Many People Dream of Being A Contractor, But Are They Ready For The Transition?

People around the country are facing a decision time. They feel that they have come to a crossroads and they need to decide which road to take with their professional life. They may not be earning enough, be dissatisfied with their current position, or be otherwise ready for change. They may like the idea of “being their own boss” but this comes with its own set of challenges, especially when it comes to becoming a contractor.

Payrize has come across a lot of people recently who fail to adequately prepare for the transition as they walk over to the ranks of the contractor. They may have been aware that they needed to change their tax status and to handle a lot more paperwork than they had to before, but the transition period proved to be a lot more difficult to deal with.

In short, they did not have an adequate “rainy day” fund allowance, enabling them to make the move without any dramas. They may not have realised how long it was going to take to find a new contracting position. Consequently, many of them came under additional pressure and felt that they had to make a hasty decision, as the clock ran out over at the bank.

Payrize believes that it is important to educate people who are considering a move to the ranks of the contractor. It’s a good idea to build up savings equivalent to 4 to 6 months of expenditure, so that they can focus on getting the new position without being constantly afraid of those financial deficits.

It’s a good idea in many respects to dip a toe in the water first. It may be possible to earn some additional funds as a contractor on the side, to get ready to quit a permanent job or position. In this way, so long as legally allowed to under a current contract, it’s possible to get the taste of the independent life.

It’s very important to have as much information as possible when considering a career as an independent contractor. Organisations such as Payrize are established to help the contractor understand all the tax implications, to provide advice and to help find a position in a variety of different fields.

About Payrize

Payrize is a tax solution comparison tool for contractors and freelancers. The aim of the company is to provide extensive resources enabling the client to locate the best tax solution, as well as to source the best opportunities and contracting jobs at a variety of companies around the world.

Contact Information

Dale Friday

Press Officer

VMF Ltd

Contact via E-mail