In order to make the best decisions you need an accountant AND a financial adviser working together collaboratively. Otherwise, you could lose out on important tax saving opportunities and miss using up your allowances.
Sometimes to make sensible decisions like having life insurance and a pension, just takes a little nudge to get you started, which is why we work with FMB. We really believe that most contractors can benefit from working with a financial adviser to ensure they don’t miss out on the protection and benefits employed people enjoy.
FMB have a long history of working with business owners and the self-employed, helping set up pensions for them since 1987. Based on the edge of the Lake District, they have a wealth of expertise to help you with every area of your finances.
Saving for the time when you can no longer work is a must. Not only that, pensions are very efficient from tax relief on contributions to the 25% tax free lump sum you can take from age 55.
They are much more flexible than they used to be and most modern pensions offer great value for money. If you have not reviewed any existing provision for a while, it is definitely worth checking out whether a cheaper contract could be available.
The most important advice we give to the self-employed is about risk management. What would happen to your dependents if you could not work or worse died? Not a cheery thought but worth consideration. Even if you’re single, what if you couldn’t pay your mortgage? There are many kinds of protection depending on your personal situation so best to talk to an expert.
Investment & Saving
Whether your savings are housed in Pensions, ISA’s or any form of investment we take control of the strategy and invest wisely to meet your long term objectives; be that buy a holiday home, retire early or help your kids.
It's especially important to make sure you use all your allowances and, for entrepreneurs with an appetite for higher risk, we can look at tax efficient investment strategies which involve investing in risker, unlisted AIM companies using Venture Capital Trusts or similar.
Private Medical Insurance
If you need to choose the time and place for treatment between contracts, it might be worth considering PMI- it means you can be in control when you can’t afford to be out of action and you need urgent attention.
Many clients have told us about the difficulties they have had when approaching a bank or lender direct for mortgage funding. This is frequently down to a misunderstanding on the lenders part surrounding a contractor’s earnings, and can often lead to contractors being perceived as a higher risk than a permanent employee.
Our broker searches the whole market to find the right loan for private and commercial property.
Independent Contractor Solutions Ltd are not authorised to offer regulated mortgage, protection or pension advice. Independent Contractor Solutions are introducers to Financial Management Bureau Ltd.
Your property may be repossessed if you do not keep up repayments on your mortgage.
Mortgage and protection advice is given by FMB, which is a trading name of Financial Management Bureau Ltd. Authorised and regulated by the Financial Conduct Authority (FCA reg. 125710). Registered in England No. 02089786 Registered Office: Shenstone House, Helsington, Kendal, Cumbria LA8 8AA. Not all products are regulated by the FCA e.g. some buy to let mortgages.
Please note, expressions made do not constitute advice and it is the responsibility of the reader to seek advice for their independent requirements. All information correct at time of publication.
The value of investments may fall as well as rise and past performance is not a guide to future returns. Financial advice is given by Financial Management Bureau Ltd are authorised and regulated by the Financial Conduct Authority. Financial Management Bureau Ltd are entered on the FCA Register (http://www.fca.org.uk/register) under reference 125710.