This article was last updated on 13 February 2020.
Businesses are keen to keep apace on the wish-list of the workforce. The most popular of these wishes is flexibility. Flexibility means different things to different people. This should come as no surprise; it would be oxymoronic to define the boundaries of flexibility.
Despite their best efforts however, companies can struggle to implement flexible policies without opening up a can of HR worms. To counteract the red-tape, individuals are choosing to give themselves the flexibility they crave by reinventing themselves as Professional Contractors.
It’s a great time to do it. As labour costs continue to rise and the pool of available talent becomes shallower, companies are crying out for good people to do good work for them. That person could easily be you. Companies know the benefits of using contingent workers who can hit the ground running which enables them to quickly adapt to market conditions.
If you’re unsure whether or not to take the leap into contracting, consider these benefits;
With the market as buoyant as it is right now you could easily line up a 6 or 12 months Contract before leaving your current role. You’ll earn more money, be able to make better financial decisions (with personalised advice from your Dedicated Account Manager in Contracting PLUS) and will be able to get the flexibility you want.
While there are literally thousands of Career Contractors, if you find it’s not for you, you can easily find a PAYE role afterwards. You’ll be going back to the market with more experience and knowledge.
How much more is sector dependent. Some sectors are booming at the moment and Contractors are naming their price. One thing’s for sure, you’ll definitely be earning more, and with our tax advice you’ll also be retaining more.
Contracting is very popular in IT, Pharma / Life Science, Engineering, Project Management, Data Security, Finance, Brand & Marketing, Business Consulting – and many more. Essentially, if you have a skill or knowledge that people need, then you too can be a contractor. Check out how much more you could earn as a contractor compared to your current salary using our Contractor Take-home pay Calculator
Gaining experience in different industry sectors is often a big draw for those considering contracting. Contractors typically accelerate their career progress by being in the position of bringing other industry experience to their next roles. They say variety is the spice of life. Contracting is how you get that variety in your work life.
Who among us hasn’t had to have a meeting to bring a team member along on the culture you’re trying to build. Say goodbye to bureaucracy. As a Contractor you’re hired to deliver an outcome of a reasonably short term. You don’t need to buy too much into the culture of the business who engages you.
Many expenses you incur everyday can be added as business expenses which means you get tax relief of up to 52% . Mobile phone, broadband, monthly transport ticket, laptops and business travel to name but a few.
Operating through a limited company is a really smart way to contribute to your pension. Typically as a PAYE worker you only get 40% tax relief on pension contributions. You can get over 50% tax relief through a limited company structure.
Our in-house Financial Advisors are available to you whenever you want to speak to them. They will meet with you to build your plan so you know how much to save and add to your pension based on your personal circumstances. Know how much you want in retirement, and we’ll give you the plan to get there.
All you need is your first client. If you’re a first time Contractor then you should consider using one of the many recruitment agencies who specialise in Contracting roles. Find one that understands your profession or skillset. Build up a good rapport with them and they’ll help ensure you already have your next contract role lined up before your current one finishes. For more information see the New to Contracting section on our website.
Let Contracting PLUS look after all the company administration, the taxes and the admin. We’ll give you the best advice to ensure you maximise your income.
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