As we look ahead, here are five things to help you grow your business this year:

Diversify

Those that succeeded most in the last year were contractors who were able to move out of their comfort zone or defined area to use their skills in other sectors.

Try not to be a ‘one-trick pony’. This will limit your opportunities to win new work, especially if your main sector has been hit hard by recent events.

Spend time refining and defining your skillset to see if there are areas of overlap or a specialism that can set you apart or help you tap into a new audience of engagers.

Check your IR35 status

As you move from one contract to another, make sure you establish your IR35 status straight away on each new job.

Ideally, this should be done before rate negotiation begins with an engager or their agent. If you know your status, you can use that as a bargaining position to increase your fees.

However, don’t be afraid to challenge the determination given by a potential engager. Not every business has got the process right and there are some out there still using blanket determinations.

Confirm financial health 

There has been a growing number of insolvencies across the UK and there are many businesses out there, both large and small, that may be teetering on a knife-edge.

Take the time to check the financial health of potential engagers by conducting credit checks and reviewing their Companies House information.

You don’t want to start a new contract only to learn that the business doesn’t have the funds to pay you correctly on time or worse, collapses without ever paying you further down the line.

Be flexible

Different contracts throughout the year may return different IR35 status determinations, which is why it is worth maintaining your personal service company (PSC) to take advantage of work outside the rules.

Keeping your limited company open gives you options to respond to market changes.

Keep an eye on tax 

You want to keep what you earn, we all do, which is why it is worth regularly reviewing your tax affairs and planning to make sure you are taking full advantage of your reliefs and allowances.

With a freeze on many personal tax allowances until 2026 and a rise in National Insurance and dividends tax in April, it is a good time to seek tax advice.

If you would like support or guidance on any of these tips, please contact your Account Manager.