Financial Planning 

Finding a mortgage, pension or protection product tailored to your freelancer or contractor status can be daunting so we have teamed up with several industry specialists to assist you. 

Mortgages 
 
Don’t waste time, effort and money approaching high street lenders for a mortgage only to be declined because of your Contractor status. We can put you in touch with contractor specialists who can help you secure the finance you need without any of the hassle that Freelancers normally face: 
Special income underwriting with the mortgage lenders that enables you to borrow based on an annualised multiple of your contract rate alone. 
You avoid the hassle of explaining your employment status and can secure a far greater loan than pay slips alone would warrant. 
Mortgages can be agreed within minutes of speaking to an adviser 
Unique relationships with the lenders help your competitive mortgage to be processed quickly and without fear of rejection. 
Even if you have only been contracting for a few days and are applying with as little as a 10% deposit. 
Pensions 
 
Start saving for retirement and benefit from tax relief on contributions with a flexible pension to suit your needs. You can fund a pension personally or via your ltd company. Again, we can put you in touch with the experts to put this in place. 
A pension funded via your ltd company can reduce a hefty corporation tax bill to nothing. 
Pensions offer a tax efficient method of transferring company funds into personal hands. 
The advisers will help you choose a flexible pension to suit your working status. 
You can take payment holidays when you are out of contract and overpay when you want to. 
Your adviser will help you choose your funds based on your attitude to risk and investment goals so you pension is tailored to your needs. 
You benefit from an annual review of your pension investment to help you reach your retirement goals. 
Income Protection 
 
Moving into the freelancer and contract world can be daunting not least due to the loss of the security of permanent position. Income protection provides insurance should you become unable to work through illness or injury and is worth consideration. 
Maintain your income in the event that you are unable to work through illness or injury. Our partners offer income protection plans that are tailored to your needs as a Freelancer. 
Income protection cover will pay a tax free monthly income, either immediately on the very first day of illness or injury or after a pre-arranged period (e.g. 1 month). 
Unlike many other policies which will pay for a matter of months, benefits will continue to be paid until you recover or reach your chosen retirement age. 
Critical Illness Cover 
 
Critical Illness Cover works alongside an Income Protection policy to pay out a tax-free lump sum in the event that you are diagnosed with a long-term illness or condition. 
Our partners specialise in finding the right insurance to suit your individual needs as a Contractor and aim to provide this essential cover for you at an affordable price. 
You can pay for life insurance through your ltd company and save tax on your premiums by opting for the specialist ‘Relevant Life Cover’ offered by contractor specialist financial advisors. This has replaced out of date ‘Keyman’ policies to offer a comprehensive, tax efficient life cover for Directors. 
Life cover will normally pay out a lump sum but if you are worried about how your loved ones will cope with the challenge of investing these funds and budgeting then a family income benefit will pay them a manageable monthly income instead. 
Private Medical Cover 
 
One of the key benefits you may miss when moving from a permanent position to the freelancing world is Private Medical Cover. Although this would be a taxable benefit should you purchase through your limited company, it is still a very worthwhile consideration. 
With private medical insurance you benefit from quality treatment when and where you need it so you can get back to work as quickly as possible. 
Our partners have negotiated special terms for Effective Accounting clients and their families with WPA, a recognised health insurer that has won numerous awards in their field. 
With this experienced provider you can gain immediate cover as soon as you join and benefit from at least 10% discount on premiums for the life of the policy via our dedicated contact at the insurer. 
For more information or to book an appointment to discuss your accounting needs simply call us on 01908 563250 or click here to contact us.  
Effective Accounting  
Making the numbers work for you