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benefits of contracting

Thinking of making the switch to contract work?

Let’s explore the benefits of moving away from permanent employment

 

  • Be your own boss. Being at the helm and taking decisions relating to your work life can be an extremely liberating. You no longer have to work around colleagues, have a boss watching your every move or concern yourself with HR appraisals and workplace politics. You do have a client and understanding their requirements and managing their expectations will require a different skill set.
  • The variety of work. New environments, working with different people and encountering new situations adds to the diversity and enjoyment of the work you do.
  • More money. Providing your rates are good and you’re able to move from one contract to another in quick succession, there is certainly a healthy financial benefit to enjoy. In certain sectors it is not uncommon for contractors to earn up to twice as much as their permanent counterparts.
  • Greater flexibility. It’s down to you what hours you work, where you choose to work and for how long. This means you can operate in a way that suits your personal circumstances, giving you greater control over your work/life balance.
  • Skills development. With a wider range of work assignments, variety of companies and even different industry sectors, you will build up an impressive CV with a diverse skills and knowledge base.
  • Greater Demand. Depending on the competition, being a specialist in your field will make you a valuable and highly desirable resource to clients.
  • Pay less tax. You may be able to claim back expenses that are made wholly and exclusively for the purposes of your business. So, not only do you get paid more, you can pay considerably less tax as well.

 

But it’s not just you who benefits; there are advantages for your clients too:

  • Access to specialist skills that an in-house team may not have.
  • Organisational flexibility in times of change. You can be quickly hired to cope with increased workloads or new product developments.
  • Lower overheads as contractors like you don’t require them to pay any company benefits, such as holiday pay and sick pay, as well as savings on employer taxes or pension payments.

 

If you’re still not sure about making the move, speak to one of our contracting specialists. They can offer you a financial breakdown of the take home pay you could receive as a contractor and guide you through the various options available to ensure you get the best fit for what you need.

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