What are the financial benefits?
- Contractors often get paid higher rates as employers are paying for their flexibility
- Contracting through your own limited company is the most tax efficient way possible and isn’t as hard or time consuming as you might think
- You will often be paid on an hourly basis with high overtime rates
- You can offset all of your business expenses against your income to further reduce your tax bill
- You have more flexibility to negotiate pay rates and conditions.
You can be flexible
- As a contractor you are your own boss
- You will have the freedom to work when you want/need
- Contractors can choose to spend more time on their hobbies such as sports or travel
- Contracting is ideal if you have a family or young children as you can work around parenting duties and school hours.
- Changing contract is often be easier than changing jobs
- The company you work for is not your employer, but is instead your client.
Developing your skills
- Working in a variety of businesses will broaden your skill-set and knowledge
- You will have more opportunities to taste test industries
- Your confidence will grow as you deal with a number of employers, managers and colleagues
- Contractors often have a very extensive CV with a strong list of references.
Further career opportunities
- Being a contractor is essentially a form of networking. It’s highly likely one contract job may lead to another
- There is sometimes room for contract work to become permanent
- Working for different organisations gives you the ability to advance your career without being limited by a single employer’s processes, procedures or business ethos
- Opportunities aboard become easier
- Contracting is a smart way to broaden your experience and diversify your skills
- Contracting can provide constant stimulation for people who enjoy a diverse working life.
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