. As you’d expect, working for yourself comes with greater responsibility. However, the benefits are worth the extra work. When you make the jump from being a permanent employee to a contractor you become your own boss. Setting up a limited company (as opposed to becoming a sole trader or joining an umbrella company) is often the most tax efficient way of working as a self-employed professional. There are plenty of benefits, but also a few things you’ll need to be aware of. Read our list below:

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Which business insurance do I need as a contractor?

Contractor Insurance

We know it can be a minefield for contractors when it comes to purchasing the right insurance cover to protect you and your business. The volume of products available to you can make the whole process a little overwhelming, so we’ve set out five essential insurances you’ll need going forward. Read on below:

Professional Indemnity Insurance:

Professional indemnity insurance is designed to protect contractors against claims for negligence (such as making a mistake, or giving bad advice.) It also provides cover for loss of documents, loss of data, breaches of intellectual property, as well as defamation and libel.

If you do make a mistake for which you are responsible or are deemed to have been negligent, then professional indemnity insurance will cover any compensation that you have to pay as a result, as well as any legal costs you’ve incurred in the process. A mistake could end up costing you tens or hundreds of thousands of pounds so it’s vitally important to have the right protection in place. It’ll also cover the cost of fixing any mistake you may have made, which could help you to avoid having a larger claim made against you.

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The Rise of the Self Employed

The rise of the self employed over the last decade or so has been remarkable. The number of people who work for themselves is now at a 40 year high in the UK, and it continues to grow. Check out our latest infographic below, where we break down the numbers of contractors and freelancers across gender, location, income and more. Have you made the move to self employment in the last ten years? How is it working for you? Let us know what you think in the comments below, or over on our Facebook and Twitter pages.

The Rise of the Self Employed

 

 

A guide to insurance speak – all the terms every contractor needs to know

Key Insurance Terms

Contractor insurance comes with a lot of related jargon and we understand that it’s easy to become bogged down in what all of these industry specific terms actually mean.

Not to fear! You don’t have to swallow a dictionary in order to understand your contractor insurance policy. We’ve collected some of the key terms you’re likely to come across when searching for insurance cover to make the terrain a bit easier to navigate, and to save you some valuable time!

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The rise and fall of worldwide oil prices

Rise Fall Oil Prices Infographic

It’s well known that the year from January 2014 to January 2015 was a tumultuous one for the oil industry. By the end of January 2015 crude oil prices had dipped to their lowest in five years, dropping down to just under $50 a barrel.  In our infographic we take a look at how that year unfolded, and the impact it had on those countries reliant on oil production. You can view it by clicking on the image above, or at this link right here. What do you think? Did the fluctuations have an impact on you or your job? Let us know what you think in the comments below, or over on our Facebook and Twitter pages.

Our Budget reaction: What impact will it have on the contractor community?

Summer Budget Reaction

The first Conservative-only Budget in 19 years took place in the House of Commons yesterday and whilst there were some positives, the Tories announced a number of changes which will undoubtedly affect contractors in a negative way, with contractor dividends, expenses, and IR35 among the areas targeted by the Chancellor.

Chris Bryce, CEO of IPSE, noted: “The combination of the action on dividends, clamping down on travel and subsistence and potentially toughening up IR35 legislation could leave many contractors feeling pretty sore.”

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Get LinkedIn working for you

LinkedIn

Today’s job market is becoming increasingly competitive, especially as contractors are becoming progressively more important in bridging the skills gap throughout the UK. It follows, therefore, that creating an extensive network of influential contacts is an invaluable way for contractors to compile a prospective client list and raise their profile online.

LinkedIn really is an invaluable tool for this exact task. It can help position you as an expert in your field, catching the attention of specialist recruiters and potential clients. What’s more, you can use your LinkedIn profile to highlight your skillset through client recommendations, endorsements and membership of professional groups.

If you want to get more digitally savvy, sprucing up your LinkedIn profile and keeping it totally up to date is a great place to start. What’s more, you need to know how to make the most of LinkedIn’s special features to make sure that you’re maximising the potential to secure your next, big, game-changing contract.

Here are some of our most important tips to getting the most out of your LinkedIn profile and fully harnessing the power of the professionals’ social media network to make sure that you’re making waves in your industry.

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What changes would contractors like to see under the new Conservative government?

David Cameron

The official State Opening of Parliament took place on Wednesday 27th May, with the Queen’s Speech outlining the new Tory government’s agenda and proposed legislation for the upcoming parliamentary session.

Just over a month into their new five year term in government all eyes in the contracting community are focused firmly on what pre-election promises Cameron’s Conservatives are likely to come good on. In this blog we’re going to look at some of the most important aspects of working life in the UK that will make a contractors life easier, more secure and more profitable.

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Cameron’s cabinet reshuffle: key ministers for contractors

Sajid Javid

Much ink has been spilled, including by us here at Kingsbridge HQ, about the all new single party Tory government that few of us were expecting for the next five years. One of the key concerns for contractors, of course, is what policies the party will introduce that support the working life and growth of the independent professional sector.

However, of equal concern are the ministers that hold strategically important positions for contractors. Those that understand and appreciate the unique position that contractors hold in the landscape of modern British business and can advocate on their behalf are a necessity if independent professionals are to flourish and continue to play an important role in the UK’s economic recovery.

Here we’re going to take a look at some of the ministers that will play a significant role in the working lives of contractors for the next five years of Conservative government.

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The Top Ten Tips for New IT Contractors

IT Contractors

We’re big fans of a good list here at Kingsbridge HQ. It’s lucky for us, then, that the lovely people over at Intouch Accounting have put together the top ten tips for new IT contractors. Read on below.

Moving away from permanent employment and into contracting can be a confusing time for an IT  professional. As well as the holistic adjustments, you will want to understand the finer details before you make the leap. From decisions regarding operating under an Umbrella Company or setting up your own Limited Company to how taxation works to the benefits of contracting, it can be an overwhelming time – but it can also be a great opportunity to adapt in the industry and hone your skills.

As an IT professional, the decision to branch out into contracting doesn’t come easy – and whether you’re certain it’s the route for you or still making your mind up, we’ve put together a list of the top 10 tips for new IT  contractors to help you on your way.

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