There are now more people than ever before choosing to work in the contracting sector. In previous years, the majority of people would be forced into freelancing due to being made redundant or simply not being able to find jobs, however, this has completely changed with the contracting lifestyle becoming more of a desirable option for those seeking a better work / life balance.
Other advantages of contracting include:
- Having more freedom and flexibility compared to your permanent counterparts – this means working when you want, being able to choose where you work and taking holiday days as little or as often as you wish (although, just remember that you won’t get paid for this time off!)
- The majority of contractors can charge a daily or hourly rate much higher than a permanent employee in the same role. Your individual skills and experience could mean your rates could be even higher.
- You are able to claim back expenses that are made for the running of your business, which can then reduce your tax bill at the end of the tax year.
- You will gain in terms of skills and experience by working with a number of clients in various environments.
Although the positives far outweigh the negatives, there are of course some downsides, such as having increased responsibility in terms of regular paperwork and ensuring important legal forms are filled out correctly and sent off on time – but a good contractor accountant will be able to help you with all of this.
Another factor to take into consideration is that you will have to find your own work. Being motivated enough is a key trait to have, but you also need to know where to look for those all-important contracts…
Before you even start looking for work, it is a good idea to have a professional CV put together – you won’t always need a CV, as many clients may not require one, but it is useful to have one at hand should they ask.
A few tips on creating a good CV is to:
- Avoid any silly mistakes – this means ensuring you have proofread your CV a few times to check for any spelling mistakes or grammatical errors.
- Try to keep it to no more than two A4 pages – any more can be quite off putting to the reader, as they might lose interest or run out of time to look through a lengthy document.
- Make sure you include a personal statement that will sell your skills and let the reader see who you are and what you have to offer to their company.
- Keep it relevant to the position and company you are applying for and ensure your experience, skills and qualifications stand out.
Once you have a CV, you can then look for contracts.