Three important matters you’ll need to deal with as a contractor

24th August 2017

Article written by:

Chris from iContract

Starting in a full-time permanent role – although laced with the initial challenges of convincing an employer you are suitable for a position – can be a fairly seamless process in that most of the administrative detail needed to help you get set-up is carried out on your behalf. For things like payroll and national insurance, you’ll just be required to provide a few details and sign a few papers and that aspect of your work life is taken care of by another department in your organisation. For many this is a big plus point of working full-time.

Looking at contracting as a form of employment, it is quite the opposite when contrasting it to full-time employment, in that as well as your own work, you’ll be personally responsible for taking on a number of admin duties and won’t be able to rely on your employer to carry this work out for you. Many of course see this as just a small price to pay for the freedom and flexibility contracting offers, along with the financial benefits that can come with it. So as a contractor, what are some of the most important things you’ll have to be responsible for managing.

A Mortgage

Buying a property as we all know can be a challenging ordeal filled with stress. Acquiring a mortgage is a big part in the whole property purchase journey and is another process that isn’t as straightforward as many would like it to be. With your economic viability for a mortgage assessed through your earnings, working on a freelance basis makes an assessment of your finances that more difficult. Despite the complexity of mortgages, a mortgage for any contractor is possible and can be achieved through the right mortgage provider who understands your unique situation.


Working in a full-time role, there are probably a number of things you’ll take for granted. What if I get ill or even injured at work? What if my work laptop breaks? These are things that will be covered by your work through their own insurance policy. Working as a contractor, you are self-sufficient and things like work equipment cover or sick pay insurance are things you’ll need to make sure you’ve organised in the event of any type of emergency. The last thing you’ll want to do is lay out on expensive repair fees for your personal equipment or lose a week’s earnings because you were unable to carry out your work as a contractor because of sickness.


The end of tax year periods may have passed you by in the past when working as a full-time employee. This is largely because your employer’s accounts department would have dealt with important financial matters such as Tax and National Insurance Contributions. As a contractor, you are no longer a PAYE Employee and therefore are responsible for correctly accounting for your earnings on a yearly basis. Accountancy is by far one of the most important matters contractors have to contend with.

If you’re a contractor, or just starting out as a contractor, and are in need of assistance and support with any of these matters, be sure to access iContract’s community of service providers. With expert advice on Mortgages, Insurance, Accountancy and other important matters, our first rate providers are there to help you with any enquiry you may have.If you’d like to make an enquiry, get in touch here.