ContractorUK works with a number of trusted partners to provide contractors with the services and products they require to run their business. Our partners provide contractors with accounting software, business banking, business insurance, healthcare insurance, insolvency services, contractor mortgages and more. Find out more about how our partners are helping contractors and their available offers here.
Accounting Software for Contractors
FreeAgent is an award-winning accounting software company that caters to small businesses and contractors to digitally help with the financial aspects of their business. Being an accessible and easy to use company is ideal for contractors as you’re able to locate and organise all of your forms in one place through the dashboard.
Time efficiency gives contractors more time to work rather than putting in extra time to complete all HR-related activities – FreeAgent has automatic recurring invoicing which saves time and money. FreeAgent also gives a real-time overview of contractors’ budgets and ongoing projects. Having all your data in one place is great for contractors to use accounting software and highlights a great way to store all of your contacts too.
With contractors working varied hours, accounting software like FreeAgent highlights a unique approach to taking your work with you. With a commutable dashboard, contractors can take their work anywhere with them and have their invoices set up in a matter of minutes. FreeAgent as an accounting software allows contractors to prioritise their KPIs and set goals on the go with this dashboard, leaving contractors the ability to share their goals with clients.
Business Banking for Contractors
Starling Bank is an award-winning, fully-licensed, digital bank that has opened over 3M customer accounts. They have been voted the best Bank for 4 years in a row at the British Bank Awards, and were also the winner of the Best Banking Provider at the Contracting Awards 2022.
Having an account with Starling Bank means a no monthly fee or UK payment charge to your account. Starling Bank provides you the option of choosing a personal or business account, with even sole trader and Business euro accounts as potential options. Their targeted approach to sole traders and contractors in the business sector allows contractors to be a priority in their banking. Starling also provides a bookkeeping add-on called Toolkit, for £7 per month, so you can send and receive invoices, plan for tax and keep on top of expenses.
Starling Bank is keen on promoting sustainability, and for every person you refer and they open an account, a tree will be planted to say thank you. With everything done through the app, Starling Bank connects to your chosen accounting software, such as Xero, Quickbooks and FreeAgent.
Healthcare Insurance for contractors
As a contractor, you want to enjoy all the benefits that come from leaving permanent employment. However, with this freedom comes a risk that your income could be disrupted by a routine operation or unforeseen illness. Every day that you are not able to work is a day’s income lost.
In the UK, we benefit from one of the best healthcare systems in the world. But sometimes you need more, like avoiding long waiting lists for surgery or getting access to cancer treatments not readily available on the NHS. You want the freedom to choose what’s best for you. Some health insurers limit where, when and who can treat you. WPA believe that’s wrong. It’s your health, so you should be in control.
Having a tailored health insurance policy in place, from a specialist health insurer, gives you the peace of mind that, should you fall ill, you can avoid NHS waiting lists, reduce your time away from work and have treatment at a time that is convenient for you. With access to an extensive choice of hospitals and specialists throughout the UK, you can get back to doing what you do best – running your business.
Insolvency Solutions for Contractors
Beacon Lip Limited provides tailored solutions to contractors, company directors, and business owners who are experiencing financial problems such as liquidation, as well as other rescue or turnaround options. Here to relieve you of financial stress or uncertainty, Beacon offers professional advice to contractors. They offer a free initial consultation to help weigh out your options, as well as business rescue support and transparent fees.
Beacon provides insolvency services for contractors such as Company Voluntary Arrangements (CVA), Administrations (AO), Liquidation, Creditors voluntary liquidation (CVL), Compulsory liquidation (CWU), Dissolution/striking off and Members voluntary liquidation (MVL).
For contractors looking to retire, or restructure their business, Beacon is here to help. During the MVL process Beacon sends all of your documents via email and promises fantastic service, as well as offering The Declaration of Solvency which is sworn under oath and is then returned via email or post. This confirms that your business is not insolvent before MVL. Contractors can then go ahead with MVL if their business has the funds to do this. Beacon has a user friendly set-up ready to help contractors with their MVL needs, including accepting scanned documents to help the process move faster and cleaner.
Mortgages for Contractors
Freelancer Financials have been helping contractors secure mortgages since 2005. Their expertise doesn't stop at knowing which lenders will and won't accept your application. They've been instrumental in helping banks and building societies develop tailored contractor mortgage lending criteria too. They understand contract income, contractor affordability and the contractor lifestyle, and more importantly their advisors have a direct line to underwriters willing to accept a short-term contract as proof of income.
With access to all contractor-friendly mortgage lender and the ability to interpret contract income to lenders, you can borrow up to 5 times your annualised contract rate (subject to status) and can often use just your current contract, an up to date CV, 3 months' bank statements and proof of ID to secure your contractor mortgage when you use Freelancer Financials.
They have detailed knowledge of the contractor market and know how to get you the best rate available for your circumstances. Freelancer Financials provide a personal service and really get to know you, because they believe that your situation, career status and ambitions should play a part in your mortgage choice. A free, confidential chat with one of our experienced team will point you in the right direction.
Professional Indemnity Insurance for Contractors
For more than a decade Hiscox has offered specialist professional indemnity insurance to IT contractors. Their understanding of the industry enables them to provide broader protection than many standard professional indemnity policies. Hiscox also provides public liability insurance, employers’ liability insurance and cyber and data insurance plus more business insurance products which contractors may need.
Winners of the Feefo Platinum Service award, and rated 4.7/5 by customers, professional indemnity insurance from Hiscox means peace of mind for you and your clients if things don't go exactly to plan. Whatever business you’re in, you work hard to provide the best service you can and that’s what your clients expect. You may need professional indemnity insurance if you have access to client’s confidential information, or if you provide expertise, skills or advice to clients and could be challenged on your work.
Hiscox is dedicated to understanding the specific challenges IT contractors face so that they can tailor their professional indemnity policies to respond to the risks most relevant to your industry sector. They are committed to protecting your contracting business and their variety of cover options allow contractors to be prepared for any occasion. ContractorUK readers also benefit from a 15% discount on all Hiscox Business Insurance Products.