At ClearSky Contractor Accounting, we’re really pleased to see that millions of people up and down the UK have made contracting a way of life.
While an increasing number of people are enjoying the benefits contracting brings, there are unfortunately some myths doing the rounds that could put you off making the leap from “permie” employment.
That’s why we’ve created our contracting myth buster to help you separate fact from fiction.
Contractors don’t have job security
In today’s working environment, people are becoming far more comfortable with leaving for pastures new if they believe the grass is greener – making the idea of a ‘job for life’ pretty outdated.
After spending years perfecting their skills as a permanent worker, many individuals see contracting as the next stage in their professional career – and who can blame them? That’s because a contractor’s WorkStyle gives them the chance to experience a variety of new assignments and enjoy a better work/life balance.
You shouldn’t have to worry about finding work either, as research shows that UK businesses are increasingly turning to contractors to obtain short term access to key skills – good news indeed!
Contractors don’t earn more than permanent workers
Not true! In reality, you’ll be able to earn considerably more as a contractor than people in “traditional” employment. In fact, if you have an in demand skill set, you could boost your earnings even further!
As a contractor, you can take on a number of assignments at the same time and at different rates. This is different to permanent workers who work for the same company for a set salary.
In addition, you’ll have the chance to claim legitimate business expenses – as long as they’re incurred during the course of an assignment. From accommodation and travel, to stationery and electronic equipment, these charges could add up to hundreds of pounds every month.
For more information about expenses, check out our handy guide for more information on what you could claim for.
Contractors’ skills become outdated
As a contractor, you can keep your skills up to date by taking regular training sessions. So long as they’re relevant to your assignments, you’ll even be able to claim for the cost as a legitimate business expense!
What’s more, if you keep an eye on the latest trends and developments in your industry, you could end up receiving a healthy rate of pay.
It’s too complicated to become a contractor
While it’s true that there’s a certain amount of admin to complete, especially as a limited company, the good news is that you won’t have to go through it alone. By joining a specialist accountant, such as ourselves, you’ll receive expert advice to help you along the way.
This will help shoulder your admin burden, leaving you free to concentrate on what you do best – how’s that for peace of mind?
There’s too much legislation to get my head around
OK, so there is a bit of truth to this one. It can’t be denied that contractors will have to deal with a lot of different rules and regulations during the course of their career, especially with the upcoming IR35 reforms to the private sector in 2021. But thankfully, help is at hand.
If you work with a specialist accountant, they’ll guide you through what you need to know and make sure you remain whiter than white at all times.
Why ClearSky Contractor Accounting?
If you’re considering making the leap to contracting, we’re the ones to trust. We’ve helped thousands of professionals ditch permanent employment and take more control of their career.
We’re on hand to provide expert advice whenever you need it, and are committed to helping you stay on the straight and narrow. This lets you get on with what you do best, safe in the knowledge that we’re with you all the way.
We hope that this guide has helped clear up some of the myths and help you see that contracting is the way to go. If you’d like more information, or want to sign up, please call 0800 464 0382 or email firstname.lastname@example.org.