Let's be honest, everyone has had an idle dream or two about becoming their own boss one day. Which begs the question; why isn't everybody doing it? Maybe its because making a big life change is hard? Maybe it's the fear of leaving a secure job to take a chance on yourself?
It can be difficult to take a chance on yourself and make the plunge, however there are definitely some indisputable advantages to becoming a contractor and here are some of the advantages laid out for you.
Contracting is consistently gaining more mainstream popularity especially with those who find traditional employment doesn't fit well with other parts of their lives. One clear example is family commitments.
Knowing that you have the knowledge and skills required, that are in demand, the freedom to set your own working hours and still be paid at the high rate can be very gratifying experience.
Alternatively, if you decide the weather is fantastic and you're going to pop down to the beach and make the most of it, you are free to do so with the knowledge you can make up the time at your convenience.
Tax Allowance Expenses
As a self employed individual, you will be able to claim business related expenses. If you are working from home, you might be able to claim a proportion of costs which will decrease your tax bill.
You will also be able to claim back on things such as travel, office supplies, equipment, training course and mobile phone expenses. The general rule to adhere to is that if the expense is uncured wholly and exclusively for the purpose of the business, you will be able to claim these expenses.
In essence, claiming allowances and tax relief can help you maximise your income and reduce your tax liability.
If you have been working as an employee, you may have had frustrations about not pursuing what you love or being asked to work on projects that are not suited for you. We are not saying that contracting will eliminate this problem, however it will allow you a lot more control of what business you decide to take on. If you think it wont be a good fit for you, you do not have to accept the work.
Finally, you will have the executive control over your entire enterprise. The fact that you are in charge of all major business decisions means you will be more deeply involved and passionate about your work which is a great way to drive results and increase job satisfaction.