Contracting in Banking and Financial Services

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You could be working at UBS, HSBC, Deutsche Bank, RBS, BNP Paribas, AXA, Barclays, Aviva, Clifford Chance or one of a hundred different banks, insurers, law firms or financial organisations. But one thing is for sure, there have been lots of changes in the industry recently and the terms 'permanent job' or 'job for life' are fast becoming a thing of the past!

It's no wonder that the fastest growing sector at the moment is the contractor market. Many if not all financial companies have laid-off hundreds or even thousands of workers and are now finding there just aren't enough people around to get the existing projects completed, never mind to start new ones. Which means that the opportunity for contractors and freelancers in the Banking and Financial Services sector is now more appealing than ever before.

The fact that contractors, consultants and freelancers can command much higher daily rates of pay is also an influencing factor - but this is only to be expected, bearing in mind the lack of holiday and sick pay, and the other additional benefits which are lost when moving from employment to contract work.

More and more people are choosing to operate through their own limited companies, partly due to changes in corporate working practices but also because of the freedom, control and enjoyment that comes from being your own boss. So if you are thinking about going contracting, or if you are already a contractor and using an umbrella company, why not give us a call? We'll explain everything you need to know about working through your own limited company - which by the way, as any accountant will tell you, is the most tax efficient way possible!

For further advice please call our New business team on 01442 275789 or email

One key question which we're sure is on your mind is 'How much will I take home after tax as a contractor?'. If it is, please try our instant online take home pay calculator.

If you do choose to set up a limited company, which is exactly what our other 15,000 contractor and freelancer clients have done, you may like to chose SJD to help form your company. Last year alone, more than 3,000 contractors formed their limited company on our website.

If you wish to appoint us as your accountants immediately, the quickest and easiest way to do so is by accessing our Client Agreement Form   

If you are undecided about whether to go limited or use an umbrella company  please click here: Take home pay through a limited or umbrella company – The differences.