Is Contracting worth it? - What do you thinK?

[TwoWolves]

To be honest I don't think Contracting is what it used to be. Been at it for 12 years but since IR35 and the downturn in rates its not as lucrative as it should be. If you are lucky and have just the right business specialisation you can come out on top but the tea-party is over I suspect.

[Fungus]

The big plus is the broader experience. Like most contractors, I've worked at many different firms and places, and with loads of different people.

There are downsides. I don't take as many holidays as I should, and looking around for new work at the end of a contract can be a pain.

Yeah, I've done far more interesting work as a contractor. I was even taken on by a telecoms company with no telecoms knowledge, and allowed to learn on the job, as they were confident I could hack it (sic). A PhD in theoretical physics from a major UK university probably helps.

Also, as a permie I found hard to take unplanned leave. Last year my mother fell seriously ill, and as a contractor I was able to take a week or two off to visit her 200 miles away in hospital. That meant a lot to me as soon after she went in for major surgery and didn't survive. That's the sort of experience that makes me glad I was contracting.

Leif

[Chico]

Fungus

My belated condolences.

[sappatz]

contracting

as for holidays, you are sometimes better off as a perm
some clients consider contractors as workaholics or IT-bods who dotn need any holidays during the year. Another soluton is to avoid those clients.

however as soem others have said IT contracting sucks, other forms of contracting may be worthwile.

[DirtyOldMan]

Oh dear oh dear, this topic is waaay too serious....

Here's Carol

[Mustang]

Hell yeah!

I am coming to the end of my first year as a contractor and have had 2 contracts during this time. I am far better off then when I was a permie. Financially I am about the same as when I was a permie as I had "set up costs" to buy laptops, printers, stationery etc etc and had virtually 6 weeks off this summer (to get married). The big difference to me is that I am excited now about going to work and, according to my wife, look more relaxed and look as if I am enjoying it.

There are the downsides of staying away from home or long commutes or the attitude of permies but they are far outweighed by the benefits (even taking into account the huge learning curve in my first year!)

Bottom line for me: being a contractor provides a better quality of life!

[malandri]

Nice to hear this! The one thing i do not understand is that some people state that NI and IR35 are avoidable. How is this possible?

[threaded]

Nice to hear this! The one thing i do not understand is that some people state that NI and IR35 are avoidable. How is this possible?

In much the same way as being hit by a bus is avoidable: just don't get in the way of one!

Tch, kids!

[Lucifer Box]

Nice to hear this! The one thing i do not understand is that some people state that NI and IR35 are avoidable. How is this possible?

As Dawn Primarollo says, IR35 does not affect "real businesses". Are you a "real business"? If so, no need to pay IR35. The Paymaster General herself said so.

[ratewhore]

In much the same way as being hit by a bus is avoidable: just don't get in the way of one!