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Get an initial look into becoming a banking and financial services contractor. We will explain everything from finding work, to tax, in this easy to read guide.

If you are currently working in the banking and financial services industry then you will no doubt be aware that there is an abundance of opportunities available, to move into the contracting arena. Contracting can be appealing to permanent employees for a variety of reasons. Firstly, you would be your own boss and would be able to choose the contracts that most appeal to you. You would also be likely to command much higher rates of pay, than a permanent employee in a similar role. If you are considering a move into contracting within the banking and financial services industry then this handy guide will outline everything you need to know, to help you make the decision about whether working as a contractor is the right choice for you.

Money Talk: Rates of Pay for Financial Contractors

Making the move from working in a permanent position to becoming a contractor can feel overwhelming; there are many different pros and cons to consider to decide whether the contractor lifestyle will suit you. One of the most important factors for most people though is the money; will they be financially better off if they choose to contract? In most cases, the simple answer is yes! Depending on your experience levels, your career background, and any niche knowledge that you have, you could earn anywhere between £250 and £1,000 per day as a banking or financial services contractor.

It is important to remember that contractor rates are higher because you are responsible for paying your own tax and national insurance contributions, as well as adding to your own pension plan and covering your own holiday and sick pay. With the support of an experienced accountant, specialising in tax and finance options for contractors and operating under your own Limited Company, you could take home as much as 85% of your earnings.

The Benefits of Operating as a Limited Company When Contracting

We would advise all contractors that want to retain as much of their money as possible, to operate under a limited company, as it opens up more tax options to you and also enables you to claim a wider range of tax deductible expenses. Many of these tax opportunities are not available to individuals who work on a PAYE basis. The more of your income you can offset, the more you will take home. We specialise in looking at these options and making them work for you. There are other benefits of operating as a limited company, including:

  • When you work under your own limited company you retain total control over the direction of your career. You can determine where and when you work and who you work for, without having to consider your responsibility to an agency or umbrella company. This is particularly appealing to individuals looking to improve their work-life balance or enjoy regular holidays.
  • Although it might seem like more admin, when you work for your own limited company, you are responsible for billing your clients directly. The benefits of this is that you will have more control over your finances and can talk to the person paying your bill directly, rather than having to deal with a third-party agency.
  • When working for yourself can choose your own career path. If you want to climb to the top of your career ladder, then you can put the work in and carve your own route to success. Alternatively, if you want to take a step back to focus on your family life or travel, then you can make your career work around you.

How Dolan Accountancy Can Help and Support You

When you are just starting up, running your company successfully can be tricky, which is why it’s important to choose an expert accountant who can offer you a network of specialist advice, to guide you through any challenges your business my face. We can help you to monitor your cash flow, advise on any tax breaks and new policies available to you and work proactively to support your business as it grows. We can also offer:

  • Contractor Specialist with a Highly-Qualified Team. We only work with the most experienced accountants, who are knowledgeable about every aspect of contractor taxation. You will have a dedicated accountant that you can call or email without having to deal with a call centre or several different team members.
  • Peace of Mind Guaranteed. We understand that choosing the right accountancy services for contractors can be a big decision. That is why we offer a money back guarantee, ensuring that all of your calls, emails and queries will be answered within 1 working day, otherwise your fees for the month will be returned.
  • Outstanding Reputation. Dolan Accountancy is a name that you can trust. If you are looking for a contractor accountant with decades of experience and a proven track record then there is no better firm on the market.

If you have any questions about establishing your own limited company, working as a banking or financial services contractor or working with Dolan Accountancy, then why not get in touch with our expert team today? Please call Jaime 01442 795 100 or email

Why Thousands of Contractors Choose Dolan Accountancy

With over 25 years experience in contractor accountancy helping thousands of contractors, freelancers and the self employed, Dolan Accountancy has the specialist skills, reputation and credibility you can trust.

Working closely with our sister company, Contractor Umbrella, it means we can offer one low cost, fixed fee package at £105 + VAT. This gives you the flexibility of using both our Limited Company Accountancy Services and our award winning Umbrella Service, for one inclusive cost.

If you’d like to find out more about how Dolan Accountancy can help you and your business, please give us a call on 01442 795 100 or email or

We don’t believe in tiered packages or hidden extra fees, instead we aim to give you everything you need, including:

  • Free Company Formation – This is where it all begins. Once you have decided on an available name, we will form your company free of charge (if using our accountancy services) and it will be ready for you to use in as little as three hours
  • Free use of Contractor Umbrella – With IR35 Legislation changes we understand that sometimes you are required to contract via an umbrella company. We will keep your limited company ticking over, while you work margin free via our sister company, Contractor Umbrella
  • A Dedicated Accountant – Your accountant will be there for any company or personal tax advice that you require. We will never outsource work, even to internal teams
  • Free Access to FreeAgent – We offer all of our clients access to FreeAgent, free of charge
  • Free Business Banking – We have decided to waive our commission so our clients can use Tide free of charge for the first year
  • Unlimited IR35 Status Reviews – We will review all of your contracts for IR35 purposes and provide you with our professional opinion as to its status
  • Free Registered and Director’s Service Office Address – Sometimes you just don’t want your home address on display at Companies House. When you sign up to our accountancy services, we will offer the use of our address as an alternative
  • Your Business and Personal Taxation Needs – This includes Company Accounts, Director’s Personal Tax Return, VAT Returns, Payroll, Corporation Tax and Dividend advice, to name just a few

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