The Contracting Basics
Before we begin talking about the best way to manage your business affairs, let’s first discuss the basics.
What is a contractor?
A contractor is an individual who agrees to fulfill the terms of a legally binding contract. As a contractor you will probably be engaged for a specific project or to help a company carry out a specific task.
Companies take on contractors for many reasons including the following:
- Assistance with specific projects
- Covering particularly busy periods throughout the year
- Cover for maternity leave, illness or staff absences
- With a view to future employment
You can expect to provide your skills and time in return for an agreed rate of pay. This is normally an hourly or daily rate, but can be an agreed fixed amount for a specific project. You might also receive weekly rather than monthly payments depending on your contract, agency/client and/or payment structure.
Is contracting a viable option for me?
There are a number of industries and professions, which are well suited to contracting, which include; information technology (IT), education, engineering, policing and security, driving, medical, construction and social care.
But there are no hard and fast rules to who can become a contractor – If you have specialist skills that are in high demand then you can build a successful career as a contractor regardless of your industry or profession.
Research the market
Before you even begin to consider leaving a full time or permanent position you should first research your industry or specific skill set. It is important to confirm that the demand for your specialist skills is there before you do anything drastic.
Researching the market in this way will help you identify:
- If your skills are in high demand
- If you need to do additional training before moving on from permanent employment.
Visit your local recruitment agencies, online job boards, and local newspapers to get a feel for your market. By researching the type of work that is on offer you will get a clear idea if contracting is a viable option for you.
Read on...
More information for a First Time Contractor
Securing a contract – contracting a lifestyle choice
The contract its terms and conditions - how does IR35 Effect me?
Trading options available to contractors - Umbrella or Limited Company option?
Umbrella Company vs. Limited Company - which is best for me?
Contractors Umbrella Company –Umbrella Company - exploring the benefits
Limited Company option - the Limited Company route.
Introduction to contracting – the pros and cons of contracting.
Exploring the pros and cons of contract work – living the dream and avoiding the pitfalls.
Talk to our experts – and get some advice.
For a detailed overview please download JSA's First Time Guide to Contracting.
You may also find the following pages, guides and testimonials helpful.
Our services – How JSA can help you
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.