Common challenges facing contractors – Financial, accounting and others… Part 2

4. Payment issues – this is a serious concern for contractors. Being involved in a payment chain means that there could be delays in your payment. An Agency or Umbrella can delay a payment to you if the client delays paying them (some clients have a long lead time contractually before they pay). It’s important to discuss with whoever you are working through and ensure you are paid without delay.

5. Impact on family/home life – prepare yourself for long hours, weekend work sometimes etc. You may also have to work away from home for extended periods. This will have an impact on home-life – partners, children, pets but in the pursuits of the right contract at the right rate you may end up having to do this.

6. Mortgage woes – If you are the contractor you will know it isn’t easy to get a mortgage – the banks invariably want 3 years worth of company accounts etc if you have a limited company. You are also in a different bracket for evaluation when you are a company director than if are a salaried employee. Being part of PAYE Umbrella service will make this process easier and may make it easier to get a mortgage but when dealing with the banks they want a ‘sure cert’ paid pensionable salaried application so if you can get your mortgage before you go contacting make sure you do!

Accounting Pro is Ireland’s premier contractor accounting service.  We are here to help you, the busy contractor and/or company, with all your accounting and payroll needs. We are both an umbrella company and umbrella corporation and we can create your limited company. We are experts in contractor pensions, contractor health insurance and contractor expenses. To learn more about what we do please review  and contact us by email: or phone us 01 6933370. For the UK see Accounting-Pro UK. “Common challenges facing contractors – Financial, accounting and others… ” is an article written by Accounting-Pro Ireland for the benefit of everyone. Feel free to share it but please give attribution on a CC BY-SA license.

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