IT Contractors tend to be highly skilled professionals who plug short-term gaps in projects. Contractors are typically hired on 6 month or 12 month contracts to fulfil a specific role on a project.
Often contractors are better paid than “permanent” employees carrying out a similar role, however there are a large number of things to consider before deciding if contracting will suit you.
Unlike permanent employees, as a contractor you will effectively be your own boss – and sometimes able to choose when and where you’ll work (subject to the strength of the market for your particular skills). It is likely you will be responsible for running your financial affairs (through a limited company, umbrella company, or as a sole trader), and reacting to changes in the supply of contract work.
To become a successful contractor you’ll need to be fairly self-sufficient, able to work on your own as well as in a team. More importantly, you must be able to deal with ups and downs of your income – if you’re lucky you may get extensions and be on the same project for years, but there may well be gaps when you’re out of contract for months at a time. This insecurity is something many people cannot deal with, but others find exciting and fulfilling.
There are many benefits to becoming a contractor – you instantly gain a great deal of freedom and the chance to decide when and where you work. If you choose the right legal structure to work under (limited company, etc.), you’re also likely to pay less tax than a permanent worker.
There are many websites containing helpful information and advice for the IT contractor. Here are our pick of the best:
www.contracteye.co.uk
www.bytestart.co.uk
www.itcontractor.com