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What is a Freelance Contractor?
A freelance contractor is an individual who enters into a fixed-term contract with a third party, either on his own or as an employee of a company, to assist in the completion of a project.
Is Contracting Right For You?
Due to the possible infrequency of work,
if you are considering being a contractor, there are some
questions you should ask yourself:
1) How good are your particular skills, are
they up to date and are they in demand?
2) If you do possess such skills, how well can you sell yourself?
3) Are you flexible enough to travel distances to work,
and possibly stay overnight?
4) Contractors can be expected to make an immediate contribution
to a project and might possibly be expected to be above average in
terms of their technical abilities.
Working like this can give you a great deal of freedom, the choice to work and when not to,
the higher fee, and the new job at the end of a contract. The cons can be disastrous.
Having to find work, though many contractors find work through agencies such as ours, the irregularity of a
particular skill, no sickness benefit, or paid holidays, running a small business, no guarantee of continuous work.
It can be a grind, not just for you but for your family.
Advantages of Contracting
1) More Money - Due to the short-term nature of the work, most employers are prepared to pay substantially higher rates to contractors than to employees. The employer benefits through savings in holiday pay, sick pay, redundancy etc.
2) Variety - The freedom to change jobs on a regular basis without the formality of lengthy notice and without associated blemishes in career history.
3) Independence - The satisfaction of a feeling of 'self-employment'.
4) Holidays - Not being fixed to set annual holidays. Having freedom to take extended holidays between contracts.
5) Travel - Experienced contractors are marketable in many locations, both at home and overseas.
6) Tax Savings - Possibility of organized tax planning through running your own business. Also, with tax not being deducted at source from your income, you can earn extra interest on your income.
Disadvantages of Contracting
1) Administration - Additional paperwork and day-to-day attention to your affairs is required as you are running your own business.
2) Accountants - It will in most cases be necessary to appoint an accountant who will inevitably wish to charge you for his / her services!
3) Self-Control - Ensuring you have enough money to pay the tax when it falls due.
4) Holiday Pay - You receive no remuneration for holiday periods.
5) Sick Pay - You receive no remuneration when absent from work through illness, although a good Permanent Health Insurance Policy can normally offset this.
6) Security - You are not protected by current legislation offering certain rights to employees.
Our Role
As a contractor you play an important role
within the IT sector, so whether you are an
experienced contractor or first timer, you will
need guidance.
We understand your needs.
A contractor's time is money.
We have trained staff, able to help you with all
aspects of your job, from how you trade, such as
self-employed, or as a limited company.
You may be offered a contract overseas, for which
you will need expert guidance. We have offices
abroad and deal with these problems on a daily
basis.
We understand the uncertainty of contract work,
and recognise the ways in which financial security
can be achieved.
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