The following are examples of three typical situations reflecting the accountancy requirements of some Churchill Knight contractors.
1st time IT Contractor
Greg engaged Churchill Knight & Associates Ltd as his accountants in 2005. He is an IT Contractor and needed an accountant that would guide him through the accounting process of moving from permanent employment to being a contractor. Prior to speaking with Churchill Knight, Greg had been working as a permanent employee and decided to start contracting as he wanted to earn more money and be in control of his working arrangements. Greg had concerns due to his lack of tax and accounting knowledge so when a colleague advised Greg to contact Churchill Knight, that's exactly what he did.
Upon contacting a consultant, Greg had all his questions answered and was put at ease immediately. He was provided with clear, relevant recommendations as to which way of working would best suit his needs and ultimately decided to set up a Limited Company. Churchill Knight set up his Company, bank account and Pay As You Earn registration for him as part of their service. Greg has had a Limited Company for nearly 3 years now and this has enabled him to take home as much money as legally possible and enjoy his financial independence.
Project Manager - Umbrella Company Contractor
Ravi is a project manager and initially joined an Umbrella Company but quickly engaged Churchill Knight to help him increase his take home pay. When Ravi first started contracting his agent gave him details of an Umbrella Company and as his first contract was due to start very soon, he hastily decided to join them. He thought everything was going well until he spoke to a colleague who had her own Limited Company. She made him aware that he could take home more money if he had his own Limited Company. She recommended that he contact a Churchill Knight consultant to see if they could help him. He did - and Ravi has been a Churchill Knight client since 2009 and has seen an increase in his pay of around £250 per week. The consultant understood Ravi's needs and gave him the most appropriate recommendation. It became apparent to Ravi that an Umbrella Company had not been the best option for him.
Engineer - Limited Company contractor
Benjamin is an experienced engineer who came to use the services of Churchill Knight after enduring years of time-consuming administration while working self-employed. When Benjamin started a family he found it impossible to keep on top of everything so he decided to use an Umbrella Company in a bid to free up his time.
After doing some research into his take home pay, Benjamin realised how financially detrimental using the Umbrella Company solution would be for him. He was looking at losing money due to Higher Rate Tax and National Insurance Contributions. Whilst searching on the internet for a specialist in contractor accounting, Benjamin came across Churchill Knight so he called and spoke to one of their specialist consultants. He explained his problem, including the issues he had faced previously and the consultant recommended a solution based on his requirements. After considering the advice, Benjamin decided to set up his own Limited Company with Churchill Knight and they took away the hassle of administration, finally freeing up his time and letting him focus on his family and his work.
Benjamin is now pleased that he hired Churchill Knight as his accountants and is happy to report an increase in take home pay. He would not hesitate to recommend Churchill Knight's services to any other freelance contractor.