Three Helpful Resources All Contractors Should Know About

Life as a contractor is great – overall, you enjoy more work freedom and opportunities, are paid well and can decide when and how you work. 

It’s little wonder contracting is appealing compared to being a full-time employee, but you still need to work hard to secure those contracts for your services. 

There are certain resources that are invaluable for contractors as they make your working life far easier, reduce stress and help to keep you informed and with access to the latest news on contracting and available contracts in your industry.

Know Your Employment Status

As a contractor it is your responsibility to ensure you’re paying the right amount of National Insurance and tax on the money you receive from work, therefore you need to know your employment status. Using tools such as HMRC’s CEST or a professional can help you determine your status and whether you fall inside or outside of IR35. 

Contractors straddle self-employment and employment, depending on the contract,  which can make it hard to ensure you’re paying the right amount of tax. That’s why many choose to work with umbrella companies like us who take care of everything from accounting and taxes to compliance so contractors can focus on what really matters; winning clients and work. 

By using Cool Company, contractors work directly with their own clients but when it comes to payment they are deemed an employee of Cool Company, so taxes and statutory benefits like holiday and sick pay are all taken care of.

Use Forums & News Sites

The internet is full of helpful information, so why not make the most of it by browsing websites specific to the industries you work in and serve? Many have helpful newsletters you can sign up for, with relevant news updates straight to your inbox. 

These websites are also useful for networking and sharing knowledge with others in the same industry. You can learn new skills and even win new clients by making new contacts and using the resources available on these platforms, some even run events.

Make The Most Of Project Management Tools 

There are lots of online tools available to contractors to make managing the administration side of working as a contractor more straightforward and less time-consuming. When it comes to daily communication Slack can be a great tool, or when you need to organise projects why not try Google Drive, while Teams and Zoom can make your conference calls much smoother. 

With help from these resources, you can enjoy all the benefits of being a contractor but with fewer of the headaches that can come with it. 

You choose which clients to work with and when giving you a good work/life balance and the flexibility to work in a way that suits your lifestyle.

Do you want to know more?

Do you have any questions or are you ready to get started with Cool Company?