As a global trend, the world of contracting is appealing to an increasing number of professional service providers. 2018 has seen additional factors which are encouraging even more people to try contracting in Ireland. The fear of the unknown as a result of ongoing Brexit negotiations is tempting more and more UK contractors to give the Irish market a try.
Contracting also offers a fantastic array of personal and professional benefits – whether it’s more money, flexibility or vast career opportunities. Here in Ireland, the economy is experiencing strong growth with excellent daily contracting rates and an improving job market across multiple sectors.
It’s undeniable that Ireland is reaping the rewards of the contracting model – the Irish economy, like that of the UK, is heavily regulated from an employment law perspective and so the flexibility that contracting offers can be highly attractive.
So, is the rise in contracting in Ireland a passing fad, or is it a potential long-term employment solution? In this post, we’ll be discussing 3 key reasons why we think contracting is here to stay.
1. Contracting works for businesses – no matter how big or small:
From large organisations to smaller family run companies for instance, the use of contractors gives greater flexibility to employers. For contractors, there is more independence when it comes to your respective industry and working environments in comparison to full time employment. In Ireland, it’s easy to work remotely or, alternatively, alongside like-minded and savvy professionals to suit the preferences and circumstances of a business.
2. Contracting works for you:
Being your own boss is a unique benefit of working in the contracting industry. Contracting provides opportunities for personal and professional growth through rapidly expanding your knowledge. Working as a contractor can therefore be highly rewarding for people who enjoy frequent up-skilling and self teaching - long periods between contracts are a benefit exclusive to contracting when compared to limited annual leave for those in other means of employment.
With social and working norms continuing to change, more and more people are making the choice to work from home or offsite. This modern development to the traditional employer-employee relationship suits a surprising figure of 216 000 people in Ireland.
Contracting can also have appealing financial benefits. When taking into account the level of tax payable, more often than not they show that contractors tend to earn more when compared to permanent employees.
Your earnings can be boosted by using a contractor specialist tax advisor or Umbrella Company like Fenero. We’ll help you maximise tax benefits and other rewards that are often not clearly highlighted to contractors by general practice accountants.
3. Contracting is highly competitive:
Ireland is an open economy and as such remains competitive by nature. Contractors, as a requirement of their profession, must possess large amounts of tenacity, self-determination and decisiveness and Ireland benefits from this contracting model accordingly. Attracting the best companies as well as the best people for a job is essential for contracting to be a success.
Did you know that 48.5% of all our enquiries in 2018 were from individuals who had never contracted before?
Working as a contractor, involves managing your own tax affairs, which can be a confusing process. It’s important to know the rules and regulations of the Irish taxation system.
Registering with an umbrella company like Fenero can make the financial side easier - we lift the administrative burden for you by taking care of the accountancy and taxation aspects so you can focus your attention where it matters.
Whether it’s for a better work life balance, or for the financial perks, contracting in Ireland can be a rewarding way for professional service providers to earn a living. For contractors, this business model offers a new, exciting and fruitful way to work.
Get in touch to find out more about contracting in Ireland.