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New to contracting? Here’s how you could get more take-home pay

The Coronavirus pandemic has changed the way the UK does business for the foreseeable future.

Some changes have been positive; traditional ways of working have been uprooted for new methods thanks to digital comms.

Platforms such as Zoom, Microsoft Teams and others have shown that people can work from home as effectively as they could in the office.

Research from Eskenzi PR and OnePoll conducted in May, during the height of the pandemic, found that 91% of the UK’s general working population would like to continue working from home once Covid-19 restrictions are lifted.

Only 9% said they would want to work in an office full-time, while 35% would like their weeks to be split 50/50, working part of the week in the office and the rest of the time at home.

It may not be beyond the realms of possibility, either. An O2 survey, also commissioned in May at the height of the pandemic, found that 45% predicted a permanent change in their employers’ approach to flexible working post-lockdown.

81% of that group said they were expecting to work from home at least one day a week post-lockdown, with 33% expecting to work from home for at least three days.

There’s another point to this. We’ve seen a number of people taking the brave decision to go fully freelance or enter the world of contracting after working from home during the pandemic.

But there is so much they need to know if they wish to build a successful career as a contractor.

New contractors need to take care of their admin

For instance, new contractors may not be aware of issues surrounding IR35 and how it may affect the way they do business.

Some may have eased into contracting and have their old employer as their only client. That could put them in breach of new IR35 tax reforms which come into play on 6 April 2021.

Being inside IR35 could mean tax liabilities and other penalties for contractors and their clients in the private sector.

Do you know about IR35, and do you know how to become compliant by April 2021?

Those new to contracting will have to handle their own administration, payroll, taxes and other paperwork as well as build new professional relationships.

That can often be too much for new contractors to take on themselves. Navigating payroll can also be something of a minefield; what’s the best payment vehicle for you and your business?

We’re here to help contractors new and established answer all of those questions and more, preparing them for life as a professional contractor. It’s the Greatpay way!

Our friendly financial experts will not only help you find the best vehicle for your needs, but will also help you take home more money and get paid quicker thanks to our leading payroll services.

Greatpay is fully HMRC compliant and will be there with you every step of the way in your exciting new role as a contractor.We’re always available; our team is here beyond typical office hours to answer any question you may have. Get in touch with the Greatpay team now to find out how we can help you.

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