Contractor Mortgages & Independent Financial Advice for Contractors
ContractorFinancials is focused exclusively on meeting the needs of the UKs Freelancer community. As IFAs we are uniquely specialist in our field, to date having helped over 9,000 individual Contractor clients to achieve their financial goals.
Our aim is to show you how to make the most of your employment status whilst helping you guard against some of the pitfalls that exist now that you are outside of a large employer safety net.
Our friendly team of professionals continue to treat every new client as an individual. A dedicated adviser will be on hand to help secure you a mortgage based simply on a multiple of your contract rate, save you tax using a flexible Contractor pension or protect your income and lifestyle via our tailored suite of insurance products.
We recognise that your time is precious so have designed our service to provide timely advice by phone and email although we also offer a nationwide service if you would like to meet us.
Our award winning advisers are just a phone call away on 0845 062 8888 or you can contact us.
Our Key Services
- Contractor Mortgages
- Avoid the frustration of being rejected by lenders with an out-of-date bias against freelancers.
- Contractor Pension
- The most efficient means of getting money out of your company tax-free, particularly if you are caught by IR35.
- Income Protection
- Policies to help pay the bills if you fall ill.
- Life Cover
- Essential cover to repay outstanding debts if you die.
- ISAs
- You can invest up to £10,200 in an ISA during this tax year.
Latest News and Articles
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Closing down sale on Barclay's contract based mortgages - 4 days to go!
August 2010
In a major blow to the Contractor community, Barclays informed us last week that they will no longer be willing to lend based on a multiple of your Contract rate alone...
Keep reading "Closing down sale on Barclay's contract based mortgages - 4 days to go!"
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Free business banking for Contractors
August 2010
In an exciting new venture, we have joined forces with Cater Allen to offer our clients free business banking with a host of benefits for Contractors...
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Time is running out on pension tax relief
August 2010
The deadline is fast approaching to use the current freedom on pension's tax relief following last month's Planet Contractor article on the impending new £40k allowance...
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Wills don't have to be 'the final rip off'
August 2010
Last week's Panorama program on Wills has caused a huge amount of anxiety because of the questions it raised over the validity of some wills. We are pleased to be able to reassure our clients that the providers that we recommend are all accredited by the institute of professional will writers...
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Protect your home with 2 months free building and contents cover!
July 2010
When you are caught up in the excitement of moving house, it can be easy to forget that you need to insure your new home as soon as you exchange contracts because that is when your liability begins. To make this whole subject hassle free and ensure you don't leave yourself unprotected we have negotiated a special offer with a leading insurer that gives our clients the first two months cover free. We can keep the costs down further for cash strapped first time buyers who benefit from a further 15% discount off of the policy after the 2 months is up....
Keep reading "Protect your home with 2 months free building and contents cover!"
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Pay for life insurance through your ltd company and save tax
July 2010
As the Contractor specialist IFA we were chosen by an insurer to help launch a unique policy to the UK market which now means that if you contract through a One Man Ltd company then you can fund individual life insurance through the business without income tax considerations. This allows you to benefit from the death in service cover that you may have enjoyed when working as a permi...
Keep reading "Pay for life insurance through your ltd company and save tax"
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45% discount on Private Medical Insurance
July 2010
Many hundreds of our clients have enjoyed the protection of private medical insurance from WPA, an award winning provider; however in an unprecedented move they are now offering us a 45% discount on your first year of cover...
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Contractors should consider Family income benefit over level term life insurance
July 2010
Whilst many Contractors are aware of the need to protect dependents by taking out a life insurance, many are taking out level term policies which may not be suitable...
Keep reading "Contractors should consider Family income benefit over level term life insurance"
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39% of Britons have no insurance to protect their home if the worst should happen
July 2010
Bright Grey recently reported that 39% of the adult population have no insurance. This shocking statistic means millions of households are at risk of falling behind with their mortgages and ultimately, repossession...
Keep reading "39% of Britons have no insurance to protect their home if the worst should happen"
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Could £40k be the new annual allowance for pension tax relief?
July 2010
In a follow up to last month's emergency budget coverage on Planet Contractor, the Treasury has suggested that they will limit the annual allowance for tax relief on pension investment to £40k, subject to a consultation with industry leaders, employers and investors...
Keep reading "Could £40k be the new annual allowance for pension tax relief?"
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Emergency Budget - a Contractors quick guide
June 2010
If you don't have time to read a whole article and just want the facts that matter, then this is the guide for you. Its Osborne's budget broken down into bite size chunks...
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Hidden Pensions Bombshell
June 2010
The devil is in the detail and Osborne's emergency budget today was no exception. A seemingly throw away comment about higher rate pensions relief may end up having a massive impact on Contractors. Here we look at the impact of a change in the annual allowance.
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Some relief at impact of CGT changes
June 2010
In today's emergency budget, George Osborne took no prisoners as he set about his quest to save the UK economy. However, the widely anticipated changes to Capital Gains Tax which have been the subject of a great deal of press coverage in the run up to today's budget weren't as harsh as the new Chancellors critics had predicted.
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Salary Sacrifice becomes even more important as Income Tax and National Insurance changes bite
June 2010
We were forewarned that this would be a harsh budget; in fact David Cameron reportedly said it would be the worst since the Second World War, but no-one could have predicted all of the cost cutting measures that the new chancellor would have to employ. One of the worst hit areas is personal taxation, with sharp increases to employee national insurance and far more people now caught by higher rate tax. With the state pension age extended the emphasis looks set to fall on personal provision with Contractors turning to salary sacrifice arrangements to bridge the gap to retirement.
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New FSA clampdown likely to severely restrict mortgage availability for Contractors
June 2010
In a move to encourage so called responsible lending the FSA is set to flex its muscles in the mortgage market as it comes under the wing of the Bank of England. Under this regime, Contractors could face a cap on mortgage loan to values (LTV's), the abolition of interest only mortgages and the demise of so called fast track applications...
Keep reading "New FSA clampdown likely to severely restrict mortgage availability for Contractors"
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£11 billion benefit cuts mean contractor insurance is now vital
June 2010
In reality freelancers have always been on their own with regards to the DWP, receiving very little support from the state. However, with savage cuts to benefit budgets, the need to protect yourself is now greater than ever. This can be done for as little as £5pw
Keep reading "£11 billion benefit cuts mean contractor insurance is now vital"
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The Con-Dems are in - but what is the impact on Contractor finances?
May 2010
The 6th May election resulted in a hung parliament for the UK and after tense negotiations Nick Clegg got in to bed with David Cameron to form a Conservative/Liberal Democrat coalition. Whilst many of us are excited by the prospect of a fresh start for politics and the economy, there is concern that changes to Capital Gains Tax (CGT), National Insurance and tax relief on pension's contributions may have a negative impact on Contractors pockets.
Keep reading "The Con-Dems are in - but what is the impact on Contractor finances?"
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Buy to Let and investments to be hit by higher CGT?
May 2010
In order to pay for Nick Clegg's income tax break for low to medium income workers, the Tories have reportedly had to compromise on Capital Gains Tax which now looks set to increase substantially. This could cause a rush to sell second properties and investments before the new limit comes in to play so Freelancers need to keep their wits about them over the coming months.
Keep reading "Buy to Let and investments to be hit by higher CGT?"
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Interest only mortgages may be on their way out
May 2010
Lloyds Banking Group, the firm behind well known brands such as Halifax and C&G, has announced that it will cap its interest only mortgages at £500k. Worryingly other lenders look to follow suit and may even insist on all loans being on a repayment basis. This move looks like it could spell the beginning of the end of a mortgage route that many Contractors have favoured as a means to reduce initial outgoings and provide flexibility that mirrors the reality of Freelancing.
Keep reading "Interest only mortgages may be on their way out"
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Inheritance Tax here to stay but it's not too late to avoid it
May 2010
As with a lot of their policies, the Conservatives have had to water down their proposals for Inheritance tax and will no longer be increasing the threshold to £1 million. This is a body blow to the many Contractors who find their families paying a tax that used to target only the very wealthiest.
Keep reading "Inheritance Tax here to stay but it's not too late to avoid it"
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HIPs are no more!
May 2010
A sigh of relief was heard this week from homeowners and industry insiders as the news was released that HIPs are to be suspended by the new coalition Government. We will gladly consign our ContractorHIPs service to the file marked 'badly thought out Government initiatives based on departmental ego that should never have been introduced in the first place'
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Coalition sets its sights on Child trust funds
May 2010
One of the first casualties of the new coalition government may be Labours child trust funds, a policy that will have helped millions of children to get a better start in life.
Keep reading "Coalition sets its sights on Child trust funds"
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The housing market is bouncing back - our busiest month for mortgages in two years!
April 2010
Whether it is the announcement that stamp duty has been suspended on properties up to £250k, that lenders have been more willing to lend, or that spring has finally sprung, something has shifted in the housing market this month and Contractors everywhere are capitalising on the upturn.
Keep reading "The housing market is bouncing back - our busiest month for mortgages in two years!"
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Exclusive mortgage offers
April 2010
With unique experience in the Contractor mortgage market spanning over 12 years, our MD Tony Harris has built up an enviable reputation amongst Contractors and Lenders alike for the professional service that we offer. Thanks to this pedigree in the mortgage market we are regularly offered exclusive mortgage schemes by lenders, with our most recent being a 2.59% two year offset deal this month.
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Repayment cheaper than interest only!
April 2010
In a groundbreaking development we are now able to offer our Contractor mortgages at a lower rate on a repayment basis than the interest-only alternative. This could allow Contractors to pay off the debt quicker and get closer to the dream of being mortgage free.
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Our 10 step guide to buying a home
April 2010
Buying a home can be a complicated and sometimes scary road but at ContractorFinancials we specialise in taking the hassle out of homeownership. This is our definitive guide to securing a contractor mortgage and making that step up the ladder.
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Partner goes free with WPA health insurance - but hurry, offer ends on 30th April!
April 2010
We are pleased to announce a special offer for clients from WPA, the award winning health insurer. Contractors can insure your partner for free when you take out a new individual policy.
Keep reading "Partner goes free with WPA health insurance - but hurry, offer ends on 30th April!"
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Make the most of the new tax year
April 2010
With the dawn of a new tax year there are a number of opportunities to take advantage of which will put you ahead of the game whoever wins the election.
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Investment opportunities for Contractors in Darlings new 'green' bank
March 2010
The Chancellor announced in today's budget that he is creating a new state bank to fund green projects such as renewable energy sources and high speed rail networks. This could provide an exciting platform for Contractors looking for high risk investments with the opportunity for high rewards.
Keep reading "Investment opportunities for Contractors in Darlings new 'green' bank"
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60% tax rate looms for Contractors
March 2010
From 6th April an effective income tax rate of 60% will apply to those Freelancers earning over £100k
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You win some, you lose some
March 2010
Given the looming general election, pundits had predicted a low key budget today but there was still bad news for some clients. There were certainly positives too and here we interpret the impact of the budget on the UKs Freelancer community.
Further information
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Mortgage assessor
How does my contract rate allow me to borrow?
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Latest contractor podcast
Emilie looks at how Contractors can save tax by funding life insurance through a ltd company.
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Contractor finances
An introduction.
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Tax tables
Key rates and allowances.
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Contractor investing
Contractor's guide to investing.
Alliance partners
- Parasol UK's favourite umbrella company & Sunday Times best company
- SJD Accountancy UK's largest Accountants for Contractors
- Orange & Gold Contractor Accountants Ltd Co Accountancy, Umbrella, IR35 service to contractors
- New IT Contractors Guides from Contract Eye
- Contractor Accountant Fixed fee monthly service from Clarity Contracting
- Contractor UK The IT contractor portal
- Danbro - Contractor Accountants Specialists in payroll and accounting solutions for contractors
