Is Contracting for you?Posted Thursday, October 21, 2021
by Jennifer Doyle, Solutions Team Manager at Contracting PLUS
Are you interested in earning more, working at times that suit you, having complete control over the roles you choose and creating your most desirable work/life balance? Then Contracting is for you!
Our Solutions team chat with many professionals who are new to Contracting every day, this blogs answers some of the most common queries we are asked, I hope you find it helpful.
1. What is Contracting?
Contracting is essentially a self-employed role where the individual is a highly skilled professional, who provides their expertise and services to a client on a project basis, for a specific period of time.
2. What are the benefits Contracting offers me?
Opportunity to earn more money
As a Contractor, you have the opportunity to earn more money. Companies offer premium rates of pay for highly skilled individuals who can hit the ground running. In addition to an increased rate of pay, there are also many tax benefits available when you operate through a Limited Company. Contracting PLUS will give you plenty of advice on how to make the most of your contracting income while remaining fully tax compliant.
Flexibility in how, when and where you work
One of the most prominent reasons people decide to become Contractors is for the flexibility offered. Since Contractors work on a project basis, there is plenty of freedom when it comes to the hours you would like to work and where you undertake your work from. Some Contractors work a regular 9 to 5, while many work similar hours but divide their day up differently based on school runs, other commitments or hobbies. Others even choose to work part-time all year round or full time and enjoy the summers off!
Gain valuable experience and upskill quickly
Contracting allows you to work with a variety of companies and in various roles. Therefore, there is no doubt that you will gain a wide industry experience through working with new teams and technologies. The nature of this work will continuously challenge you as you will learn to adapt to new environments quickly while operating on a tight schedule.
Greater control over your career
On top of choosing when you work, you also have the opportunity to work with exciting businesses on high profile projects that appeal most to you. As an Independent Contractor, you provide a highly sought-after skill set. Contractors can work for multiple companies over shorter spaces of time meaning that you can choose the projects that interest you.
3. How do I get set up as a Contractor?
Becoming a Contractor is really easy. Contracting PLUS have plenty of experience with first-time Contractors and can guarantee a quick and simple set-up process. To start contracting, you’ll need a tax compliant company structure through which to operate as a Contractor, typically either an Umbrella Company or Personal Limited Company. Our team can chat with you about the most appropriate solution for you, based on your personal circumstances.
4. What is an Umbrella Company?
If you are planning on contracting for a short to medium period of time, then an Umbrella Company is the perfect solution for you. Umbrella Companies are pre-existing company structures that are fully insured and tax compliant. We will look after all your administration, tax returns, and insurances, you simply upload your timesheets and expenses and we take care of the rest. With a quick and easy set-up process, you are guaranteed to be able to start work the same day.
5. What is a Personal Limited Company?
However, if you are planning on Contracting long term, then it is a good idea to have your own Personal Limited Company. Limited Companies are separate legal entities. A major attraction to this solution is that your accounts, administration, billing, payroll, tax returns, and insurances are taken care of by us. The only thing you have to do is choose the name that you would like to use for your company so you can create your own personal brand. This solution allows you to maximise your expertise and time while remaining confident that you have experts looking after your financials.
6. How do I know whether to use an Umbrella Company or a Personal Limited Company?
Our solutions team deal with new Contractors every day. They will talk through your contracting plans and your contract type, with their knowledge they will quickly be able to guide you as to the best solution for your needs. Don’t worry they are hands on from start to finish, they will answer any questions you may have.
7. How do I get paid as a Contractor?
An important question! Contractors are typically paid either a daily or hourly rate, through their Umbrella or Limited Company.
- Simply upload your hours or timesheet onto the Contracting PLUS App or Portal
- We invoice the client on your behalf
- The funds are then received into your Company Bank Account
- Any business expenses you are claiming are offset and relevant taxes are deducted
- Your funds are then transferred into your own personal bank account
Becoming a Contractor is not complicated and at Contracting PLUS we can guarantee you will have a hassle-free experience. We would love to chat to you in more detail about Contracting, so don’t hesitate to give us a call on 01 6110707, or book a call HERE.
Contracting PLUS – Making Contracting Simple