If you’re currently in permanent employment and you want a career which gives you more control, contracting could be for you. Moving from permanent to contracting is a big step, but it doesn’t have to be difficult. And with the right insight and advice, it’s easy to get your limited company up and running in no time.
To help you make the transition easy, we’ve put together a handy step-by-step guide which covers everything you need to know if you’re considering moving from permanent employment to contracting and the different ways you can choose to operate as a contractor.
What’s in the guide?
We’ve broken down all of the information to make your transition easy to understand. We’re here to help make sure you hit the ground running. Inside, there’s a wealth of information to get you started, including:
- Umbrella or limited – what are the different avenues of operating and which is best for you?
- Getting set up – how do you form your own limited company?
- Take home pay – how much could you earn and are there any ways to maximise your income?
- Growing your business – how should you approach employing more staff and establishing a strategic plan for your sales and marketing?
Should I move from permanent employment to contracting?
There’s a lot to love about being self-employed - contractors and freelancers generally enjoy a better work-life balance, earn more money and enjoy more freedoms than their counterparts. But the decision isn’t always an easy one.
Some of the benefits of becoming a contractor include:
- Experience - Contracting allows you to learn different skills and gives you more control about the kinds of projects you want to take on.
- Take-home pay - As a contractor, you can negotiate your take-home pay, meaning you will generally earn more than you would as a permanent employee. As a limited company director, you can also benefit from tax efficiencies and claim a variety of business expenses.
- Work-life balance - you can enjoy more control about when and where you work.
Contact SJD Accountancy
We've been providing expert accountancy advice and helping contractors to focus on doing what they do best since 1992.