Contracting for IT services is becoming increasingly popular due to its appealing nature. Higher take home pay, being your own boss, work freedom and less office politics are just some of the advantages of IT contracting. Particularly in today’s society, with outsourcing becoming more standard practice, IT professionals are reaping the benefits of the contracting world.
The only downside to contracting for many is figuring out how to handle your own finances. Should you go it alone or choose to work with an umbrella company?
All taxes and NI is calculated and deducted by the umbrella company prior to you receiving your money, saving you the hassle of working out your tax and avoids any potential issues that may arise if you’re handling your own taxes.
Healthcare locums benefit from the flexibility of their work life. Working in the medical industry can lead to long shifts and not much time in between. This is one of the main reasons that many healthcare professionals turn to contracted work. With the ability to choose your own working hours and the distance you’re willing to travel, it’s easy to see why many are making this choice.
But, just because you’re choosing flexibility and variety for your working life, doesn’t mean you should settle for inflexible wages. An umbrella company handles all the finances for you, meaning you get paid on time, every time, without the need to chase up outdated payments. Leaving you with more time to get on with the important stuff.
Professionals from the engineering industry are increasingly taking the plunge and opting for contracted employment. Working for yourself allows more flexibility and offers the opportunity to grow your network of contacts, potentially proving useful for future ventures.
Whether you have a long or short-term contract, an umbrella company can help you get on your feet in the complex world of self-employment. But, with so many umbrella companies out there, it can be hard to decide which is the best one for you. An umbrella broker takes the pressure off you even further, finding the ideal company for you and handling everything.
The oil and gas industry is under constant scrutiny, with uncertainty surrounding permanent work within this area. For this reason, and many others, workers within this industry are becoming increasingly interested in contracted work. Self-employment appears to be a safer, more stable alternative than working for bigger companies recently.
However, the tax and risk assessment involved in working within the oil and gas trade can be complex and overwhelming. An umbrella company can handle all these complexities for you, reducing the added stress of working for yourself. As well as dealing with all paperwork, they make sure you’re paid on time and deduct any tax or national insurance before payment, leaving you free to enjoy your spare time.
Working within the social care industry is equally as stressful as it is rewarding. With long working hours, unpredictable call outs and an emotional strain, it’s clear to see why many are opting for contracted work. With the freedom to choose cases and working hours, self-employment is an obvious choice for many.
However, even when working for yourself, working within the social industry grants little free time to employees. Make the most of your time off with an umbrella company, taking care of everything so you don’t have to. From handling finances to dealing with messy paperwork, umbrella companies take away any added pressure from an already stressful job.
Experts in the legal industry can all benefit from contracted work. Whether you’re a lawyer, solicitor or legal writer, the freedom and mobility that comes with contracted employment is a huge opportunity. Whether there’s a once-in-a-lifetime case overseas or you’re tired of doing the same type of work every day, contracting could be the ideal choice for you.
Opting to work with an umbrella company can benefit contractors in a variety of ways. One of which is the money you will save on taxes. Using an umbrella company to ‘run’ your business will save you a considerable amount of money, as well as allowing you to claim back work expenses.
No one understands the complexity of money more than finance contractors. They know how important it is to get their taxes right, and to be paid regularly and on time. But, even the most diligent of finance contractors may be in need of some guidance at times. After managing clients’ finances all day at work, it may be a relief to know that your own wages and taxes are under control.
Accountants, auditors and financial advisors are already inundated with paperwork for their various clients and so the last thing you want is to add to the ever-growing pile. An umbrella company takes care of all the paperwork for you, easing any added stress.
From advertising to journalism, contracting is a popular type of employment for those in the creative industry. With contractors getting paid more money, having more choice over projects, increased creativity and getting the desired recognition – it is easy to see why many creative employees are choosing contracted employment.
For first timers, it may be better to test the waters with a reputable umbrella company before permanently committing to life of self-employment. If you’re unsure about contracting or are simply using it to fill a gap in between jobs, an umbrella company is the perfect solution as there is minimal input required. Simply submit your time sheet and expense claims to the umbrella team and you’ll be paid regularly.
Self-employment is on the rise, with more and more construction workers choosing to go it alone. Whether you’re a quantity surveyor in need of more flexibility or a project manager wanting to take more responsibility for the type of work you’re undertaking, contracted work could be the ideal solution for you.
Make the most of all the benefits of working for yourself, but without the added stress of handling your own finances with an umbrella company. They will handle all taxes and national insurance payments, ensuring you’re always on top of your finances. They also take away the stress of chasing late payments, and any awkward conversations about money will be a thing of the past.
Rated excellent by our contractors
Ⓒ 2024 Umbrella Broker | All rights reserved