So you have decided to leave your permanent job to start your career in freelancing or contracting in the UK. No doubt, it is a good idea of working to earn more and set your own working hours. You will be your own boss and earn something more than the full-time employment. There are a number of benefits of becoming contractor. But before you decide to quit your permanent job, you should also keep some vital points in mind. If you are new in contacting, you should promote your services through various modes like online, classified ads, distribution of visiting cards and many more.
Why Become a Contractor in the UK – Vital Points for Those Who Are New in Contracting
You have resigned from your current employer and now ready to work as freelancer or contractor. No doubt, it is a good idea of working according to your timings and as per your choice with more earnings. But, you should also keep some points in mind, especially when you are new in contracting. First of all understand the basics of contracting and judge how much beneficial it is for you. There are two main reasons behind becoming contractor. Freedom and potential financial rewards you can achieve in comparison to traditional employment. After starting your job as contractor, you will be your own boss; whilst you will have the responsibilities of finding new contracts, negotiating your contact rates, having to deal the recruitment agents and much more control over the types of work you do at your preferred location.
In the UK, becoming contractor is beneficial in a number of ways as contractors receive higher headline rates because clients don't need to pay the payroll costs and endow with employee benefit. Apart from this, you can negotiate rates as per your choice and according to your skills and experience. There are also a number of added benefits of start working as contractor. Moreover, the future of the industry is truly bright as the demand for contractors is growing by leaps and bounds because of the lack of skills professionals in different industries, especially IT, medicine and electronic.
Among a number of benefits of become a contractor, economic stagnation is the most significant one. Because of the economic slowdown, a majority of companies, especially small businesses open the doors to short-term and flexible staff for cost-cutting. For those who are new in contracting, it is also important to understand the legislations like IR35. Getting help from accounting firms and tax consultants is also a good idea.
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