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How to run a contracting business

If you have decided to set up your own contracting or consulting business (as an IT / finance professional, and interim manager, or a freelancer), you should first read our guide to getting started as a contractor first, before taking the plunge. For comprehensive guides to contracting, try our friends at ContractorUK.

If you’ve ever quit one job without having another one to go to, you’ll have experienced The Fear – that feeling of dread that the money might run out before you find employment.
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IR35 takes its name from an Inland Revenue press release which heralded the birth of new measures (The Intermediaries Legislation) aimed at preventing the use of intermediaries purely for the purpose of avoiding paying income tax and National Insurance.
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In this article, we look at why IR35 was implemented, and what steps contractors should make to ensure they comply with the IR35 rules – including using professional contract review services, and taking out IR35 insurance.
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Unlike traditional ‘small business’ accountants, most contractor accountants provide a specialist service tailored to the specific needs of contractors – typically for a monthly fee.
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If you are a professional contractor or consultant, you may be required by your client to carry adequate business insurance, or you may decide to insure your company for your own peace of mind.
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One of the most significant changes announced by the Chancellor in his 2012 Autumn Statement was a cut in the tax-free pensions contribution limits from the 2014/15 tax year onwards. How will this affect contractors and consultants?
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Having worked with hundreds of contractors over the years, the Company Bug team have identified many common characteristics that separate the most successful contractors from the rest.
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Implemented on 1st October 2011, the Agency Workers Regulations were put in place to provide more equal rights to temporary workers after working on an assignment for 12 weeks or more.
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Rather than being set in stone, the hourly or daily rates for most contract and consultancy roles are open to negotiation. Whether you are starting a new role, or about to renew an existing contract, here are some things to bear in mind when trying to optimise your contract rate.
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Once you’ve decided to become a contractor, there are a number of steps you will need to take before you can embark on a successful contracting career.
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If you thinking about becoming an IT contractor, you need to ensure that you are the type of person who will thrive outside the world of permanent employment. Here we look at the main differences between contract and permanent work.
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The interim management industry is growing fast – one leading organisation suggests that it has doubled in just the last five years. So what do interims do, and how much can you earn as a contract interim manager?
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If you are starting up as an IT contractor, you will find that hourly or daily rates are determined by a number of factors – principally your skills and experience, the industry sector, the location of the assignment, and the underlying economic conditions at the time.
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Once you have become a contractor, your main task will be to source new contract openings, and ensure that the gaps between assignments are as short as possible. So, how do you go about finding opportunities?
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Most contractors operate either via a limited liability company, or an umbrella company (which is operated by a professional firm). Here we look at the pros and cons of contracting via an umbrella company
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If your contracts are caught by the IR35 rules, the financial impact will be considerable. Here, we look at the tax difference you will incur if you are inside or outside IR35.
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