Financial Services

planIT Services contractors are offered tailored financial services solutions by Forum Wealth Managment a firm of Independent Financial Advisers.

Forum specialises in creating unique financial packages for the contractor that allow you to react to changes in your circumstances. They are not tied to any financial institution and can therefore search the whole market to find the best product for you.

Forum can help you with any of the following:

Insurances - For those contractors operating through their own limited company it is necessary to have the appropriate insurance protection, including Employers and Public Liability, Professional Indemnity, Occupational Personal Accident and Directors & Officers liability insurance. A number of these insurances are likely to be a contractual requirement. Forum offers immediate, competitive quotes for all types of cover.

Income Replacement - This pays a regular monthly amount to you during a period of illness and allows you to maintain your normal standard of living. Some policies will even pay out all the way through to retirement if you suffer from a more serious accident or illness. If you pay the premiums personally the benefits are tax free.

Life Cover - If you had life cover in your previous salaried job, you would probably have been covered for 4 times your salary. However as soon as you become a contractor this benefit will disappear and you will need to take out individual cover to ensure financial security for your family. Forum can pick the best policy for you based on your age and financial requirements. If you already have a policy, they can check to ensure that it is still the most competitive. If you have taken out a policy in the last five years, they often are able to reduce your costs especially if taken out through a bank or building society.

Mortgages - Most contractors will have problems trying to arrange a mortgage on the high street. Too often you're rejected when the underwriter realises you are not in standard employment or asks you to show accounts which you may not have or reflect your true earnings. Forum are eager to prove that they can easily secure the same 'High Street' mortgages as a regular employee - it is simply a case of making use of the expertise and contacts that they have built up. Forum specialise in the contractor market and as such they fully understand how and where to properly submit mortgage applications to ensure success (frequently they are approached by distraught clients whose homes are in jeopardy as a result of being declined a mortgage elsewhere because a less specialist broker has approached the wrong lender or poorly packaged the application).

Pensions - Whilst in your previous job, you may have already made arrangements for a private pension or, alternatively, you may have kept putting if off and meant to do it at some future point. Under IR35 pensions are one of the most beneficial tax breaks open to contractors. Through most of planIT Services's solutions you can invest money directly from the company bank account into your pension. This allows you to avoid paying the income tax you would have paid if the money went into your net salary. In addition you will reduce NI contributions. Potentially for every £100 that is invested in your pension, you pay £46.20 and the taxman contributes up to £53.80. Any growth on your pension fund is tax free.

Critical Illness Cover - Whilst a day or two off ill will have a small effect on your income, a long period of critical illness (heart attack, cancer, stroke) could have disastrous financial consequences for you and your family.

Unlike traditional life insurance, which only pays out in the case of death, critical illness cover (CIC) will pay out on the diagnosis of a range of serious illnesses. This is typically a lump sum, which could then be used for a period of convalescence or to make changes to your house. The cover is arranged by a small monthly premium and is often taken out at the same time as permanent health insurance (PHI).

ISA's - Up to £7200 per tax year can be invested in an Individual Saving Account (ISA), but as allowances cannot be carried forward, it is important to fully use your allowance every year. There are several different types of ISA's that you can invest in. Forum's advisers can advise on the right type for you.

For an introduction to Forum, contact us today.

 

Forum Wealth Management Limited is regulated by the FSA and independant from planIT Services Limited.