Reason could be any one, but the fact is that more and more skilled professionals from different domains are leaving full-time employment to become contractors in the UK. The main reason is the freedom of working as per your choice and by setting your own hours. Another main reason is that more and more companies of the respective field are preferring contractors rather than hiring full-time employing. More flexibility, lucrative benefits, better opportunities of earning more setting your own working hours, attractive holiday planning, and boss of your own, etc are some added benefits that draw the attention of skilled professionals towards working as freelancers or contractors.
Economical slowdown (that is still in full-swing) is the main reason why companies (both small to large organizations) are moving toward contractors. Hiring freelancers or contractors for any specific work means there is no need of providing employment benefits, high salaries and other HR benefits to employees. Being one of the successful ways of cost-cutting, it provides a number of added benefits to employers. Contractors or freelancers work with an aim to finish the project successfully and within a appointed time frame. Moreover, there is no need to book a desk in the office form them. Employers have to provide a number of added benefits to their employees as per the government rules. They have to pay the payroll costs and also provide some added employee benefits. Apart from this, offering a fix salary every month is another must to follow rule.
After understanding how beneficial it is to become contractor/freelancer, if you are planning to leave your permanent job, then you are taking the right decision. But before saying adieu to your colleagues in the office, it is important to go through the guide to contracting. It will be very helpful in understanding the rules and regulations. Tax rules are also a little bit different with some certain eligibility criteria for professionals working as freelancers or contractors. In addition, you should have good common over your profession. If you are working as software engineers, then you must have good command over any specific technical language or programming.
Your skills and expertise in the profession also decide your price of working. The better and creative you do, the improved rates would be. Making more and more contacts and promoting your services is also essential to become a successful contractor. Today, there are a number of reputed consultancies and firms helping contractors in tax issues along with guide them to become successful in their profession. You have to choose the right firm and start working to achieve the heights of success in your freelancing career.
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Find a concise overview about the Guide to Contracting rules at Helix Management that provides user friendly self employed tax calculator and disguised remuneration etc.
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