SJD Accountancy

Money and work prospects are the reasons for people turning to contracting

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According to a recent survey by Paraplus, nearly three in five contractors say that the possibility of earning more money and getting more work, are the main reasons for joining the contractor world.

Paraplus surveyed 2,000 UK contractors about why they decided to adopt the working lifestyle and the challenges they face.

The results found the top answers involved additional work and money as their main reasons for becoming contractors, with 35% believing that they would get more work, and 24% saying they thought they would earn more.

With regards to the concerns of contracting, 36% said that being unable to earn a regular income was a bit of a worry, as was finding regular clients (24%).

The report also revealed that the top source for finding contracts was through recruitment agencies, with a third of contractors agreeing with this.

Phil McDonald, Managing Director of Paraplus, said of the findings, “What is clear is that people are making a career choice to go freelance.  Self-employed individuals have flourished throughout the recession in the UK, with around 40% of all news jobs since 2010 being created by freelancers and contractors, according to the Trade Union Congress.

“Working as a freelancer means that the onus is on the individual to manage their relationship with Her Majesty’s Revenue and Customs, and this must be addressed from the outset.  When it comes to managing your pay and being tax compliant, ignorance isn’t an excuse.”

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