Be your own boss in 2016
With the recent announcements in this year’s Autumn Statement (or lack of them!), the future of contracting is appearing to be more attractive than ever.
So why should you consider contracting in 2016? Here we explore the professional and personal benefits you can gain by contracting with our top five reasons to contract in 2016 and beyond:
If you’re in permanent employment there will often be a limit to the level of progression you can achieve. But as the boss of your own Limited Company the climb up the ladder of success is endless, as you control your own destiny.
Fancy branching out into a new field of expertise? Or are you seeing a trend for a specific type of contract within your field of profession? Your professional development and career progression is completely up to you, so why not go for it! Whilst the sky’s the limit, you’ll have to be driven enough to build up your network, promote yourself and have the determination to succeed.
Tailoring your skills
Whilst contracting allows you the freedom to design your working life to your requirements, it also means that it’s completely up to you to do so! From scouting for contracts, creating and managing your business website to networking and managing your time, you’ll never stop learning. Permanent employment means you move to the beat of someone else’s drum, but as a Limited Company contractor you’ll need to find your own rhythm.
But don’t let being Limited limit you! There are so many tools out there to help you hone your skills and time management, without distracting you from your contract at hand.
Tailoring your work life around your personal life (and not the other way around) is one of the major benefits of contracting. You make the rules, so if you only want to work certain hours or days to fit around your family life or favourite hobby, then you can!
It’s also completely up to you what time you feel you can give to certain contracts and when work is suitable for you. Fancy a break in the summer, or don’t want to work on your birthday? Choosing your contracts means you can decide when you work and for how long!
Remember! Being flexible in the early days of contracting means that you’ll build up your network and client list far quicker, allowing you to be more selective once you’ve established yourself. If previous clients know your calibre of work but are aware of an impending holiday, they’ll be more likely to hold off hiring anyone else until you’re back, especially if you’ve worked for them before and they’re keen to have you back.
Imagine a job where you can charge what you like for the work you do. Within reason, you can charge clients hourly or daily rates that just aren’t possible in permanent employment.
But whilst financial independence is probably one of the most popular goals for any professional worker, it’s worth bearing in mind that you’ll need support to ensure you get the most from your take home pay. This is where enlisting the services of a professional contractor accountant comes in, as they will be able to make sure you are taking advantage of all the taxable benefits available to you whilst maximising your take home pay.
You’ll face new challenges; from learning new skills and working patterns, to winning business and learning how to deal with gaps in contracts, every contract will teach you something new about the world of contracting.
But whilst there will be a few obstacles to overcome, the financial, professional and personal achievements from going Limited far outweigh those offered in permanent employment.
How Intouch Accounting can help
Whether you’re just starting out and wondering what contracting can offer you, or are a seasoned pro but feel you need more from your current accounting solution, Intouch can help you at every step of the way. From incorporating your Limited Company free of charge and explaining how it all works, to making sure you’re supported when it comes to key deadlines such as your Self Assessment Tax Return, your Personal Accountant is here to provide guidance and support, whenever you need it.
This blog has been prepared by Intouch Accounting. While we have made every attempt to ensure that the information contained in this blog has been obtained from reliable sources, Intouch is not responsible for any errors or omissions, or for the results obtained from the use of this information. This blog should not be used as a substitute for consultation with professional accounting advisers. If you have any specific queries, please contact Intouch Accounting.