Steadily more and more finance professionals are choosing to work on a temporary, interim or contract basis, as they wish to take advantage of the benefits of a freelance lifestyle. It is usually a decision that’s reached at some point during a person’s career when they wish to achieve the work-life balance they desire.
Why would you work on a temp or contract basis?
Income – you can often earn more than you would in a permanent position
Experience – you can accrue a wide variety of new skills whilst freelancing, all of which will help your CV stand out to future employers
Flexibility – you have the choice of where you work and for how long in most cases
Lifestyle – in some cases you have the choice of your own working hours; in most you have flexi-time and choice of when you take holiday
Variety – you can choose what sectors you work in and have varied work environments
Extending your career – you can enter into retirement softly, or if you’re at the age of retirement and wish to continue working, you could do so on a temporary/contract basis
How do you get paid?
Umbrella companies – you become an employee of the Umbrella Company. They will then process payment to you following submission of an authorised timesheet and invoice. You may also be able to claim expenses as a tax deduction and other employment benefits such as childcare vouchers; insurance and pensions are included
Limited companies – you would become your own limited company; you would be a Director of your own ltd company. You would then submit timesheets to an employer directly (generally through a portal) and submit your own invoices
Pay As You Earn (PAYE) – you become an employee of the business. You submit a weekly/monthly timesheet to the business as per PAYE deadlines; payment is then made after all statutory deductions have been taken
After a period of freelancing, you can easily return to permanent work. Freelancing provides a great opportunity to experience multiple work environments and expand your professional knowledge.
Have you considered freelancing or hiring a freelancer? Want to find out your options? Get in touch with us directly on 020 3879 9700 or submit your CV on our Contact Us page.