Benefits of contracting

The financial benefits of contracting are highly attractive as contractors have the potential to earn more than they would if they were a permanently salaried person in the same role.

For example, the average IT contract rate is approximately £30 per hour (compared to the average IT salary of approx. £25,000 per annum) but rates do vary greatly depending on your skill set, the buoyancy of the market and the location of the contract.   

An additional benefit of Contracting is that you’re much more independent than permanent colleagues and are free to decide when and where you work and for what length of time.

Contracting does have its added responsibilities too. You are generally responsible for finding your own work and have to negotiate your terms and conditions, as well as being responsible for managing your finances, tax and national insurance contributions.