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Post by Simmy on Jan 4, 2016 12:43:37 GMT
Anybody got any experiencing in Contracting work and if so would you recommend it?
Being honest, i'm very nervous about contracting but the money that can be made in it seems ridiculously good. I mean, I have a mortgage and a family to provide for now so I don;t want to be in a position 6-12 months down the line with no job and a bank account that is emptying by the day
I'm desperate to start making more money. I'm in a secure job on a reasonable salary working in the financial industry with various amounts of experience within the bank. I would obviously be looking to do something within the same area because it's what I know
Thing is, I don't know where to start, I don't want to be sitting on the phones to general public. I know a few folk who have done it and they love it and I will be speaking to them but I just wondered what everyone's thoughts were. Worth pursuing?
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Post by drj1956 on Jan 4, 2016 12:55:21 GMT
I am doing it at present Simmy. It does make it more difficult to get loans etc especially if you are on constant short term contracts. Its also not as big a thing up here as it is down south. I can sometimes go a few months betweem contracts but as you say the tax benefits of either setting yourself up as business ( I havent) or going through an umberella company are pretty lucrative. If the work in your area is available then go for it but if not then you may have problems. Personally I would rather be in full perm employment it just so happens that most of the jobs I apply for are contracts, maternity cover etc. Not sure I would risk it with a mortgage though.
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Post by Simmy on Jan 4, 2016 15:22:52 GMT
yeah that's what makes me nervous. but the people I have spoken to about seem to love it and haven't had many problems (or they're just no telling me) haha
I'm going to dip my toe in the water anyway and see what's kicking about. Desperate to start making more money, as we all are
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Post by waynesbrain on Jan 4, 2016 16:09:16 GMT
I've been contracting for years simmy, tho in an entirely different field to you. The rewards are there if you are prepared to take some risks. I'm fortunate in that my mortgage is paid off and I am single so only have myself to consider when weighing up my options. As has been mentioned, loans and credit are hard to get due to the impermanence of your position. I've been lucky in that I've been able to travel the world with my job, I'm assuming that's not an option for you tho. You will find that you get treated very differently from permanent staff too, you'll also be expected to do more. The thought process being "if we're paying him that much, he can bloody well work for it". It's definitely not for everyone, but you can give it a go for a couple of years, see how you get on. You can always return to a permie job if it doesn't work out.
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Post by Dedrokstar on Jan 4, 2016 18:43:33 GMT
I did a lot of this in the 90s Simmy - Stressful but rewarding! As Wayne says they'll make you work but will also provide the resources, and the freedom, you need to do the job. I also found, admittedly a long time ago, that if you're willing to take the plunge the quality of work you get offered is often better than permanent roles. But don't stay in contracting too many years if you want to get back into permanent work - some potential employers can be a bit scared of someone who has proved they know what they're doing.
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Post by heartofoak on Jan 4, 2016 20:01:50 GMT
Simmy, I guess it comes down to a few realities: Do you work well when not an employee, managing your own schedule maybe or not getting all the company employer resources? Will you seek work by calling or contacting business friends or work through an agency? What is the plan to get work? You are essentially your own business are you set up to track taxes and or manage your own liability, would any contract make you liable for something not done or missed? Read the fine print and some good advice above too from SnSrs. I hire contractors in the financial sector but they have to come thro an agency so I can have some level of skill or background on each one before they start.
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Post by meldrumjambo on Jan 5, 2016 8:12:20 GMT
I've also been contracting for about 30 years. My advice would be to get a good accountant who's familiar with your line of work, and do everything by the book. Pay your VAT & taxes on time and don't take any liberties or dodgy advice about tax dodges etc. There are a number of legit ways to take advantage of the tax system, and your accountant should keep you right about these. Lots of advantages in working this way, and, if you're lucky, the only downside is the amount of notice you get when it comes to layoff time.
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Post by SteelerJambo on Jan 5, 2016 8:17:47 GMT
I work in IT in the financial sector, although I'm permanent, I have worked with a number of contractors. In our place, we can only recruit through certain agencies, so that would be something to consider. I'd speak to contractors you know, find out what agencies they're with. A few had to change agency when their contracts were renewed just because the company stopped dealing with the original ones!
In terms of taxes, etc. One guy set up a limited company, and essentially paid himself minimum wage and dividends. Now, I'm no accountant, so I couldn't say if that was the done thing, or what other implications it had. But I reckon this would be the biggest challenge.
Good luck, whatever way you decide to go though
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Post by Simmy on Jan 5, 2016 8:48:56 GMT
Thanks so much guys, really appreciate your input. Spoke tot he wife last night and shes also a bit nervous about the whole thing. I have spoken to one guy I know quite well about it and will be speaking to a few more. Waiting to hear back from a couple of agencies to have a quick chat about my options.
it's one of many options I am thinking about right now. I mean I am comfortable and happy where I am but the money that can be made will give me a better footing to provide more for the family. Holidays, cars etc.
once again though, thanks very much
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Post by meldrumjambo on Jan 5, 2016 9:31:25 GMT
There's no doubt it's a big step Simmy, but the one thing 99% of all contractors say is "I wish I'd done it years ago".
All the best anyway.
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Post by Simmy on Jan 5, 2016 12:40:57 GMT
Kind of getting that feeling now. so many folk took the gamble years ago and I turned my nose up at it thinking it was far too much of risk. ironically, I have more at risk now but can see more of a benefit to it than before.
plenty to contemplate
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Post by drj1956 on Jan 5, 2016 18:58:44 GMT
What is your area of expertise simmy?
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Post by Simmy on Jan 6, 2016 8:28:54 GMT
Finance mate. All personal banking stuff but right across the board, loans, savings, credit cards etc
I'm currently working for a financial organisation in more of an IT role but not in the sense that I am running projects or fixing IT issues. I'm more to do with User's Access management to Key Financial systems within the organiation
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Post by drj1956 on Jan 6, 2016 11:43:20 GMT
The reason I ask is the number one rule must be that there is a market for your services that isnt being/or it isnt prudent to be met by clients own staffing group.
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Post by baldbobby on Jan 6, 2016 13:16:03 GMT
The reason I ask is the number one rule must be that there is a market for your services that isnt being/or it isnt prudent to be met by clients own staffing group. In other words the tax man will be watching!!
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