The benefits of contracting in the UK
and the payroll solution that maximises the value of your next contract.
- Retain a Higher % of Your Income Safely
- 100% Compliant
- Free to Setup and Free to Leave
- Mitigate any Risk of IR35, EBT or MSC Legislation
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The Benefits of Contracting
from the people that have done it
There are lots of benefits of contracting in the UK. The main three are:
- Money– often the biggest driver. Contractors are known to easily take home twice what they earned as an employee.
- Particularly in something like IT contracting, you can charge by the hour and command good overtime rates too.
- You can offset your expenses against your income. So if you are an IT contractor, expensive IT equipment can be absorbed by your income and reduce your tax bill.
- Depending on what course you decide to go down, contracting can be extremely tax efficient.
- Dependent of your actual skill set, you can focus on the market you want to, become an expert in that field, and command high fees accordingly.
- Freedom– contracting can be a world away from being a permanent employee, and very liberating.
- You are now in charge of major decisions which can easily and instantly be beneficial to your life.
- Not happy with your contract? Change it – it’s a whole lot easier than changing jobs.
- People now regard you as an expert in your field – they see you differently, and this can be hugely empowering and rewarding.
- You can dabble in different industries, see if your skills are applicable elsewhere.
- Work hard and consistently, and you may soon be able to decide who you work with rather than the other way round. As your portfolio increases, and you make the right impression, word will spread about your abilities and people will start to contact you.
3. Flexibility– contracting is particularly suited to people with children and other dependents, or those who aren’t suited to the average 9-5 lifestyle.
- You work where you want, when you want and how long you want.
- You are in charge of your own holidays, so you can work steadily without a break all year or you can take six weeks off in summer – it’s up to you.
- The company your contract is with is not your employee – so this changes the power balance. You have more power in decision-making and explaining your methods of working.
- If you choose to develop your skill set, you can. You are free to learn and develop more expertise to strengthen your position as a contractor.
The majority of people who switch from being an employee to a contractor never go back – which speaks volumes.
But the best thing is, if you decide contracting isn’t for you, then it is so easy to go back to working on a permanent basis within a company.