In accordance with a newly released survey, IT contractors are dealing with extended freelance jobs for less money as opposed to freelance work that will pay more. Findings by the umbrella company Giant reveal that temporary IT workers are prioritising lengthy contracts that have a lower wage as compared to simple contracts that have better pay.
The research found out that 66% of those surveyed would turn down a higher paid job in favour of a less profitable engagement and so this means that that job security is essential during an uncertain climate. Only 34% accepted they would choose a better-paying contract and the vast majority report that timeframe is now being regarded more valuable than wage. If you have picked work that has a reduced wage, figure out what you will find yourself taking home with a take-home-pay calculator. And if you need any assistance with regards to IR35 law and regulations, your accountancy firm will be able to aid.
Further results show that less IT contractors are cutting back time without work. The research discovered 80% of IT freelancers invested 31 days or less in between contractors compared with 78% from the same time a year before. Furthermore, the retail sector increased its use of IT skills as it changes and channels investment into m-commerce systems. And 17% of the IT contractors surveyed work in the telecoms sector that is a 43% increase from the same time in 2011.
In case you are doing more and more work for one client, make sure keep things distinct since you may become in danger of becoming too concerned and attached with the firm. And due to the recent changes in IR35 guidelines, you have to be cautious to stand alone as a service provider and not be regarded as an employee. If you are dealing with agreements that are lengthier with the same operation, speak to an IR35 accountant right now to learn what it really means for your taxes.