Getting paid
If you are considering becoming an engineering contractor then this page will talk you through the two options available to you.
You can also follow the links below to the other pages in our engineering section which will give you information on how to become a contractor, how to operate through a limited company and how to secure an engineering contract
Why Become an Engineering Contractor
Becoming an Engineering Contractor?
Working as an Engineering Contractor through your own Limited Company
Finding an Engineering Contract
Following the April 2007 Budget announcements there are only two real options for engineering contractors:
1. Operate through your own limited company. It is very important to stress that these must be genuine, one person Limited Companies and not a 'scheme' dreamed up by what are nothing more than marketing organisations.
2. Work through a PAYE umbrella company and pay full income tax and full national insurance contributions on your entire earnings. For details of SJD's umbrella company visit www.contractorumbrella.com.
A large percentage of ‘employment services’ companies offering to set up Personal Service Companies or put you in a special 'scheme' are wide open to attack by the Revenue under the new guidelines, and it is unlikely that the major agencies would deal with them. Remember, if they don't have Accountancy in their name they probably aren't Accountants.
Special update: SJD become the first and currently the only firm of accountants to have been reviewed and found to be fully compliant with all Managed Service Company (MSC) legislation by KPMG.
If you are thinking of freelancing through your own limited company, please read our new straightforward guide on How to Contract through your own Limited Company. You'll be surprised how little time it takes and just how easy it is.
Alternatively, if you are undecided about whether to go limited or whether to consider using an umbrella company click here - Take home pay through a limited or umbrella company – The differences.
If you have any question about contracting or would like any further advice please call our New Client Services helpdesk on 0500 152 500 or e-mail michelle.turbutt@sjdaccountancy.com.
SJD Accountancy
SJD Accountancy are the UK's largest specialist provider of fixed fee, limited company accountancy services to contractors; we've been acting for contractors across the UK since 1992 and have more than 10,000 clients.
We are the only National specialist firm of accountants with offices in all major UK cities so you’ll never be far from your accountant. SJD also have more qualified staff than any other firm in our market with qualifications from the following major tax and accountancy bodies - ATII, ATT, ACCA, CA, ACA, FCCA, ACMA. You’ll also be pleased to know that we are one of the lowest priced as well.
Free face-to-face meetings. This is another unique service, only SJD offers free face to face meetings - tax is complicated and sometimes only a meeting will do.
Unlimited access to your own dedicated accountant. No call centres, no outsourcing, no automated call handling. Simply telephone, e-mail or meet your own dedicated accountant face to face.
Money backed service guarantee. All your telephone calls and e-mails will be answered the same day or we will refund your monthly fee's.
Outstanding reputation. We have won more awards for customer service and accountancy excellence than any other firm in our market.
All inclusive low cost monthly package which includes completion of accounts, payroll bureau, dividends and corporation tax computations, personal taxation, free bookkeeping software, unlimited access to your accountant and all company returns. All this for a fixed monthly fee of £95 plus VAT, which is one of the lowest prices in the market.
Appoint SJD Accountancy and never worry about your tax or accountancy affairs again!
You may also find the following pages, guides and case studies useful:
Take home pay calculator - How much could you be taking home
Contractor FAQ - All your frequently asked questions and their answers
First time Contracting or Freelancing? - A summary of the alternatives along with pros and cons
Step-by-step Guide to Contracting - Download a FREE copy of our guide
Limited or Umbrella? Can't decide? - We help you decide which is best for you
Take home pay case studies - Examples of contractors using limited and umbrella companies
Expenses Guide - Know exactly what you can claim
Umbrella company guide - Everything you ever wanted to know about umbrella company services
IR35 Guide - A great plain English guide to IR35
