4 Contractor Finance Jobs You Shouldn’t Put Off in 2021

5th January 2021 / in Contractor Mortgages & Protection Blog / by Gordon Hunter, MD

With 2021 well and truly here and hopefully a much better year than 2020. Getting in shape, physically and mentally, is one of the top new year’s resolutions. But you should also look at getting in financial shape as well.

Here are our top 4 contractor finance jobs you shouldn’t put off in 2021.

  1. Self-Assessment Tax Return

The self-assessment tax deadline is looming. You only have until the 31st January to fill in the online self-assessment tax return. Contractors should get in touch with their specialist accountants if they are struggling to fill out the tax return form.

Please note Super Contractors does not offer advice on taxation matters. You should contact your accountant or other suitably qualified person to confirm whether this product is appropriate for your circumstances.

  1. Remortgaging

With the Bank of England base rate currently at 0.1% [1] – now could be a good time to lock in a new mortgage rate.

Mortgage rates are currently low, but it does look like they could be increasing. In fact figures published by the latest Moneyfacts UK Mortgage Trends Treasury Report show that some mortgage rates have increased for the third consecutive month [2].

Homeowners looking to remortgage should speak to a mortgage broker who will be able to provide information and advice on the best options available for individual circumstances

By reviewing your mortgage, you could secure your mortgage onto a new competitive fixed rate while they still exist (2, 5 or even some 10-year fixed rates are available).

Super Contractors can search for contractor remortgage deals on your behalf with major high street lenders who will consider (subject to terms) a Day Rate contractor.

Speak to one of our expert contractor mortgage advisers about reviewing your mortgage.

[1] Bank of England, bankofengland.co.uk, January 2021
[2] Money Facts, Mortgage rates rise for third consecutive month, October 2020

  1. Life Insurance

A new year gives you the time to look back at changes in your life. You may have got married, had a “lockdown” baby, moved home or even be earning a higher day rate than you were previously. With changes in your life, you should update your life insurance to reflect these changes.

Updating your policies to include things like critical illness cover, which could pay out if the worst were to happen and you are diagnosed with cancer, have a stroke or even have a heart attack.

Other policies include income protection, which comes to the rescue in the event that you are forced to hang up your cape due to injury or illness. It matches your monthly outgoings until you return to paid work or retire.

As a contractor you need to ensure you have protection in place as unlike regular employees you’re not covered by regular workplace insurance policies.

Speak to our expert contractor protection specialists about updating your life insurance.

  1. Your Will power

If the worst was to happen, you’d want to have your estate and financial planning sorted out.

Without having a will in place, there could be a potential disaster in terms of distress caused to families, unnecessary legal fees and money lost to the taxman. Without the proper legal documentation your dependents future could be decided by the local authority.

As part of our protection service, we’ll cover the cost of setting up or revising your Will (usually £130).

You wouldn’t want to leave it too late.

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Get yourself in good financial shape this year, speak to our expert mortgage and protection advisers at Super Contractors.

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Your home may be repossessed if you do not keep up repayments on your mortgage.

This firm charges a fee of up to £595 for mortgage advice. The amount of the fee will depend upon your circumstances and will be discussed and agreed with you at the earliest opportunity.

Lifetime Finance Group Limited trading as Super Contractors is an appointed representative of PRIMIS Mortgage Network, a trading name of First Complete Limited, which is authorised and regulated by the Financial Conduct Authority for mortgages, protection insurance and general insurance products.

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