Contractors in Nottingham
What are Contractors?
An independent contractor (also referred to as a freelancer or consultant) is someone self-employed who carries out work for you. Typically, they’ll be contracted in for the specialised knowledge or skills they can provide for a defined period of time to work on a specific project.
Why Businesses Use Contractors
Many businesses choose to hire contractors rather than permanent employees for certain roles or projects. Hiring contractors can be more cost-efficient, especially for special projects or processes not carried out on a day-to-day basis.
While contractors can cost more per hour or project, they can still cost businesses less than hiring a permanent employee. With contractors, businesses don’t have to cover payroll costs such as payroll taxes, vacation, retirement or insurance benefits.
Hiring contractors also gives businesses a chance to bring in individuals with specialist knowledge who are pre-qualified for safety-critical tasks. Different projects may require individuals with different skillsets, and contracting offers businesses the freedom to hire the specialists they need when they need them. Choosing the best person for the job can result in higher levels of efficiency and increased profitability.
Benefits of Contractors
What are the Benefits of Contractors?
A Specialized Skill Set
Contractors can bring skills and talent to the organisation that you may not need to access on a day-to-day basis.
Less embedded in the organization, contractors may be able to bring a more objective view to projects and provide some constructive challenge to processes, helping you to improve.
Working with highly skilled specialists, who’ve had a lot of different experiences and insights from within their industry might help you to gain a competitive edge.
If you find that the contractor you’re working with doesn’t quite have the skills to meet your current need, there’s more flexibility around issuing notice and terminating the relationship. Essentially, it’s far easier to replace them with someone more suitable, than if they were an employee.
Less Obligations As An Employer
You won’t be obliged to continue supplying work and paying contractors if demand in workload reduces, or if their circumstances change. For example, if they want to take maternity or shared parental leave, you wouldn’t have to keep the role open for them or make statutory payments.
Good For Urgent Or Temporary Work Demands
If you need help fast, someone with specific skills who is ready to do the job can be a great help. They won’t need to have an induction, get to know the business or undertake any training, they’ll be able to get stuck into the work right away.
How can Seagrave French help you?
How can Seagrave French help you?
Please contact us if you would like a free consultation to discuss the tax advantages of contracting in more detail and the different possible scenarios.
We offer all-inclusive services for contractors including…
- Company formation;
- Annual Accounts;
- Company tax returns;
- Personal Tax Returns;
- Company secretarial service;
- VAT Returns;
- PAYE Returns;
- Tax computations;
- Review of contracts for IR35 status;
- Provision of anti IR35 draft contracts;
- Dealing with IR35 disputes.
Whatever your ambitions, we will commit to them wholeheartedly and deliver the premium service you deserve. Get in touch today to book a chat with the experts at Seagrave French.