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Cardwell Management Services UK Limited
Regency House, 45-51 Chorley New Road, Bolton, BL1 4QR
Cardwell Management Services UK Limited
Regency House, 45-51 Chorley New Road, Bolton, BL1 4QR
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Just4contractors.com > Business Essentials > Financial Matters
I get good money from Contracting. Do I really need to be concerned about financial matters?
You're absolutely right.
In most instances, Freelance Contracting provides you with an increased level of income over a comparable permanent position.
However, this is a trap that many Freelance Consultants fall into. By not planning your finances efficiently and effectively, you run the risk of getting yourself in a muddle later on.
There are a number of pre-requisites that you need to have in place in order to protect yourself and provide for the future of you and your family. You need to consider the impact of taxation and your business expenses before spending your 'income'. You need to plan for the days when you may not be in a contract.
The following Seven Steps to Contracting Success will help you focus on the essential financial aspects of your business;
1. Protect yourself - make sure that you have the right insurances in place
2. Separate out your business from your personal finances
3. Keep really good financial records
4. Keep on top of your cash and chase up debtors
5. Engage the help of a really good Taxation adviser
6. Keep your costs under control - take advantage of offers to reduce your costs
7. Invest for the future - both short term and longer term
By managing your financial matters sensibly and efficiently, you can enjoy the freedom and choice that professional contracting provides.
See Also
Funding your Business
Business Planning
Running Your Business
Recommended Links
In most instances, Freelance Contracting provides you with an increased level of income over a comparable permanent position.
However, this is a trap that many Freelance Consultants fall into. By not planning your finances efficiently and effectively, you run the risk of getting yourself in a muddle later on.
There are a number of pre-requisites that you need to have in place in order to protect yourself and provide for the future of you and your family. You need to consider the impact of taxation and your business expenses before spending your 'income'. You need to plan for the days when you may not be in a contract.
The following Seven Steps to Contracting Success will help you focus on the essential financial aspects of your business;
1. Protect yourself - make sure that you have the right insurances in place
2. Separate out your business from your personal finances
3. Keep really good financial records
4. Keep on top of your cash and chase up debtors
5. Engage the help of a really good Taxation adviser
6. Keep your costs under control - take advantage of offers to reduce your costs
7. Invest for the future - both short term and longer term
By managing your financial matters sensibly and efficiently, you can enjoy the freedom and choice that professional contracting provides.
See Also
Funding your Business
Business Planning
Running Your Business
Recommended Links
