Contracting for the first time can be an exciting new challenge and adventure in your career. There are advantages to contracting within every industry sector, including greater opportunity for skill development, increased flexibility and financial rewards. As you develop your contracting career, you will find that a wider range of contract work becomes available to you and you will acquire skills and experience working with various clients. In this sense contracting becomes your business.
Contracting is different to permanent employment, as you have the freedom to choose how you will be paid. It’s important for you as a contractor to set up your business so that you remain compliant with tax regulations set out by HM Revenue & Customs (HMRC) whilst also increasing your take home pay as much as possible.