State of the Market

[Cirrus]

After all, I am a person running a business

And we all thought you were a contractor

[DevUK]

Sorry to hear and glad you got through it. I wasn't around at this time so can't comment but for me it's been a good run of outside gigs. I would say we've had more security than perms but it's all gone spectacularly tits up. The market for outside gigs has well and truly gone so new thinking is required. I've always been open to perm and inside should it suit me so never been a contractor or death type. Obviously nothing beats outside gigs when the going is good. It's not anymore which needs a change in thinking. Anyone that will never do an outside gig or perm is going to be in real trouble or look a bit foolish when they end up taking inside/perm, which they will.

The smart contractor will understand what is going on and adjust to suit, be it an inside or perm gig, shut the company should it be beneficial to do in the long run. Adapt and survive is the motto here. Yes don't knee jerk and shut the company but if it makes sense to do so then go for it. So, as a poster mentionld, you may end up inside for only 6 weeks. So be it, you then do what you need to.

IMO there is no place for absolutes in this day. Knee jerk shut the company because you are inside, never take an perm gig etc are old thinking.

Best post/insight I've seen on this forum in weeks.

[perplexed]

Best post/insight I've seen on this forum in weeks.

Utterly agree.

Right now, my view is some clients have adopted a knee-jerk reaction. Contractors adopting a knee-jerk reaction just compounds clients mistakes.

Savvy clients doing things right with correct assessments will have competitive edge over those making incorrect blanket assessments of Inside.

The important thing is riding the storm. If that means taking short term Inside gig to get through next few months... that's still money and after all bills still need paying.

I suspect quite a few permietractors will return to permiedom. I can also see many of those clients making blanket statements will look at the way competitors benefitting from their mistakes and performing correct assessments. Down the line, can see opportunities.

[BritishLad88]

im putting my ltd co. into dormancy & pay a small fee annually (£100) to my accountancy whilst exploring my options out there be it inside or outside or perm or retirement. if outside great, i'll just start trading again with ltd co.

[VirtualMonkey]

My client went knee jerk and blanketted all contracts inside from April 6th. They also will be ending my contract early as it overran the cutover date. Actually that suits as I will be paid up before the deadline and can move on.
I'm going perm for a bit. Have a bit of stability, get some training for free, etc.
My company year end is just before the end of the contract so I'll leave it open for the next year and put any other work I do through it before making a decision on closing or not. Hopefully in a year the market conditions will be more readable and I'll know if contracting is dead or just sleeping

[GhostofTarbera]

My client went knee jerk and blanketted all contracts inside from April 6th. They also will be ending my contract early as it overran the cutover date. Actually that suits as I will be paid up before the deadline and can move on.
I'm going perm for a bit. Have a bit of stability, get some training for free, etc.
My company year end is just before the end of the contract so I'll leave it open for the next year and put any other work I do through it before making a decision on closing or not. Hopefully in a year the market conditions will be more readable and I'll know if contracting is dead or just sleeping

Remember to hold your additional tax owed for this inside contract in an separate account or just pay up now


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[dx4100]

Best post/insight I've seen on this forum in weeks.

Yeah agree...

I have taken an inside gig, will take the free training, extra money coming straight into my account (rather than leaving a big portion sat in company accounts) etc...

Its not all bad and for me is a better choice than perm. Will keep company open for now while I see how markets reacts. But anyone stood around stamping their feet saying its outside or nothing may well just get their wish.

Contractor or not you don't want big gaps on your CV.

[uk contractor]

I'm prepared to burn a grand or so of accounts fees, insurance.

After all, I am a person running a business, not an individual with a structure behind them as a means to an end... right?

Good luck but I did that several times when the job market was bad & wish with hindsight I just shut them down early & banked those thousands instead for a rainy day! Its so easy to open a new ltd company for nothing I would advise everyone to close theirs rather than put dead money into accountants back pockets!!

[eek]

Good luck but I did that several times when the job market was bad & wish with hindsight I just shut them down early & banked those thousands instead for a rainy day! Its so easy to open a new ltd company for nothing I would advise everyone to close theirs rather than put dead money into accountants back pockets!!

This - opening a new limited company takes 1 hour max and costs from £10 depending on who you use.

[KinooOrKinog]

Good luck but I did that several times when the job market was bad & wish with hindsight I just shut them down early & banked those thousands instead for a rainy day! Its so easy to open a new ltd company for nothing I would advise everyone to close theirs rather than put dead money into accountants back pockets!!

But surely you can't open another ltd within two years I thought?