First Time Contractor Guide
Thinking about becoming a contractor but can’t decide if it is the right option for you?
Entering the world of contracting can be both exhilarating and daunting at the same time. Being your own boss and managing your own business can be enormously beneficial but it has its drawbacks too.
Before you make any significant decisions you should take the time to consider your options carefully.
The following pages will give you an overview to contracting for the first time and help you understand the options available to you.
For a detailed overview, please download a free copy of our comprehensive First Time Contractor Guide.
Exploring the pros and cons of contract work
Living the dream and avoiding the pitfalls
Thousands of professionals are living the dream by taking charge of their lives and their careers. As a contractor you have the potential to earn significantly more money than a permanent employee - you are probably already working with contractors that are carrying out similar roles to you but who are earning substantially more than you.
This said - it is important that you don’t get swept away by the prospect of making money, without first considering both the advantages and disadvantages of contracting.
Let’s examine the advantages and disadvantages of working as a contractor.
Advantages
- More Money - Contractors typically earn more money than a permanent employee
- More Experience - As a contractor you can expect to build up a greater set of experiences
- More Flexibility – more control over where and when you work.
- More Control – clients are usually more amendable when it comes to your daily working hours and taking more time off, simply because they don’t pay you when you aren’t working.
- More Training Opportunities – full control over self-training. If you want to go on a training course you can.
- Less Office Politics – contractors don’t need to network their way to higher positions and get involved in day-to day politics.
Disadvantages
- Less security - Contractors are not protected in the same way as employees
- Uncertainty - there are usually no guarantees of another contract when your current contract ends
- No company perks - As a contractor you won’t receive any company perks, such as medical insurance or a company pension.
Read on...
More information for a first time contractor
The Contracting basics - what is contracting and is it a viable option?
Securing a contract – how to secure a contract
The contract its terms and conditions - how does IR35 effect me?
Trading options available to contractors - Umbrella Company or Limited Company option?
Umbrella Company vs. Limited Company - which is best for me?
Umbrella Company option – what is an Umbrella Company - exploring the benefits?
Limited Company option - setting up a limited company all you need to know
Talk to our experts – and get some advise.
You may also find the following pages, guides and testimonials helpful
Accountancy Services - exploring the Limited Company Route
A guide to IR35 – what it means and how it affects you
Case studies – find out what our current clients have to say about JSA
Request a call/email back – we can call or email you back at a time that suits you
Talk to one of our experts
Register your interest online now.
Email our advisors at newenquiries@jsagroup.co.uk.
Or call free phone 0800 25 26 40