As a Contractor, you ‘provide services’ to a business rather than being in ‘the service’ of your employer. A daily or hourly rate of pay is offered for your work when contracting, while as an employee you are in receipt of a salary.

As a contractor your rate of pay is often inclusive of any holiday or sick day entitlements. For many first time contractors, contracting can seem a little daunting, however there is no denying that many contractors can earn significantly more than their employee counterparts with the benefit of gaining valuable work experience.

At Icon Accounting we specialise in accountancy for Contractors, so you can be re-assured all legal and tax requirements are covered while you contract. Our team continuously support contractors throughout their work and provide practical and straight forward advice on payments, business expenses and what to expect if working as a contractor for the first time.

Our team will clearly explain the difference options that are available to you to set up as a contractor. Based on the duration of your contract, your rate of pay, alongside your personal circumstances we can establish the best method of Contracting that will provide you with maximum take home pay;

1. PAYE Umbrella Company
2. Director Umbrella Company
3. Personal Limited Company

If your circumstances change whilst contracting, we will always provide assistance and accommodate any changes necessary to ensure you are contracting in the most effective way.

Payment is received based on the agreement set up between you and your agency or direct client. Icon Accounting will raise an invoice on your behalf to your recruitment agency or client for your payment. It is the responsibility of Icon Accounting to deduct the relevant taxes and make payment to your bank account.

Under the Director and PAYE Umbrella company, you do not need to register for VAT, however if you wish to set up a Personal Limited Company VAT is a requirement.

• Attractive rates of pay
• Ability to gain experience on a variety of projects in different locations, sectors and organisations which in turn can lead to commanding higher rates of pay
• Facilitates continuous development of skills which can help in keeping your skill set current and increasing your marketability
• Provides you with the opportunity to claim tax relief on business expenses
• Creates greater personal control of who, where and when you wish to work

• Reassurance that you are fully tax compliant for the duration of your contract
• Guaranteed processing of all payments on time every time
• 24/7 secure personal access to iConnect Contractors Portal
• Protected by Employers & Public Liability insurance
• Unlimited access to free Wealth Management Advice with our partner, Rockwell Financial 
• Complete management of all administration, tax and invoicing duties
• Continuous support and assistance from a team of qualified accountants and professionals
• Acess to our bespoke platform iPerks giving you access to lifestyle savings, wellness platform and access to thousands of online courses.