Contractor Accounting & Resources

Jeremy Hunt’s announced scrapping of the planned reversal of IR35 reforms and other tax measures has dashed the hopes of thousands of self-employed contractors along with the businesses they work with. 

IR35 rules have been controversial for years. These off-payroll working rules were designed to combat tax evasion, but many businesses and contractors have felt that IR35 added unnecessary complexity to flexible employment.  Former Chancellor Kwasi Kwarteng announced that the IR35 rules would be scrapped for private sector contractors in his Autumn budget, but for now that plan  are no longer on the cards. 

As such, contractors will still have to prove to HMRC that they are not Disguised Employees. 

Definitely so! Following the flexible nature of contracting, you may have to provide a little more information about your finances and expected income but nothing that your accountant shouldn't be able to assist with.

Are you a contractor looking to get a mortgage? You may be wondering if it’s possible to get a mortgage as a contractor. The answer is yes, you can get a mortgage as a contractor, but the process may be a bit more complicated than if you were a full-time employee.

As a contractor, you may have difficulty getting a mortgage because lenders may view you as a higher risk. This is because you may not have a steady income or you may not have a long-term employment contract. However, there are lenders who are willing to work with contractors and provide mortgages.

In the UK, there are a few options for contractors looking to get a mortgage. The first is to apply for a specialist contractor mortgage. These mortgages are designed specifically for contractors and are offered by some lenders. They may require a larger deposit, but they may also offer more flexible terms.

Another option is to apply for a self-employed mortgage. These mortgages are designed for those who are self-employed and don’t have a regular salary. They may require proof of income, such as accounts or tax returns.

If you’re just starting out as a contractor, you may find it difficult to get a mortgage. Lenders may be reluctant to lend to someone who hasn’t been in business for very long. However, some lenders may be willing to consider your application if you can provide evidence of your income and your business plan.

When applying for a mortgage as a contractor, it’s important to be prepared. You’ll need to provide evidence of your income, such as bank statements, accounts, and tax returns. You’ll also need to provide proof of your business plan, such as a business plan template or a business plan document.

You may also need to provide evidence of your creditworthiness, such as a credit report. This will help lenders assess your ability to repay the loan.

When applying for a mortgage as a contractor, it’s important to shop around and compare different lenders. Different lenders may have different requirements and may offer different interest rates. It’s also important to read the terms and conditions of the loan carefully before signing anything.

If you’re a contractor looking to get a mortgage, it’s important to remember that it’s possible. With the right preparation and research, you can find a lender who is willing to work with you. Just make sure you understand the terms and conditions of the loan before signing anything.

Where possible, it is advisable to cover any company expenditure directly using company funds such as directly via the company bank account. This ensures that all company transactions are kept in one place and can be easily tracked.

Business insurance costs can be reclaimed through your business and are eligible for Corporation Tax relief.

Starting a business can be a daunting task, but it is an exciting and rewarding venture. One of the most important aspects of starting a business is to make sure you are properly insured. Insurance can protect you and your business from a variety of risks and can give you peace of mind that you are covered in the event of an incident.

As a contractor, you may be wondering if you can reclaim insurance costs. The answer is yes, you can. In the UK, contractors are allowed to reclaim insurance costs as long as they are incurred in the course of their business. This includes insurance for vehicles, property, and liability.

When it comes to reclaiming insurance costs, it is important to remember that you must have a valid business purpose for each policy. This means that the insurance must be necessary for the operation of your business and must be used for the purpose of earning income.

In addition to the business purpose, you must also ensure that the insurance policy is valid and up to date. This means that you must ensure that the policy is current and that the premiums are paid on time.

When it comes to reclaiming insurance costs, it is important to keep accurate records. This includes keeping a record of all premiums paid, the date of payment, and the policy number. This information will be needed when filing a claim.

In order to successfully reclaim insurance costs, you must also be able to prove that the cost of the insurance was necessary for the operation of your business. This means that you must be able to demonstrate that the insurance was necessary for the business to function.

When it comes to reclaiming insurance costs, it is important to remember that the costs must be reasonable. This means that the cost of the insurance must be in line with the risks associated with the business. If the cost of the insurance is too high, it may not be possible to reclaim the costs.

If you are looking to reclaim insurance costs, it is important to keep in mind that the process can be complicated and time consuming. It is important to make sure that you understand the process and that you are prepared to provide the necessary documentation.

When it comes to reclaiming insurance costs, it is important to remember that the costs must be reasonable. This means that the cost of the insurance must be in line with the risks associated with the business. If the cost of the insurance is too high, it may not be possible to reclaim the costs.

It is also important to remember that the cost of insurance is tax deductible. This means that you can deduct the cost of the insurance from your taxable income. This can help to reduce your overall tax bill and can help to make your business more profitable.

When it comes to reclaiming insurance costs, it is important to remember that the costs must be reasonable. This means that the cost of the insurance must be in line with the risks associated with the business. If the cost of the insurance is too high, it may not be possible to reclaim the costs.

When it comes to reclaiming insurance costs, it is important to remember that the costs must be reasonable. This means that the cost of the insurance must be in line with the risks associated with the business. If the cost of the insurance is too high, it may not be possible to reclaim the costs.

In conclusion, contractors in the UK can reclaim insurance costs as long as they are incurred in the course of their business. It is important to remember that the costs must be reasonable and that the insurance must be necessary for the operation of the business. It is also important to keep accurate records and to be able to prove that the insurance was necessary for the business to function. Finally, the cost of the insurance is tax deductible, which can help to reduce your overall tax bill and make your business more profitable.

Covering compensation payments and legal costs if a member of the public sues your business because they've been injured or their property has been damaged, public indemnity insurance is highly recommended for all businesses. Many professions need to have p insurance as part of their respective industry body's regulatory requirements and so always double check your contractual agreements.

Covering legal costs and expenses in your defence as well as any damages or costs that may be awarded, professional indemnity insurance comes highly recommended for those providing professional services. Many professions need to have professional indemnity insurance as part of their respective industry body's regulatory requirements and so always double check your contractual agreements.

There are several types of insurance that a contractor may benefit from. These policies are known as:

Professional Indemnity Insurance - in case a client sues for making a costly mistake whilst undertaking contractual duties such as the loss of data or unintentional breach of copyright.

Public Liability Insurance - in case a member of the public is injured, or property is damaged as a result of the actions of the company (or its employees).

Employers Liability Insurance - in case an employee is injured (or worse) whilst working for the company. Often mandatory for any company's that has more than one working employee.

As a contractor working through your own limited company, it is recommended that you are covered by business insurances whether that be for your own peace of mind or in fact something that is mandatory in your contract.

Do Contractors Need Insurance?

As a contractor in the UK, you will need to consider the importance of insurance. Insurance is a vital part of any business, and it is essential that you understand the different types of insurance available and how they can protect you and your business.

Contractors are usually self-employed individuals who provide services to other businesses or individuals. As such, they can be exposed to a variety of risks, such as property damage, legal liability, and employee injury. Insurance can provide financial protection against these risks, as well as cover any legal costs that may arise.

The most common type of insurance for contractors is public liability insurance. This type of insurance covers any legal costs, damages, or compensation that may be awarded to a third party if you are found to be liable for an incident. It is important to note that public liability insurance does not cover any damage to your own property or any injuries to yourself or your employees.

Employers’ liability insurance is another type of insurance that is important for contractors. This type of insurance covers any costs associated with legal claims made by employees who have been injured or become ill as a result of their work. It is important to note that employers’ liability insurance is a legal requirement for any business that has employees, and failure to have this in place can result in serious penalties.

Professional indemnity insurance is also important for contractors. This type of insurance covers any legal costs or compensation that may be awarded to a third party if you are found to be liable for a professional mistake. This type of insurance is particularly important for contractors who provide services such as accounting, legal advice, or IT support, as they are more likely to be held liable for any mistakes they make.

Finally, it is important to consider the need for business interruption insurance. This type of insurance covers any losses that may be incurred if your business is unable to operate due to an unforeseen event, such as a fire or natural disaster. This type of insurance can be particularly important for contractors, as it can ensure that they are able to continue to operate their business even if they are unable to work due to an unexpected event.

In conclusion, it is clear that insurance is an important consideration for contractors in the UK. Public liability insurance, employers’ liability insurance, professional indemnity insurance, and business interruption insurance are all important types of insurance that can provide financial protection and peace of mind for contractors. It is therefore essential that all contractors understand the different types of insurance available and ensure that they have the right cover in place for their business.

The biggest change when working as a contractor compared with say working as an employee is that you will become a lot more aware of the taxes you are paying. This because contractors have a lot more control over their finances and taxes with the added responsibility of making sure this is paid correctly and on time.

The P11D is a tax form that records benefits in kind that employees and directors of a company have received across the year. The information provided enables HMRC to figure out if you're required to pay tax on these benefits.

As a contractor running your own limited company, you need to be aware of the following deadlines:

• File end of year accounts to Companies House: 9 months after your company year ends. If it is your first year, the due date will be 21 months from the date your company was incorporated.
• File your confirmation statement: This is due on the anniversary of incorporation each year
• File your corporation tax return: This is due 12 months from your company year end.
• Pay your corporation tax bill: Payment is due 9 months and 1 day after the end of the company year
• PAYE RTI (Real Time Information) Returns: A submission of your company payroll has to be submitted in real time each month to HMRC. This is due on or before the intended salary payment. Any tax due from this can be payable on a quarterly or monthly basis as follows:
• the 22nd of the next tax month if you pay monthly
• the 22nd after the end of the quarter if you pay quarterly
• VAT returns: Usually submitted on a quarterly basis, the company VAT is due to be filed and paid within 1 month and 7 days from the quarter end.
• Self Assessment tax returns: Your Self Assessment Tax Return is always due to be filed by the following 31st January after the end of the tax year. This date is also the same deadline for payment of any tax due but you may also have a payment on account due by 31st July after this.
• P11D: The submission of the company P11D will need to made by 6th July with any payment of National Insurance arising due by 19th July (22nd if paid electronically)

A contractor working through their own limited company can pay themselves through a couple of ways such as paying a salary and paying dividends. There are a few factors that need to be considered when deciding the best way to go about this.

For example, when operating inside IR35, contractors will be restricted to paying themselves a salary however when operating outside IR35 the doors are opened to maximise tax efficiencies.

As a contractor, there are a vast number of different expenses that can be claimed for when working through a limited company.

These expenses must be deemed wholly, exclusively and necessary for business to carry out it's duties and some examples can include:

• Travel
• Food (subsistence)
• Accommodation
• Computer & office equipment
• Postage & Stationery
• Accountancy & professional fee's
• Insurance
• Telephone & internet

Software can go a long way in assisting businesses and accountants alike. Often an accountant will have a preferred software that they use which could be something bespoke they have developed themselves or something they love and trust off of the shelves.

Our accountants at Forma have tried and tested many different solutions with FreeAgent being the clear winner in the contractor accounting tool.

Like with all service offerings, you can find contractor accountants at pretty much every price point. Some accountants will charge by the hour, some by piece of work or like ourselves, will offer a fixed monthly fee covering everything you will need in one clear package.

The goals for accountant's is to help businesses with tax and compliance duties whilst providing strategic advice to save money and time, allowing the business to focus on it's core activities.

Everyone knows that accountants will complete tax returns and accounts but the very best accountants will go one step further in ensuring the very best for the business.

To set up a limited company, you need to take the following steps:

• Decide what kind of limited company you need
• Choose a business name
• Choose how to set up your limited company
• Complete the company formation process
• Open a business bank account
• Inform your stakeholders
• Get your VAT registration or transfer sorted out
• Set up your payroll

Let's compare the advantages and drawbacks of setting up a limited company VS working through an umbrella company.

Why set up a limited company?

• Limited liability
• Tax efficiencies
• Increased credibility

Why not set up a limited company?

• Increased legal and administrative requirements
• Less privacy; details of the company are publicly available

Why work through an umbrella company?

• Ease of use
• Flexibility
• Entitled to statutory benefits

Why not work through an umbrella company?

• Costly way to operate
• Lack of control

There is no clear cut time as to when you should start working through your own limited company. With other routes available-such as operating as a sole trader, or working through an umbrella company-it is always worth weighing up what is best for you and your circumstances.

With that being said, if you plan to work as an independent contractor for the foreseeable future, opening your own limited company at the early stages can maximise your opportunities for reaping the benefits of having your own company straight away.

The drawbacks to working through an umbrella company are:

• You'll have less control compared to running your own company.
• You may find it more tax efficient to operate through a limited company.
• There are a number of umbrella companies operating illegal arrangements, so you'll need to exercise caution before signing a contract.

The advantages to working through an umbrella company include:

• You'll deal with less administrative work. It's also quicker and easier to join an umbrella company, compared to setting up your own limited company.
• As an employee of the umbrella company, you're entitled to statutory benefits
• It can be a great option for short term contractors, as they won't have to go through the hassle of setting up a limited company and making the arrangements for it to be dissolved.

An umbrella company is an organisation that employs contractors working on fixed-term contracts. It acts as an intermediary between the contractor and their end client or recruitment agency.

The umbrella company provider will handle accountancy, administration, taxation matters and manage the payroll.

There are a few steps you'll need to consider with hiring contractors. These include:

• Sourcing for contractors
• Assessing contractor CVs
• Interviewing a contractor
• Payments
• Contract terms
• Terminating a contract

There are various ways to land a contractor job.

You may work through an umbrella company or recruitment agency, use a contractor job board or consulting platform, build up your social media profile (creating a top 1% LinkedIn profile can increase your chances of getting approached for contracting opportunities), generate leads through your own website and more.

Working as an independent contractor has become increasingly popular in today's job market - in large part because being a contract worker usually means having more flexibility and accessing a higher pay.

However, before you dive into the world of contracting, it's important to consider the differences between permanent and contract employees, and the potential downsides of this choice.

The main disadvantages of contracting include:

• Uncertainty: Due to the flexible nature of their working relationships, contract workers aren't guaranteed work after the end of assignment or project.
• Responsibility: Not only is it the responsibility of the contractor to find work, they are also responsible for their own finances.
• Employment rights: As a contractor, you generally wouldn't find yourself holding employment rights that permanent workers benefit from.

So, it's vital to understand these drawbacks, you you can make more informed decisions when considering contracting as a career path.

What's the Difference Between Permanent Employment and Contract Work?

Being a permanent employee and contracting are two distinct types of work arrangements. As such, there are several differences in terms of employment status, contractual obligations, and long-term commitment.

Permanent Workers

In permanent employment, individuals are hired by a company as full-time employees and enter into an employment contract. They typically work for a single employer on an ongoing basis, with a more stable and long-term commitment.

Permanent employees can receive benefits such as paid vacation, sick leave, health insurance, retirement plans, and other employment perks. They also have a consistent salary or wage, often receive training and career development opportunities, and are subject to the company's policies and regulations.

Contracting

Contracting (as a freelancer or a self-employed person) involves working on a project or assignment basis for a specific period.

Contract workers are not employees of the hiring company but rather work as independent entities or through an intermediary such as an umbrella company. They sign contracts or agreements for specific projects or timeframes, and their work is often result-oriented or based on deliverables. In some cases (though not all), a contractor can work on multiple contracts at the same time - thus potentially making more money.

Contractors are responsible for their own taxes, insurance, and other business expenses. They have more flexibility in choosing projects, setting their rates, and managing their working hours. However, contractors typically do not receive employee benefits, sick pay, or annual leave, and are not entitled to the same level of job security as permanent employees.

In many cases, self employed people who want to remain their own boss go on to starting a limited company.

Making The Choice

Permanent employment provides stability, benefits, and long-term commitment, while being a contract worker can offer flexibility, autonomy, and a project-based work structure.

Many contractors feel that autonomy and flexibility (two of the main contracting advantages) are more important than the downsides, as you get greater control as a self-employed person than being an employee. However, it's important to keep in mind that contracting also involved many potential disadvantages, including job insecurity, lack of benefits, and limited employment rights.

The choice between the two will ultimately depend on individual preferences, career goals, and the desired balance between stability and independence.

The advantages of contracting are:

• Flexibility: Contractors have a lot more control over their work life often deciding when they work, where they work and how they work
• Increased earnings: Contractors are often paid more due to their skillset and the flexible nature of their working relationships. Additionally, contractors who operate through their own limited company can benefit from tax efficiencies.
• Greater development: Often working with multiple clients throughout their career, contractors are exposed to a lot of opportunities to develop their skills and build on their experience in their area of expertise.

To become a contractor, you need to:

• Do your research: The first step you'll need to do is to conduct in-depth research, and think through various important factors-from finances and tax implications, to lifestyle and business opportunities-to ascertain if becoming a contractor is the right decision for you.
• Decide on how you'll operate: As a contractor, you may operate as a sole trader, through your own limited company, or work with an umbrella company or recruitment agency.
• Develop a business strategy: Strategic planning isn't set in stone-but working out a plan is still helpful, as it is a way for you to consider multiple perspectives, identify potential opportunities and pitfalls and conceptualise back up plans you could fall back on.
• Get your business finances and insurance sorted out: Setting up a business bank account, registering a company, determining the level of accounting support you need and investing in business insurance are important aspects you need to sort out before you begin contracting.

Contractors can be self-employed, a worker or an employee. Those who are employed through an umbrella company or an agency could be considered a worker or an employee.

If a contractor is a sole trader or runs a limited company, he or she will then be considered a self-employed person.

Contractors can be self-employed, a worker or an employee. Those who are employed through an umbrella company or an agency could be considered a worker or an employee.

If a contractor is a sole trader or runs a limited company, he or she will then be considered a self-employed person.

An independent contractor is an individual who is engaged in a work agreement with a company or entity as a non-employee.

Factors that identify an independent contractor are:

• They have a greater degree of control over their work
• They offer a special skill set
• They are able to get a replacement
• They aren't entitled to employment benefits

There are different types of contractor jobs available across diverse sectors. Contractors may be hired to perform services such as:

• Marketing
• IT maintenance and support
• Graphic design
• Recruitment
• Business development
• Catering
• Construction work

A contractor is a professional that provides skills and services to a specific client under set terms. The terms can be for a set number of hours, a certain time frame or duration of a project.

A contractor is responsible for their own dealings and has discretion over the work they carry out.

IR35 is a piece of legislation which allows HMRC to treat private contractors as if they were employees.

It was introduced to combat the problem of "disguised employment", where employees offer their services via limited companies to pay less tax and National Insurance.

As a contractor, there are various key aspects you need to understand about IR35. These are:

• What you need to do to structure your contracts and working arrangements such that they fall outside of IR5
• April 2020-2021 IR35 reform
• FAQs relating to the IR35 reform, and what you can do to prepare for the upcoming changes

We've elaborated on these points in detail in our IR35 guide.

The United Kingdom left the European Union on 31 January 2020. In 2020, the EU and the UK reached an agreement on their new partnership. It sets out the rules that apply between the EU and the UK as of 1 January 2021.

The rules cover aspects such as travel and border controls, trade in services, trade in goods, fair competition, social security, the transfer of personal data and more-a number of which may significantly impact contractors and independent consultants working in Europe and the UK.

In our article, we take a closer look at the key areas in which contractors and consultants will be affected:

When you work through an umbrella company, there are a few types of expenses you may be able to claim for:

Client billable expenses

These expenses are agreed upon prior to the engagement, and are paid for by the end client or agency.

Business costs

Business costs are expenses that are necessary for the performance of your work.

Examples include professional materials (such as textbooks and manuals), training, electronic equipment and parking fees. These will be reimbursed tax and NICs free by your umbrella company.

Non-client billable business expenses

These expenses won't be reimbursed by the end client or agency, but can be claimed as allowable expenses from HMRC-provided that the expenses are incurred "wholly, exclusively and necessarily" in the performance of your work.

Here are some examples of allowable expenses you can claim for:

• Mileage
• Professional subscriptions
• Protective clothing
• Stationery, postage, phone and internet
• Business entertainment

Whether you're newly self-employed or an experienced contractor, there'll be aspects that you need more information on when you're deciding if working through an umbrella company is right for you.

To help you along, we've compiled a list of FAQs that contractors often ask:

An umbrella company is an organisation that employs contractors working on fixed-term contracts. It acts as an intermediary between the contractor and their end client or recruitment agency.

The umbrella company provider will handle accountancy, administration and taxation matters. As such, when you work through an umbrella company, you won't need to take on the responsibilities that come with running a limited company.

They'll also manage the payroll. The umbrella company will collect the payment for the work you've completed from the end client or your recruitment agency. You'll then be paid through PAYE, and your taxes, National Insurance contributions and pension payments will be deducted at source.

As a self-employed person-whether you're running a full-time freelance gig, or hustling on the side-you'll need to think about the risks you face and whether business insurance could be a good idea.

In this article, our business insurance partner, Superscript, explains the covers you may want to consider getting.

Firstly, we'll start with the services that we provide which covers the critical things you'll need to start and operate your contracting business.

For those just getting started, we provide free company registration on Companies House. This is typically done within 24 hours of submitting your details to Forma. It can take under 5 minutes to provide all your details and we'll just need a proof of ID and proof of address for each of the company directors.

We cover all of your key company filing requirements like annual accounts, confirmation statements, corporation tax and ensuring you meet all filing deadlines.

We also help with your annual Self Assessment which is a requirement for all company directors.

Business insurance is designed to protect you from the risks associated with running a business.

As a business owner, whether you're a sole trader, or running a partnership or a limited company, the onus is on you to think about the risks you face as a business-and to get them covered.

While some risks and their accompanying covers are common to most businesses, others are more niche.

The protection you'll need will depend on the risks your business faces. In this article, our business insurance partner, Superscript explains the types of business insurance you may want to consider.

So, you're thinking of becoming a contractor.

There's probably one of three reasons driving this:

You've received a Job Offer

You've just received a job offer, and now need to decide on whether to set up a limited company, umbrella company or become a sole trader (or you may not have the choice in deciding).

You're in the right place.

This guide will walk you through the best company structure for you, accounting support, VAT, business services you need to consider and finding new opportunities.

You want to increase your pay

You'd like to increase your pay by switching from permanent roles to interim/ contractor roles.

Contracting can be very lucrative.

You'll need to be comfortable with a certain level of risk (short notice periods), increased monthly admin (as a Limited Company) and less benefits than being an employee (paid leave, sick days).

However, you'll earn more, get greater flexibility and hopefully grow a consulting business.

Project Flexibility

Getting multiple requests for your services? Amazing.

Setting yourself up as a contractor through a Limited Company means you can start expanding your client base rapidly and work on different projects a few days a week.

You can still set this up as a current PAYE employee of a company, and this can be a great stepping stone to launching your own business.

Let's talk about the right business structure for you.

When you get into contracting, it can get stressful when your project end date is just around the corner and you haven't secured your next role. No matter how many contract jobs you have successfully completed in the past, this will inevitably happen every time you approach the end of your project.

Of course, this amps up even more once you finish the contract and you have to start looking for your next gig.

As a specialist contractor accounting business founded by contractors, one of the key questions we get asked is about where to find contract jobs and roles (and how to ensure you are a successful candidate). So, we decided to compile a list of some of the best contractor job portals, platforms, recruiters and consultancies in the city of London and the whole of the United Kingdom.

If you have anything else to add then please let us know at info@goforma.com.

We pride ourselves on providing an unparalleled level of support that will make you feel valued, eliminate your admin and ensure you're being as tax efficient as possible.

VAT registration & filing

We'll registered your company for VAT, and ensure VAT is always filed well ahead of the deadline. We will ask you to confirm that you're happy for us to automatically file your VAT without having to approve it which will ensure that we can get this filed as soon as possible.

We'll also help you get setup with a Direct Debit for HMRC so that you can make your VATpayments automatically without having to manually do this every quarter. This saves you time and the stress of ensuring you've paid on time, and importantly will make sure you don't have to pay a penalty for a missed deadline.

Annual accounts

We aim to complete your annual accounts well ahead of schedule to ensure you have complete financial records.

Corporation tax

You should never have to guess how much corporation tax is due. We'll make sure you know how much is due and when it's due.

Confirmation statement

We'll make sure to keep your Companies House account up to date and ensure your confirmation statement is filed on time.

Self assessment

We include a Self Assessment with our operate and grow packages and this is also available as an additional £99+VAT one-off charge.

Tax efficiency

From your salary, dividends, pension, investments and company expenses, we'll help you optimise your tax.

Free consultations

One of the first things you could be doing is providing some free advice/ consultations to any previous clients.

It could be framed as a general catch up and used as a way to share your thoughts on what's going on in the industry and how you expect things to shape it. If they have any input that's useful on a project they're working then it's a great opportunity to re-engage with an old client and possibly find avenues of opportunity.

To eliminate the back and forth of scheduling a meeting/ free consultation we'd recommend Meeting Bird which is completely free.

Create a Profile on Talmix

Talmix provides a range of global opportunities for consultants and specialists that can range for a day or two up to 12 month projects. With a network of more than 40,000 specialists, there are a range of opportunities.

The sign-up process is pretty straight forward and you can browse through projects right away.

Move Me On Profile

Move Me On has an impressive array of clients they can boast about from Amex, Nike, Shell, L.E.K and Hello Fresh, they offer roles that typically require quite a few years experience. The minimum role they hire for is a senior analyst for £400/day.

Create an expert profile on Catalant

Catalant works with 30% of the top Fortune 100 companies. It's an interesting proposition that combines software with experts to ensure that strategy is executed.

Sign up to Toptal

Toptal's claim is that they only hire the top 3% of all freelancers.

They have an impressive array of clients such as Airbnb, Shopify and Bridgestone and hire into Finance, Project Management, Product Managers, Developers and also build their own consulting teams.

Upwork

You've probably heard of Upwork before. We've used it ourselves to hire a range of different talent and skill sets can vary quite considerably.

They have categories for Accounting & Consulting, Data Science & Analytics, Engineering & Architecture and IT & Networking to name a few.

Add your slide decks to online marketplaces

Feeling confident in your slide design?

There are a few online resources where people can download slide templates from and one of the best is Envato.

Create a SkillShare class

It seems like SkillShare advertises on every other YouTube video, but what you can be sure of is that they drive a huge volume of traffic to their website and have a variety of learning categories that people can explore.

If you have a skill or interest that you feel comfortable to share then become a teacher on SkillShare. To set expectations, it's unlikely that this will become a major income stream in the short term but it could turn into a good stream of side income.

Learn more about becoming a teacher.

Create an email newsletter

There are some really great newsletters out there and despite what some may say about email open rates. For example, Morning Brew made $13M last year through their newsletter alone. They made $3M the year before with only 10 staff.

With a free subscription to Mail Chimp, it's pretty simple to implement this strategy as a way to engage potential customers.

For reference some of our favourite newsletters (and ones that could provide some inspiration) are:

• Morning Brew offers hilarious breakdowns of big investments and finance news.
• TL;DR sends out daily tech news.
• CB Insights offers great commentary on M&A and industry verticals.

Create a Podcast

Podcasting revenue is likely to exceed $1bn in 2021.

Each week, more and more specialist shows emerge and creating a podcast can be a great way to rapidly build your network and connect with leading industry figures.

Make a list of all the customers you want to target & research

Now is a good time to take a step back and put together some really specialised insights on your potential customer target market.

Reach out to recruiters & work together

Given the current circumstances, the recruitment industry (in most sectors) is likely to be under serious strain.

Reach out to any recruiters you've worked with in the past. Sure, see if they have any roles but you could offer to help them put together a project scope, provide any introductions to people you know or find a way that you can support them with some free consulting or advice.

It's unlikely that you'll generate any business in the short term, but supporting recruiters during this time will ensure that you're one of the key people they think about for future roles.

Reach out to Chambers of Commerce/ LEPs to offer support

Contact your local Chamber of Commerce or Local Enterprise Partnership to understand what kind of support local businesses may be looking for.

This could be an opportunity for you to help support a struggling business within your community.

Add your business to Google My Business

Adding your consulting company to Google My Business is a great way to get your services seen in local searches.

Registration is simple. Add your business details and where you operate your business from and you'll receive a postcard in a few working days with a code to confirm your account.

If you don't have an office address that you can register from, you may use our address for only £12.50 a month (for a limited time) by signing up for our virtual office package.

Keyword research to understand your industry

You could use keyword research to understand search volumes and general interest in services in your industry/ consulting skills set.

The two best tools for this are:

• Google Trends - see how interests have changed over the last few months
• Uber Suggest - find keyword volumes

Reach out to more junior colleagues you've worked with

If you've worked in projects with more junior colleagues who were also working as contractors then reach out to them.

For one, it's good to support more junior people during this time. Additionally, they may be working on other projects or know people in their network they could refer you to.

Join Industry Associations

There are a broad range of industry associations that are likely to cater to your industry. There may be free online events, discounted memberships available or ways for you to try and test a membership before joining.

British Services offers a comprehensive list to browse by location and activity.