Category: Contractor Industry News

Contractors using umbrella companies could have one of the most difficult parts of their working life taken care of by a good firm, according to an expert.

Brookson.co.uk spoke to Gary Cousins, a solicitor at Cousins Business Law about the importance of contractors keeping records of balance sheets, stock levels as well as money paid in and out, some of which can be dealt with by umbrella companies.

"It is also recommended that you keep records to enable you to create useful management information, profitability and cash flow forecasts, budgets and regular balance sheets so you can tell if you're still solvent," he told the website.

The legal expert added that it would be wise for some contractors to seek advice from accountants in order to keep their records in line and up to date.

A survey found that 26 per cent of workers only skim read their employment contracts before signing them, leaving them at risk of unfair treatment by their employer.

Posted by Daniel Frost