Solvency II Actuarial Contractors

The introduction of the Solvency II Directive in 2012 means that there has never been a more exciting time to consider becoming an Actuarial Contractor. This is the most comprehensive regulatory regime in the history of the insurance industry, and Actuaries will play a vital role in helping the industry to respond to these fresh challenges.

Solvency II is intended to create a supervisory framework that protects insurance policyholders and ensures general financial stability. It adopts a risk-based approach and is built on three pillars:

  • Pillar 1 - sets out valuation standards for liabilities and assets and identifies a capital requirement that needs to be met.
  • Pillar 2 - deals with the qualitative aspects of internal controls, risk management processes and the approach to supervisory review.
  • Pillar 3 - ensures there is appropriate disclosure to increase market transparency.

It seems that insurance companies are already reacting to the upcoming legislation changes, by starting to bring contractors on board. At SJD we’re already seeing a huge increase in Actuary Contractors on our books, and one of our industry experts estimates that each insurance company will require 15 to 20 contractors. 

Essentially this means if you’re thinking of taking the plunge and setting up as a an Actuarial Contractor, there has never been a better time than now.

The thought of leaving full time employment and setting up on your own as a contractor can appear daunting at first, but it needn’t be, especially in an industry where there is such an opportunity presenting itself. 

The first decision you need to make is whether to set up your own limited company, or whether to operate through an umbrella company. There are pros and cons to each (click the link for our guide on limited or umbrella)- but if you’re looking for the greatest amount of take-home pay, then any accountant will tell you that contracting through your own limited company is the most tax efficient option. 

Yes we would agree it does require a little more administration on your part, but the 10,000 contractor clients which we already support - all of whom trade through their own limited companies - are a testament to the fact that the extra 15 or 20 minutes a month of administration that’s needed is well worth the effort.

For the latest vacancies and contracts we recommend trying:
www.eamesconsulting.com or email Alistair Allan.
www.darwinrhodes.com or email Jamie Walker  

Here is a selection of pages which will help to guide you through the minefield of contracting.

Take home pay calculator - How much could you be taking home
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
Pay less tax - the definitive guide to paying less tax as a contractor
Take home pay case studies - Examples of contractors using a ltd co. & umbrella co.
Expenses Guide - Know exactly what you can claim
Umbrella company guide - Everything you ever wanted to know about umbrella company services
Online accountants - Beware of online only accountants
IR35 Guide - A great plain English guide to IR35

You may also find our contractor careers section helpful, especially if you have been out of the job-hunting market for some time. There are some great hints and tips on CV writing and interview techniques, as well as ways to get an edge over your competitors!

If you have any question about contracting or would like any further advice please either contact your SJD Accountant or call our new client services helpdesk on 0500 152500 / 01442 275789 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 11,000 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.

SJD have also won every relevant industry award possible, including:

  • Best Contractor Accountants - Contractor UK 2011 - 2007
  • Accountant of the Year - The British Accountancy Awards 2011
  • Best Professional Team of the Year - UK Customer Experience Award 2011
  • Customer Commitment Award - Institute of Customer Service 2011
  • National Chamber of Commerce Award 2010
  • Medium firm of the Year - Finalist Accountancy Age 2010
  • Excellence in Customer Service - Finalists National Customer Service Awards 2009
  • Sunday Times Best Small Companies - Award 2009 - 2007
  • Small firm of the Year - Accountancy Age 2007 & 2004 and finalists in 2010 and all years since 2003
  • Deemed PCG accredited accountants and fully MSC compliant

We offer all clients:

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 back 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 £110 plus VAT, which is one of the lowest prices in the market. And most importantly, in a recent survey 98% of our clients rated SJD as 'better than other accountants' - we are working hard to convince the other 2%!

If you have any question about contracting or would like any further advice please contact our new client services helpdesk on 0500 152500 / 01442 275789 or e-mail rachel@sjdaccountancy.com.

Appoint SJD Accountancy and never worry about your tax or accountancy affairs again!

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