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Contractors concerns revealed...

freelancesupermarket.com newsroom

RSS 28 August 2009
Being out of contract and having an efficient payment cycle are quoted as being the two major concerns for freelance contractors working through an umbrella company at present time.

According to a recent survey conducted by Crystal Umbrella, contractors are increasingly worried about where the next assignment is coming from and ultimately when they are going to be paid. Will payments be made on time and also will they be correct?

For any contractor working in today's marketplace, knowing that you are soon to be out of work and needing to find your next assignment is a stressful process at the best of times, let alone in the midst of an economic recession. The worry that new contracts might be few and far between will panic many looking for their next role. However, suggestions that the industry is still producing several freelance opportunities, particularly in the IT sector, should put contractor's minds at ease.

Asked about what the future held for contracting, many were specific in stating that despite the recession, they saw plenty of opportunities for new contracts. However, not all were as optimistic. Several contractors felt that recent HMRC investigations into legitimate tax claims, along with forthcoming industry examinations would deter permanent workers from making the switch to contracting.

Nevertheless, what is clear is that despite economic instability, there are always contracting positions available, and with projections for the economy to now improve, UK contractors may well see themselves presented with a wealth of opportunities. How long these opportunities (or assignments) are due to last however, is what many feel is the next issue to hit the industry. The duration of contracts could become much shorter than before.

The other major concern from the survey was that of payment cycles. As a contractor working through an umbrella company, you have a need and a desire to be paid on time with no issues of being over or underpaid. It is also important to have a full understanding of the payslip you receive.

With all this in mind, you need to ensure that you have chosen a reputable umbrella firm. A company that is compliant with HMRC legislation and that acts as your employer for tax purposes. When you receive your payslip you must be happy that you understand it and that all sections are clear and make sense.

To find out more about this article, please contact Crystal Umbrella on 0800 848 8888, www.crystalumbrella.com or newbusiness@crystalumbrella.com. Crystal Umbrella are the UKs number one umbrella company according to the league tables on freelancesupermarket.com.

© 2009 All rights reserved. Reproduction in whole or in part without permission is prohibited.
Image: worried by pedrosimoes7

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