Why You Should Make the Switch to Contracting in the New Year

Are you considering moving from permanent employment to contracting? Not only is the beginning of a new year a great time to reassess and start something new, but the professional markets in Ireland are currently booming, with exciting new prospects for contractors. 

In addition, since the pandemic, we have witnessed a massive shift in the way we work and how we work. This “new normal” workplace goes beyond the emergence of flexible work schedules and remote working choices, it re-addresses all of our work practices, which has allowed for a surge in the demand for contractors. 

So there is no better time to consider the move to contracting! 

Why Is Contracting So Attractive?

More career control, including the ability to pick the businesses and projects or roles you wish to work on, is a major attraction. There are more and more opportunities to collaborate with innovative brands and companies.

A major bonus awarded is the freedom to work whenever and wherever you want without being obligated to spend 40 or more hours per week in an office. Many contractors work equal hours to the typical 9 to 5, but they have the increased ability to split their day to accommodate school runs and other obligations or hobbies. 

Who Can Take on a Contracting Role?

Some of the prominent professional contractor positions in Ireland include IT, engineering, and pharmaceutical industries. However, we are also now noticing an increase in positions in the finance, HR, design, sales, and tourism industries, just to mention a few.

Here Are Our Top 5 Reasons to Start Contracting In 2024:

Take Advantage of the Increased Flexibility 

One of the main reasons many people turn to contracting is the increased flexibility it offers. Many contractors discover that having the freedom to select their own working hours or days allows them to enjoy a better quality of life. With contracting, you can work where and when you want, improving your work-life balance. You might even discover that an unconventional schedule works better for your lifestyle! 

Be Your Own Boss

​​Working as a contractor, you're essentially your own boss. This is great for people who tend to work best under their own direction.  You can choose how, when, and where to work, for as much or little time as you want. You have full control over your workload and career path. This allows you the freedom to choose which clients and companies you do and don’t work with. 

Increase Your Earning Potential 

You can make more money as a contractor than you would as a regular employee by performing the same tasks. As they work for a set amount of time performing skilled work in their area of expertise, contractors typically command premium rates. You also have the power to set your own rate. 

Additionally, contractors are eligible for self-employed tax rates, and can deduct expenses to maximise their income. When you outsource your accounting to a company like Icon Accounting, the advantages of this can be maximised. Due to our expertise in contractor accounting, we will make sure you take advantage of all possible tax breaks to increase your income.

Develop a Specialised Skill

You have the option to focus on a part of your sector that interests you by choosing the contracts you apply for. This can be a field in which you have experience and wish to concentrate, or it might be one you want to explore for the first time.

Contracting allows you to master your skills and become an expert in your specialised field. Plus expanding your portfolio with experience means you get to steer your career in the direction of your choice while also attracting more specialised work.

Work with a Wide Network of People

Contracting is the perfect way to network. While working on temporary contracts you will establish new contacts and in turn, can gain a good reputation in your field while building rapport with a network of valuable contacts. Working with a wide range of people can also keep you on your feet and make your work interesting. 

So, what’s stopping you? Make the switch this January. 

At Icon, we can assist you in your journey to becoming a contractor. If you’re eager to succeed but nervous about committing, we want to be here to support and inspire you with your next move. Go on, get started here.

For more information, please do not hesitate to contact us at (01) 807-7106 or email info@iconaccounting.ie.