The world of contracting can be alien to some. To others it is a way of life. Certainly, to become a contractor, locum or freelancer is a big choice with much to consider. Before you have even heard of an umbrella company, you will have weighed up the pros and cons.
Here we take a look at the top 5 advantages to contracting:
1- Time flexibility
Contractors are their own boss. Whilst traditional employment often requires you to conform with set working hours, contractors generally have more freedom to decide when they do and don’t work. Want more time with family and friends? Enjoy an afternoon on the golf course? Make your hours work around you, and not the other way round.
2- More money
Its common knowledge that contractors earn more money and this is the main attraction for most. In fact, it is estimated that, on average, you can demand a 15% premium over your employed equivalents. This is because of the short term, specialist, project-based nature of the assignments.
3- Defined workload
Contractors and locums get the opportunity to specialise in what you love. You are experts, brought in to fix a particular problem or overcome a precise challenge. You are prized for your expertise and, as a result, aren’t expected to waste your time on anything else. No unnecessary admin, no office politics – just pure value!
4- Holidays
Take holidays whenever you want! OK, that might be an exaggeration, but as a contractor you have more opportunity to plan your work around your holiday. Fancy a month of between projects; go for it! You’re the boss.
5- Tax planning
Perhaps not the sexiest topic, but options for tax planning as a contractor can offer you great financial benefit. On top of your increase rates, you are in charge of your money, which you can chose to manage in the most tax efficient way possible.
At Keystone, we aim to make the already lucrative world of contracting even more profitable. Check out our take home pay calculator to see how much you could earn.