Myfreelancermoney Ltd

The company, Myfreelancermoney, provides processing solutions for freelance contractors and consultants. The aim is to ensure peace of mind and compliance with HMRC legislation such as IR35. This service is provided to the freelancer direct, through a number of accredited accountancy firms or via their own accountant.



It all started when I was asked by a contractor disgruntled with the standard of service from his last two accountants, one of which claimed to specialise in freelance contractors, if I was able to put together a package for him and a number of fellow contractors.



Our remit was to provide regular expense claim processing, advise how much to transfer from their company to their private account, ensure they know how much VAT, PAYE and Corporation tax was due and dates payable. There was also an emphasis on a personal service with access to a dedicated adviser. They didn’t want to be pushed from ‘pillar to post’.



Our first problem was deciding on software to carry out this task. Initially we looked at accounting packages being offered in the market place but quickly came to the conclusion that these packages were not freelancer specific just ‘bastardised’ off the shelf accounts software. The way forward would be to write our own software.



I sub contracted the services of a very good friend, a freelance software programmer to put my ideas into reality. This was now a case of freelance software being written for freelance contractors, by a freelance contractor and designed by a freelance contractor accredited accountant!



As with all complex projects this has not happened overnight. All good things come to those who wait… Development has taken in excess of two years and a substantial cost, with the package being constantly improved to provide more information and KPI’s. The system has been tested thoroughly by our in-house processing team and works exactly as we’d intended.



The feedback we get is 100% positive. A tribute to our system was when a number of freelancers were ‘poached’ by another specialist firm who offered each one a moving incentive of £500 claiming to provide the same service as ourselves? Within 18 months all but two of the movers (who are now employed under PAYE) are back with us stating that the main reason for returning was that with our system they always knew where they stood financially.