One of the greatest attractions to being a contractor has always been the extremely strong value of contractor rates. Contractors can typically take home a far higher percentage of their earnings when compared to the more permanent employees of a company, and these generous rates are in large part down to the extremely in-demand skill-sets that are possessed by contracting individuals. Recently though, an article in HR Magazine has scrutinised the exact nature of these rates, and apparently contractors in the South East of the UK are actually earning an astonishing three times the national average.
Apparently, the top 100,000 contractors operating in the UK are commanding rates of approximately £80,000 a year, and London was, perhaps unsurprisingly, the focal point of these lucrative opportunities. Interestingly, the article in question further discusses how the old perception of a ‘job for life’ is becoming ever more irrelevant, and more and more people are now electing to explore the more fluid and flexible sector of self-employment. In bygone years, self employment – and thus contracting – was often seen as a somewhat risky enterprise, but the huge number of self employed workers in the UK suggests that this notion has now been fundamentally reversed.
As mentioned, the wealth of expertise that specialist contractors usually possess enables them to command significant respect, and this means that a lot of the highest paid positions in the UK are being filled by such people. More employers are turning to contractors to meet their needs, and in turn contractors are being attracted to the greater prevalence of opportunities that boast higher rates. It’s fair to say that contracting is an extremely rewarding way to earn a living, but it is not without its pitfalls. At ICS, our business revolves around assisting with how a contractor can be paid, and we consider our services to be an invaluable asset to such individuals.
What makes us different is the sheer depth of our experience of the marketplace and are commitment to compliance.. Our range of services include an umbrella company service, which is a great option for those new to contracting or completing short assignments whilst our Limited Company Service may be ideal for those that plan to be a contractor for the long term. If you want to talk through your options and find out more about our services, please email the team on email@example.com or call 0800 195 3750.