5 Things you will miss out on when you are a Contractor…..or will you….

We thought it best to take a look at the common worries about things you might miss out on when you move from a staffy position to a Contract:

‘You won’t get your Holidays’

You might think you won’t get your regular holiday allowance as a Contractor, as you will no longer receive the same staff benefits you had if/when you were a ‘staff’.

Actually…. Contractors can take holidays just like permanent staff members. It’s unlikely that you will have to work every day outlined in your contract. You are in control of how you provide your services, you can be far more flexible with your working hours.

In fact, when you are between contracts, there’s nothing to stop you taking as much as a month’s holiday between contracts. What a great way to spend the extra money you have saved through increased tax efficiencies of being a Limited Company Contractor, and exercise your freedom at the same time.


‘You’ll miss out on Health cover from your Employer’.

There’s no doubting that this is a definite positive of working in a staff position, many companies now offer extremely good private health services, to ensure that you are well taken care of if you damage yourself Personally or at work. I know I would be lost without my dental cover – it sounds sad, but teeth are important.

Did you know….competitive services of this manner exist for Contractors too? Our partnership offer from WPA ensure that our FW Accounting clients get 10% off of the cost of private health cover, but also  at the moment if you cover your own health with WPA, you can cover your partner or a member of your family for free. (Ask your Account Manager about it – it’s ace!)


You won’t get paid if you are off ill.

Something that your employer would usually take care of, providing you with at least 3 months of pay if you are sick or have an accident.

It’s for this reason that we feel it is our moral obligation as an Accountant to Contractors and Freelancers, to make our clients aware of Income Protection cover, and Life Insurance. This is why we have developed money saving relationships with Financial Planners who will talk contractors and freelancers through this, and ensure that they are putting a monthly figure aside should anything un-toward happen.


‘You won’t be able to get a good mortgage.’

If you saw our blog post last week about the difficulties and frustrations involved in sourcing a contractor mortgage – you may be able to relate. Often mortgage providers request 3 years of accounts which may not be possible to source, this means that the majority of our clients find themselves in a tricky situation around this time of year when their mortgage is up for renewal or they are looking to purchase their first property.

Help is at hand in the form of Mortgage Providers specialising in Contractor Requirements.


‘It’s a load of hassle running a Limited Company and getting Accounts done.’

This should not be the case. It very much boils down to selecting the correct Accountant, and selecting the right amount of support to suit you as a Contractor or Freelancer. It’s essential that you have the option to completely outsource all book keeping or if you want to appoint all of your working time to working on the job at hand. A good Accountant should keep you aware of what submission dates are approaching and what needs to be done (if anything) by yourself.

If you want to balance up the life of Contracting Vs a PAYE position, one of our friendly Business Advisors can help you look at the pro’s and con’s and the financial benefits of ‘going contract’, you can chat to them via ‘Live Chat’ on our website, or contact us via email or telephone.

FW Accounting. You Count. We Count

Our Accountancy Packages

Choose from a choice of three fixed-fee packages, each one designed to suit how 'hands-on' you would like to be in the day-to-day administration of your company.

Standard Package

Provides all key Limited Company support services that an experienced contractor requires - ensuring low costs but leaves you with the responsibility of making all HMRC payments.

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All the benefits of our Standard Package plus Initial IR35 Contract Review, Annual Tax Planning Review and Second Shareholder Personal Tax Return.

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Our most popular service, 83% of our clients enjoy the all- inclusive support that this option provides. We take care of everything on your behalf – you won’t find a more complete service anywhere.

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