Contracting is becoming ever more popular in Ireland. More people, particularly in technical roles, are foregoing the security of a permanent role and embracing the excitement and change of pace that taking a contractors role can bring. But why are people moving from a position of relative safety to a position where the future can sometimes seem uncertain? Why do people want to contract? There are a number of reasons for this and we will explain them in the article.
1. Increased income – Having a permanent job is great but you will earn less in a permanent role than a contracting role. In effect, you are paid a premium for being a contract which is normally reflected in the day rate you receive. You can also write off considerably more expenses particularly when you have your own limited company.
2. Increased flexibility in your working world – If a contractor doesn’t like a role they can easily find another 1 if they are good at what they do. There isn’t so much of a stigma if a contractor moves every 6 months for new roles or more money. The same cannot be said of someone who has a permanent role – with this loyalty is expected and spending at least 2 years in a role is the norm.
3. Be your own boss – Contractors are often the type of people who don’t do office politics and don’t want to climb the corporate ladder. They are happy staying out of all of that and just want to manage themselves and their own career on their own terms and effectively be their own manager.
So we see that, in effect, contractors have a different point of view than PAYE workers and want to manage their careers on their own terms in a nimble, flexible and proprietary manner.
Accounting Pro is Ireland’s premier contractor accounting service. We are here to help, the busy contractor and company, with all your accounting and payroll needs. We are both an umbrella company and umbrella corporation and we can create your limited company. We are experts in contractor pensions, contractor health insurance, illness and sick benefit for the self employed and contractor expenses. To learn more about what we do please review https://www.accounting-pro.ie/ and contact us by email: firstname.lastname@example.org or phone us 01 6933370. For the UK see Accounting-Pro UK. “The Contractor’s Point of View” is an article written by Accounting-Pro Ireland for the benefit of everyone. Feel free to share it but please give attribution on a CC BY-SA license.