Your managed contract

Professional administration

Snowdon Consultants specialises in contract management and administration to the highest standards. Once you have a contract to go to, you will invariably need a limited company in the chain between the end-client and yourself. That is our role as a contract management company, providing not just the specifics of the contract, but also providing your requirements whilst working.

Highest of standards employed

ISO9000 style comfort zone:

  • Contracting freelancers use this Management Company
  • Agents specify that you must have your own limited company
  • Snowdon Consultants Ltd will be that company
  • You save the cost & hassle of the limited company
  • Umbrella service for foreign contracts, invoicing etc done
  • The contract is between us and your agent
  • We trust you to do your job properly as our name is on the contract
  • You trust our reputation for prompt full payment, less our fee
  • You just email us your hours worked, we invoice and await payment
  • We just need to know the authorised hours worked in the month
  • Our invoices are in a standardised legal format
  • Invoicing is done same day, if not automatically system generated
  • All communications are by email, including confirmations of process
  • On receipt of funds, we make payment as directed by you
  • We first deduct our admin fee as agreed with you
  • Transfers are sent with beneficiary to pay
  • Split payments no problem, just the extra bank charge[s] to you
  • Fees are usually based on Euro at the time of billing
  • This is for a single billing event, i.e. once per month usually
  • A billing event has the following processes involved
    • Receive the hours from you, usually by email
    • Prepare and submit an invoice by email
    • Receive payment [on-line banking for prompt checking]
    • Update the personal summary to calculate your pay
    • On-line bank transfer[s] to your bank account[s]
  • Fortnightly, weekly and 4-weekly billing cycles also possible
  • 2-weekly billing fee would be the monthly billing fee + 50%
  • Weekly billing fee would be the 2-weekly billing fee + 50%
  • 4-weekly billing as for monthly fee, but 13 periods annually
  • Tax advice is not included within the billing fees
  • Queries are charged on a time basis

Snowdon Consultants Ltd not exposed

Snowdon Consultants Ltd is firstly an administration service for international freelance Consultants. We deal with agents and end-clients but we do not have the timing difference between invoice payments. In short, we always receive money that is due before paying out, therefore we are never in a negative cashflow and we never have to manage bank overdrafts. Accordingly there is no possibility of bankruptcy due to financial mis-management. Snowdon Consultants Ltd has been in operation since October 1995.

Corporate liabilities

Contracting as a freelance consultant is very different to being an employee. Self-employed people do not get statutory sick pay, paid holidays or redundancy. For those reasons, the contract rate is much higher than a salary for the same job however, you need to think in terms of covering the sick days, holidays and redundancy from your earned income yourself. Not all the invoiced income is for immediate disposal, you need to implement measures to save a proportion of your income as "plan B' defense against unseen eventualities. Having a financial contingency plan is a must if you are to ensure your continuing ability to function as a freelance consultant and shield yourself and your family from hardship in the event of problems with obtaining payment of your invoice for whatever reason.

What is an international umbrella

In order to be a freelance consultant, and to shield both the agent and end-client from either being seen as your employer, you need to either have your own limited company or be represented by one. More and more countries are inserting personal services legislation into their domestic laws, like IR35 in the UK. Company law recognises the limited company as a "person", a separate legal entity just like an individual, thus a company exists in its own right and can hold contracts, employ staff, open a bank account, and pay tax. However, having a UK limited company and working in UK or anywhere in the EU is fraught with tax implications, like IR35 and cross-border VAT etc. The alternative for freelance consultants is to use an umbrella service instead of incorporating your own limited company. You pay a fee for the administration of your contract, invoicing etc so you only have timesheets to worry about. Using an umbrella service in the UK does not safeguard either you or the umbrella company from IR35, this personal services law sees through corporate veils, also partnerships etc.

Not UK resident, NT tax code

Some of you no longer live in the UK and therefore, provided that you can demonstrate that you own or maintain a home abroad, you can obtain a tax code of NT. You may still have to submit Self Assessment tax returns annually but this can be done online now. We have assisted many clients with this in the past.

Financial Planning

You should all know that you are saving a lot of tax and/or other costs with every invoice, you should all also know that there are inherent risks. Shit happens. Implement a contingency plan even if it is only a separate savings account. Too many of the Consultants that we know are working as freelance but treating their payments as a salary. Now that you are freelance, you have to adapt to the insecurity and irregularity of the business world. Also, don't lose sight of the political agendas of the various countries, especially in the EU because the net is tightening. You are collectively some of the highest earners amongst the working public and consequently the biggest target for tax euros.

Helping you to help yourself

Not all of you are British, or even EU, nationals but the question of paying tax in the EU does feature. Basically, if you're working for more than 6 months in any one tax year [dates vary according to country], then you may be tax resident in that country and the onus is usually on you the tax payer to make a declaration of what your taxable earnings are. Most countries observe gross self employed income less business expenses as being the taxable income. Naturally, payments to you, arising from invoices prepared by Snowdon Consultants Ltd on your behalf, include living away allowances and / or travel expenses. This is always noted as a reference on bank transfers to your respective bank accounts. Some of you require that the expenses part be paid into a separate bank account - not a problem for us. This enables you to keep track of your expenses, conveniently having the reimbursements paid into the same account e.g. where your credit card payments come from. Therefore your "travel" account has everything grouped together and none of it is taxable as it relates to travel and other allowable expenses, e.g. accommodation, subsistence or professional subscriptions. The travel account can be anywhere, Luxembourg and Switzerland are still relatively good within the EU but keep in mind that the Savings Tax Directive may affect your savings - check with your bank to see what their policy is. As for the earned income, you may want to receive that into a local bank account for ease, where you live and/or work. This will likely be the account from which you take bank statements in preparing your business taxable income statement.

Contact

Email service queries to Webquery or alternatively to Yahoo
'SnowdonConsultants' ID for all Messengers; Yahoo, Hotmail / MSN & Google. Also Skype & ICQ available on request