IR35 Contracting: Why You Should Work As Contractor In The UK!
Today, we will discuss the potentials of contracting work in the UK or IR35 contracting work industry.
Every country in the world is facing a difficult challenge. We as one world are all facing a global challenge in the form of the COVID 19 or Corona virus epidemic. While each country is trying to take all sorts of precautions and their own resources are all operating in 100% capacity to tackle this, the middle class or the working class is also fighting the hardest.
In addition to the everyday challenge of earning an income for normal living expenses, there are many downfalls to the COVID 19 precautions such as the loss of work and as a result loss of income. For which, the working class is most hard hit as they simply earn enough to get by each day. While we hope and pray that all ends well for us, it is a concern on how you are going to make a living in the United Kingdom at present or in the near future.
So, let’s begin our guide to IR35 contracting work in the United Kingdom in 2020.
Why Consider IR35 Contracting Work In The UK
Most of the working people in the United Kingdom are simply not earning enough from their respective jobs. No matter what the industry, or experience of an employee, the worldwide recession has been heavy in UK and the recent COVID 19 epidemic is also making a big impact.
So, a lot of people are being made redundant, laid off, reduced hours from their full-time jobs. As a result, many people would usually leave their full-time jobs to enjoy a slice of extra income through IR35 contracting. But IR35 contracting is not just a simple and easy way of income. You must be capable with a very in demand set of skills or services with clients or a company that will hire you for it. Before the lockdown, with the IR35 legislation review pending in April, this was going to be a heavy impact on IR35 contracting freelance workers.
But with COVID 19, the IR35 contracting work industry has become even more so unpredictable, like everything else in the UK at the moment for both businesses of small & large scales. Regardless, the following are most appealing advantages of IR35 contracting work as opposed to traditional employment:
- high income potential
- work as much or as little as you want or need
- choose how to work, when to work with complete flexibility
- short term contracts without any binding long-term commitments
Switching to start in the IR35 contracting work industry is appealing but can also be highly intimidating. This is because you will not be aware of IR35 legislations, Contractor Corporation Tax, and many other legal matters.
The Way To Succeed Through IR35 Contracting In UK
In IR35 contracting, you will definitely hear or see more stories of struggle, failures, etc. than you will success stories. This is not only natural, but also the reality. This is because starting to independently work is not an easy task and without guidance you are more than likely to experience a lot of failures.
The following are some IR35 contracting work tips to ensure that you are proceeding with the maximum chance of success rather than failure:
- Always deliver your work: in IR35 contracting work, if you do not deliver your work then you will never become a good contractor. You do not need to over deliver or over promise, simply deliver what is expected of you. Regardless of the quality of your work, if you deliver on time that will be an advantage and as you gain more experience, your work is of course likely to improve in quality
- Always charge a fair price: do not ever try to take advantage of a situation or a client by charging them more than what is the fair price. Charging a fair price will ensure that client will call you the next they need something. Regardless of your service quality, it will always be an advantage for you over others if your services are fairly priced – turning every client into a potentially long-term client. So, do not over charge & do not charge too low either, which is why we say a “fair price”.
- Always value both your time & your clients’ time: ensure that you are using your time wisely to learn new things, network with other contractors, and work at a fair pace. Do not think about taking longer to do a work just for the extra pay. Make sure all jobs take just as much time as it needs – not more & not less. Be thorough and invest in improving your skills and work on getting into a good network of contractors.
- Always enjoy doing the service you offer: this last point is for you if you want to build a career in IR35 contracting, then you need to enjoy your work. If you do not, then it will be reflected on your working style and efforts. So, to become a long-term worker in the IR35 contracting industry, learn to love the work you do.
Important Facts About IR35 Contracting In UK
Introduced: April 2000
Reformed: April 2017
Scheduled Change: April 2020 (unconfirmed due to COVID-19
Final Thoughts On IR35 Contracting Work In UK
So, at the end of it all, or at the beginning of your IR35 contracting career, you need to aim for a long-term. Do not think of it as a job on the side which you do every chance you get, rather treat it like the career that it is and you will enjoy the financial freedom & security in the long run.
You can visit our website to learn about the latest news on IR35 legislation, umbrella companies, IR35 contracting work, limited companies, etc. everything you need to make your contracting career in the United Kingdom a success.