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With most public sectors being hit by swathing government cuts, it comes as no surprise that retired and formerpolice officers are being attracted back to the Police Service to provide managerial, specialist and investigative support on a consultancy basis.
Striking the balance between too many officers and not enough is no easy task. It only takes one or two major cases for the police service to struggle with demand. It’s not like you can train up investigators within a few days. Experienced and highly-skilled retired and former police officers are no different to highly skilled IT professionals, project managers or oil and gas engineers.
Consulting as a former policeman and retired policeman also makes financial sense for both sides. In the private sector i.e. the sector most driven by efficiency, companies have used consultants and contractors rather than bearing the long-term cost of a full time, highly paid employee.
If you are retired and used to work for the police service, how do you find work and what’s the best and most tax efficient way to work?
We cover the main aspects of what you should consider when deciding to consult:
If you have decided to consult through your own limited company, you will need to go through the following steps:
It’s tempting to use a local accountant who is convenient for you, however, they may not specialise in consultant accounts. For over 27 years, SJD Accountancy has specialised in providing tax and accountancy advice to over 15,000 limited company contractor, freelancer and consultant clients.
We offer an all-inclusive fixed fee accountancy package, priced starting from £120 + VAT per month. This includes:
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Something that retired and former police officers might have in the back of their minds when considering a consultancy role is IR35, and whether there are any special rules that apply to them – such as the public sector reforms that have been in place since April 2017, and the upcoming private sector reforms in April 2021. Working within the public sector (and soon - the private sector too), the end hirer has the responsibility of determining IR35 status and police consultants should pay close attention to their status determination.
The good news is that determining the IR35 status of the assignment is now the responsibility of the public sector organisation. This means less for you to worry about. Remember if you do pick up a contract in the private sector this will be your responsibility, at least until April 2021. SJD can help you with that.
As a police consultant, you would be working under the same tax legislation as all other limited company directors. Our guide to IR35 for contractors covers all you need to know on this topic. Our services are also supported by the reassurance of our customer promise.
If you have any questions about contracting, setting up your own limited company or appointing an accountant, our advisers are available on the number below:
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Appointing an accountant can save you time and stress when starting up on your own. If you would like to speak to someone about any of the above information or any other queries you may have, arrange a callback and a member of the team will be in touch.
If you're already a client of ours, you can speak to your dedicated accountant directly.
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