looking to get in to contracting

[ladymuck]

Always pay all taxes on time, not just VAT.

Yep!

Although VAT, being more frequent, is an easy one to let slip if you're not on top of things.

[kaiser78]

The main things to understand with contractor finances is:

1. "If it looks too good to be true" and other contractors on here aren't doing it, then do not touch with a barge pole. It doesn't matter if 10 contractors at Clientco are doing it, you want to sleep peacefully in 10 years time.

2. Know the difference between company money and your own money. DO NOT mix the two

3. Always pay your VAT on time.

Always pay all taxes on time, not just VAT.

[uk contractor]

Hi

Ive about hit the top of my bracket in the perm world so thinking about contracting. I am an infrastructure consultant specializing in storage and virt, with cisco and juniper networking aswell.

Whats the market like for contract jobs in this area of specialism? i did look at job sites and there dont seem to be many at the moment TBH. I would be looking at LTD company route.

I am in nottingham but can commute to london, does London have a decent supply of contract jobs?

Thanks

Nick

Not being funny but look at this mega thread (from the end backwards) to get a flavour for how bad the market is for some of us! http://forums.contractoruk.com/busin...arket-134.html Find a role first BEFORE leaving as well but most roles which will pay well want you to be available now not wait for your perm notice to be served. Cost is a bigger factor than ever before what you do is being offered by companies which specialise in bringing Tier 2 Visa workers in on low rates & they are fully insured against any negligence so more and more companies are going this route instead of hiring IT contractors for commercially sensitive IT decisions!! Finally you need to convince someone to hire you above others with the same experience as well as contractor experience make sure your bank balance can handle periods of unemployment and if your a family man with children then discuss fully & openly with your other half because IT contracting also brings lots of financial stress its not as lucrative or easy as it was in the golden era!!

[SueEllen]

The main things to understand with contractor finances is:

1. "If it looks too good to be true" and other contractors on here aren't doing it, then do not touch with a barge pole. It doesn't matter if 10 contractors at Clientco are doing it, you want to sleep peacefully in 10 years time.

2. Know the difference between company money and your own money. DO NOT mix the two

3. Always pay your VAT on time.

[malvolio]

Agreed. And the other point is that "moving into contracting" is not the same problem set a2 "being a contractor". That transition is difficult more often than not, and there is a huge amount you don't know, so be careful with what you're looking at. (Actually, sounds like we need a sticky on that particular issue... ).

Most of the people answering your kinds of questions are well established so have a different perspective, so apart form the technical and business details and the change in mindset, there are several possibly critical problems you will face. Key problems are accepting you may not be earning anything for weeks or months at a time, you need three months' money just to make the jump or you will struggle, any contract is not even as long as your notice period (if you have one) and can stop at any time, you may not even get paid, training beyond keeping up with your specific field is your problem (and often doesn't help anyway) and getting the second gig is the real bitch. There are lots more. before we even go into the complexities of finances, taxation and parasites.

Hence, read the guides. And take notice of my original point - you get hired for what you have delivered, nothing else. Worse, you first have to get past an agent who 99% of the time has no idea what you do and is looking for a perfect match to his requirement.

All that said, we've done it and made it work. Just make sure you eyes are fully open.

[northernladuk]

Seems fair enough. Make sure you read the guides to the right and check out the sticky about how to search the forums. We've given a ton of advice to people trying to start so have a look at them before asking too many questions. It's a popular topic so people may not be so eager to go over it yet again.

[nickd]

When you say hit the top bracket you mean just got there or just got there and have built up some demonstrable experience at it?

I have been doing consultancy roles for 8 years and have built up the storage and virt experience etc over that time. I could go management positions but i like being technically hands on and would love to stay as hands on as i am now.

I would say i have deomnstrable experience in my specialist tracks.

nick

[northernladuk]

When you say hit the top bracket you mean just got there or just got there and have built up some demonstrable experience at it?

[SueEllen]

You haven't got the top of your bracket in the perm world as your next step is to move side ways and upwards into management positions.

[malvolio]

Thanks for the reply Malvolio. I dont mean to cause offence or for anyone to be rude.

I am merely seeking advice from people who are seasoned contractors and know exactly what they are doing to see if it is something i want to look at getting into.

the questions are generic as i have never done it hence the questions, i thought i may get some basic advice here, aparently i upset you......

nick

I'm not upset, but there are basic questions and basic questions. Your answers are all easily available with a little effort, that's all I'm saying. And, what is more, they've all been asked before (although perhaps not starting from Nottingham although from there you might also look at Leeds/Manchester)

[nickd]

Thanks for the reply Malvolio. I dont mean to cause offence or for anyone to be rude.

I am merely seeking advice from people who are seasoned contractors and know exactly what they are doing to see if it is something i want to look at getting into.

the questions are generic as i have never done it hence the questions, i thought i may get some basic advice here, aparently i upset you......

nick

[malvolio]

I'm tempted to be rude here... but I won't.

1. Look at Jobserve and the other larger job boards to see how many roles are out there that match your skillset. First rule of contracting: you're on your own (well you aren't, but you have to learn to help yourself first)

2. Accept that no matter how good you are at your current job, you are a rank amateur when looked at as a contractor. Be prepared to justify your experience against others. You will be judged on what you've delivered in the last 2-3 years, not what you know. BaU isn't in demand.

3. Don't go contracting for the money. It's possible you won't get as much as you think, and it's usually an end to any kind of career progression

4. Lots of guides on this site and on www.ipse.co.uk (especially their Guide to Freelancing). Read them

Then come back with a rather more focussed question.

[nickd]

Hi

Ive about hit the top of my bracket in the perm world so thinking about contracting. I am an infrastructure consultant specializing in storage and virt, with cisco and juniper networking aswell.

Whats the market like for contract jobs in this area of specialism? i did look at job sites and there dont seem to be many at the moment TBH. I would be looking at LTD company route.

I am in nottingham but can commute to london, does London have a decent supply of contract jobs?

Thanks

Nick