The Key to a Successful and Family-Friendly Career
Contributed by Tailored Resourcing & Accountancy
09 November, 2018
Contracting: The key to a successful and family-friendly career
For most of us, a happy work-life balance is our number one priority. Whether you have kids or are considering having children in the future, it can be difficult to find a career that allows you that precious family time, as well as being financially secure.
There are many reasons to escape the 9 - 5 rat race, but here are some of the key reasons as to why contracting is the key to a successful and family-friendly career.
Greater freedom and control over working conditions
When you work as a contractor as opposed to an employee, you can choose which hours you decide to work. If you are contracted for 8 hours a week, then you can work your 8 hours when it fits around your schedule. Therefore, if one of the kids is sick, or gets the lead in the nativity play, you can be there without having to beg your boss to let you go. As long as you put in the number of hours per week you've promised, most companies won't care which day you actually do the work.
Financially lucrative contracts
Most contractors are paid an hourly rate or a day rate, both of which tend to be more lucrative than if they were a regular employee. This essentially means you are able to make more money by doing fewer hours. The fewer hours required to work, the more hours you can spend with your loved ones.
Maximizing take-home pay through tax efficiencies
By working as a contractor you have the option to set up a limited company or umbrella company, which allows you to maximise your take-home pay. These are legally compliant ways to reduce the tax you pay, allowing you to retain up to 85% of your earnings. Just imagine what you could do with all that extra cash. Maybe that family holiday could finally be booked?
Our specialist team at Tailored Resourcing & Accountancy can work with you to mitigate your income and corporation tax liabilities, resulting in you being able to access up to 85% of your gross contract value (turnover). Contact us to find out how to take the leap to a successful and family-friendly career as a contractor.
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