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I'd say it depends on what industry you're in as well. In finance for example you can quite easily land a >£100k salary, especially if contracting, even if you'
by mstade 7y ago
I'd say it depends on what industry you're in as well. In finance for example you can quite easily land a >£100k salary, especially if contracting, even if you're not with one of the top tier institutions. (Though I suppose IR35 makes the contracting trickier.)
- heavenlyblue 7y agoWith contracting you should immediately subtract at least 10% of your salary for holidays, don’t you?
- mstade 7y agoNot sure what you mean by subtract. If you mean save away to pay yourself because as a contractor you don’t get paid time off – sure, you have to plan and be fiscally responsible. My personal experience being a contractor vs. employee though is that contracting is Significantly more lucrative. Not orders of magnitude more lucrative, but at least ~2x in gross terms. What really sets it apart for me though is the freedom to choose how to make the best use of that revenue. That freedom to me is priceless, and can absolutely increase that multiplier quite significantly by way of investments, expense allocation, pension schemes etc. It’s more responsibility and more admin than simply being an employee and collecting a salary and benefits, and it’s certainly not for everyone, and you will definitely need a good accountant, but in my experience being a contractor is worth every second of extra time and effort.