A contractor needs motivation to find work and to follow through on projects they have taken on. If you can ‘get up and go’ without being constantly pushed, you will do well. If you recognise yourself in the below, it is likely to be a good move for you. Tips for being a successful IT ContractorĬontracting can be very lucrative and extremely rewarding, but it’s not for everybody. Fortunately, contractor accountants are specialists in doing this for you. If you don’t keep on track of your finances, you could end up with an unexpected tax bill. You have responsibility for your own finances and administration. A smart contractor will plan for life’s eventualities and set money aside as they work because their clients won’t. Even the most successful contractors don’t always know where they will be in six months’ time. What are the risks of becoming an IT contractor? If a project requires a specialist, a client is far more likely to find one in the contractor pool than in their own organisation. Professional freelancers have a wide range of experience and qualifications. Most freelance contracts have short notice periods and no redundancy pay – compared with a permanent contract, which can be extremely costly to break (especially for senior staff). If the worker’s performance isn’t satisfactory, it is easier for a client to fire a contractor. A client can hire contractors as needed – some projects and responsibilities don’t justify the hiring of a permanent member of staff, but are ideally suited to engaging a contractor, for a few months a year. By taking advantage of the tax breaks available by operating their own Limited Company, professional contractors find that not only do they get paid more than permanent staff, they get to take home more of that money as well! What are the benefits to client?įlexibility. By frequently working on new challenges, in new sectors, with new people and in new workplace environments, a contractor’s skillset can develop much more quickly than a permanent employee’s. When negotiating a contract, you can often specify working times or a limited number of hours.īroader experience. Contractors choose their clients and can turn down jobs if they feel they are unsuitable. This is due to the temporary nature of the work, the specialist skills a freelancer has and the difficulty of finding experienced staff in some sectors. Contractors are paid more than permanent staff. The benefits of becoming an IT contractor You will either be paid hourly, daily or in lump sums at project milestones.Īs a contractor, you are selling your particular skills, for a particular project and your reputation will live or die on whether you can deliver. A typical contract will range from one to six months, although contracts often run longer.
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