What could a 'Brexit' mean for IT contractors

The UK's longstanding relationship with the EU is in the balance as the country gears up for the EU referendum which will take place this June. The vote has the potential to be hugely divisive, and even expert commentators, such as the governor of the Bank of England Mark Carney, are shying away from making any firm predictions.What could a 'Brexit' mean for IT contractors?

What is clear is that any change to the status quo, such as a decision to leave, will have some financial impact, but those on either side of the debate are offering conflicting ideas of what form that might take. While the current campaign race appears to be too close to call, there are plenty of ideas on what life will be like if the UK does vote for a Brexit.

Although there has been some concern that the uncertainty over the potential outcome of the referendum, the impact of the waiting game has so far proved relatively insignificant as businesses are continuing to recruit flexible workers from the available pool of UK contractors.

Indeed the financial services sector may well benefit from the David Cameron's announcement following his negotiations with the 27 EU member states that the industry will enjoy new protections including a range of guarantees from the City of London.

Many pro-Brexit supporters believe that leaving the EU would require a series of bi-lateral treaties to be drawn up which could see new agreements on trade which would benefit contractors. They believe that a Brexit wouldn't affect the UK's substantial export market, and that savings could be made by no longer needing to contribute to the EU.

Those who are against leaving the EU are not so sure, with the Confederation of British Industry and a number of IT contracting clients keen to ensure that the UK stays in the EU in order to ensure that workers are not restricted as to where they can operate. They are also keen to avoid the inertia in the jobs market which could be a possible outcome of a Brexit and the subsequent need for legislation to be drafted to deal with the change.

If you want to know more about what it's like to work for yourself, then our guide to being an IT contractor is a great place to start. We also have plenty of other information about being your own boss, including a FREE 60 page guide to running your own limited company and contractor case studies which go into more detail about what life is like when you go it alone.

If you are considering contracting as a career, but have questions about how it could work for you, our friendly team is always on hand to help, so call us today on 01442 275789 or email newbusiness@sjdaccountancy.com for more information.

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