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  1. #1

    Nervous Newbie

    Rik1087 has no reputation


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    Default Hi All - Opinions welcome

    I have been lurking on this site, for a couple of years, in that time, i would like to think i have gained all the necessary knowledge required to venture into contracting (the well referred to 'newbie guide' - IR35 - accounting - Ltd / umbrella etc. etc.).

    My main question is the following:

    I have now been offered a contracting role at a global insurance company, day rate is £650 a day, 6 months. Contract has been looked over, and deemed outside IR35 from a legal stand point as it currently stands. So, if you were to start your contracting career all over again, would you make the jump now considering the unknown that April could bring?

    I am all set from Ltd company, VAT, directors nominated, accountant etc, but i can't shake the niggling feeling that i am leaving a fairly well paid perm position for a very short venture into contracting.

    I must say, unless the client applies a blanket approach to contractors like some of the banks have done, and instead request me to go via an umbrella...i will still be paid handsomely more than my current perm, but obviously without the benefits a Ltd can offer, so that is a fall back if suddenly this client or the Insurance market as a whole go down this route.

    Opinions please, on would you make the jump now?

    Thanks

  2. #2

    My post count is Majestic

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    Quote Originally Posted by Rik1087 View Post
    Contract has been looked over, and deemed outside IR35 from a legal stand point as it currently stands.
    By who?
    I am all set from Ltd company, VAT, directors nominated, accountant etc, but i can't shake the niggling feeling that i am leaving a fairly well paid perm position for a very short venture into contracting.
    What's the chances of you getting back in to a fairly well paid perm position again? Are you niche, very experienced? or are you leaving a gig you've been at for decades with not much experience of other companies?
    If you feel confident you could get back in to a similar job fairly quickly then you've nothing really to lose.
    I must say, unless the client applies a blanket approach to contractors like some of the banks have done, and instead request me to go via an umbrella...i will still be paid handsomely more than my current perm, but obviously without the benefits a Ltd can offer, so that is a fall back if suddenly this client or the Insurance market as a whole go down this route.
    Thanks
    So you aren't going to be left with nothing whatever happens...

    I think you've answered your own question to be honest.

    With so little other information on where you are, what you do and your background it's impossible for us to say. If you've little experience and have gotten lucky then no, stay and grow your career and then come back when it's died down. If you are highly skilled/niche/experienced then what's the harm?
    Can't say anything more than that with the little information you've given.

    But to answer the last question. Yes I would but that's because I'm the f**king best out there.

    But bear in mind the old saying.. If you have to ask someone else then you aren't cut out and need to stay perm
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  3. #3

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    Quote Originally Posted by northernladuk View Post
    If you have to ask someone else then you aren't cut out and need to stay perm
    Even if you ask your accountant?

  4. #4

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    Quote Originally Posted by BrilloPad View Post
    Even if you ask your accountant?
    That could be a very good point but it wasn't.
    'CUK forum personality of 2011 - Winner - Yes really!!!!

  5. #5

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    Change is always going to come with an element of self-doubt.

    As long as you have done your homework and have some savings behind you, you really have nothing to lose by dipping your toe in and giving it a try.

    I took a punt on a gig in 2005 to see what "this contracting malarkey" was all about and am still plodding along nicely. Others have been around for way longer and others have decided it's not for them and returned to permie work. There is no right or wrong answer without giving it a go for yourself.

  6. #6

    Nervous Newbie

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    Default Thanks

    Thank you all for your responses.

    Experience wise, i guess i am at the lower end of the scale. I'm 31, but have 12 years insurance experience, along with 8 years of business analysis experience, 5 of those years being for two different consultancies (client facing) on global IT transformation projects. I would like to say, if things went south, i would be able to find another perm role, especially in the consultancy area, as not a lot of people want to stay away from home 4 days a week. My niche is in a particular platform / software, so there is always a demand for this knowledge.

    I know there is never a right time to start contracting and take that leap into the 'unknown' i just don't know if doing it now with the approach of April, and possibly contract roles via a Ltd being scrapped left, right and center, and very experienced contractors flooding all the good perm roles out there is the right time. But, only i can decide that and judge the risk.

    Thanks for the responses and advice.

  7. #7

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    Quote Originally Posted by northernladuk View Post

    What's the chances of you getting back in to a fairly well paid perm position again?
    for me this is/was the key point.

    Stay on good terms with your current employer, potentially even offer yourself to them part time to help out (no matter whether inside or outside IR35 ). If it all goes t*ts up you may be able to go back there.
    See You Next Tuesday

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