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The Contractor future is bright

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A strong end to 2014 for freelance businesses has provided a small insight into the prosperity that 2015 will hold. Many businesses are now looking at future plans of growth, rather than security, as the way to maintain their place in the economy. With this in mind, experts at Taxes have predicted that the number of contractor positions will increase. While the revenue may remain around a similar mark, increasing the number of opportunities will act as another avenue for financial stability.

Due to many businesses’ “short term” approach to hiring contractors, it is important to demand the right price for the skill set required. Although business stability is important for economic growth, it should not come at the detriment of the freelance industry. A recent Taxes study indicated an estimated 67% of contractors, when in contract, would not feel their contract had offered a salary which justified their skill set and job requirements.

Obviously, a contract salary is often not something that can be easily negotiated. It is important to bear in mind the position of the business also; to appreciate that in order for an economy to provide benefits to the majority, there needs to be a working balance.

Perhaps the key to finding this balance is to know the industry, and the platform from which the business operates. As we continue to venture further into the cyber-age, the opportunities to operate in a cost efficient manner continue to increase. The general consensus is that those businesses operating via an online platform remain more optimist about their financial future than a traditional man power based organisation. That being said, and despite the upcoming uncertain of the General Election, business advisors at Taxes remain of the opinion that the financial opportunities for freelance businesses will continue to improve in most industries.

One thing to bear in mind is that in order to maximise financial potential, contractors need to have a solid business structure in place. Whether that involves working from their own Limited Company, or under an Umbrella, it is vital that a system is set in place early on. Without this security, the freelance business could easily become a realm of financial uncertainty; hindering the prospective economic growth of that industry and contradicting the increase predicted by financial experts.

In searching for the right structure it is important to identify your needs and desires. For example, the immediate accessibility of your money could play a big part in how you structure your working environment. Alternatively, the amount of your salary available to you may be the predominant factor. Both factors vary from one advisor to the next. In all circumstances, Taxes offers their clients “same day” access to their wages. What’s perhaps even more attractive is Taxes’ previous record of allowing clients to access up to 88% of their salary; on average increasing their take home pay by 19%.

Taxes are always happy to advise people on the best possible ways to maximise financial potential. Whether new to contracting, or simply looking for advice on already existing matters, Taxes has helped clients realise the best methods to achieving their needs. In the past, Taxes has allowed contractor clients to access up to 88% of their income. Visit www.taxes.co.uk or call 03330062907 to discuss more.

Source: taxes.co.uk

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Harry Taylor

Harry helps clients by demonstrating a working knowledge of accounting services and taxation liabilities and understanding and appreciating the needs of business owners, directors and self-employed contractors. His role varies from client consultations to coaching the team, and he is always happy to meet and chat on an individual basis at the client’s convenience

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