There is a sustained demand for Engineers in the UK and contractor pay reached a seven year high at the end of 2016. When combined, these two pieces of pertinent information mean that the time has never been better to form your own Limited Company and become an Engineering Contractor. This may sound complicated, but in reality, forming your own limited company with the support of an experienced specialist accountant is incredibly easy, straight-forward and financially efficient.
The path towards becoming an Engineering Contractor is a relatively simple one and depending on your level of experience, you could more than double your current income. Engineering Contractors make, on average, £45 per hour, although more experienced professionals can command much higher rates. Aside from the important lucrative financial rewards, there are many other benefits of becoming an Engineering Contractor. These include:
– Freedom and Flexibility. When you are working as a contractor through your own Limited Company, you set your own schedule. This means that you can choose where you work, when you work, and when you take a break or a holiday without having to adhere to anyone else’s schedule.
– The Ability to Choose Your Projects. When work is abundant, contractors have the ability to choose their projects based both on its financial rewards and its fit to their unique skillset. This means that you could be in the position where you only have to work on projects you find interesting and rewarding.
– Increased Responsibility. When you are a contractor, you are responsible for securing your own projects and setting your own work load, which can be difficult during challenging economic times, but which also means that you are not dependent on anyone else for the success of your business.
There are many reasons a highly-qualified engineer might choose to move into Contract Engineering Roles; either as a conscious decision to increase work life balance, as the result of redundancy, or because of a lack of permanent full time roles in your area. Whatever drives your decision to become an Engineering Contractor, it is more than possible to turn Contract Engineering into a hugely successful and financially lucrative career.