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So, you're thinking of becoming a Contractor track world

20 posts & 14 voices | Started 23 hours ago by pandhandj | Latest reply from deadkenny

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pandhandj - Member

Came across a job in Canary Wharf at the weekend - contracting.

What i do just now as a permie and specifically someone with my background - there is a reasnable chance i could get the job!

Never contracted before - is there somewhere I can go to find out what is involved?

Obvs job is in that London, I live on the Clyde Coast. A quick bit of google-fu tells me I'm in the region of £750 a week for travel/accomidation/subsistance.

Im sure there are lots of things I need to consider, not least of which is leaving a permanent job to take a 6 month contract...

Incase you havent guessed, it will be in the banking sector.

Any advice greatfully recieved,

thanks,

paul

Posted 23 hours ago #
gonefishin - Member

Never mind the type employment arrangement. Is this actually a job you want to do more than your current job? That's the most important question. The other point is that commuting weekly to another part of the country is a shitty way to live long term. Bad enough if you have a partner to do all the "at home" stuff but it's worse when you are single.

Posted 23 hours ago #
mikewsmith - Member

Firstly how much of your life is about to be taken up getting there and back? Short term, lots of expenses to claim against tax but...
Is the job a pure contract job or just a temp employee, what are the chances of getting another contract after that one finishes?

Posted 23 hours ago #
stevextc - Member

Well before weighing up costs whilst working you might want to weigh up costs for not working.
Really make sure that after 6mo is up there are still jobs to get and how you feel if the next one is somewhere else?

Depending what your doing in banking there are lots of regulation projects at the moment ... so it's worth considering if this is a supply demand peak or not. I don't know banking or what YOU do in banking... but it's well worth (before leaving a perm role) asking contractors you work with if this is a normal market or one artificially high at the moment.

Posted 23 hours ago #
howsyourdad1 - Member

I was a contractor in that London and loved it. Raked it in.

But then I was younger, never got sick, had no dependants , no responsibilities. Good times!

Posted 23 hours ago #
pandhandj - Member

Thanks guys, appreciate the input. I have contacted the agency to see what other details they have.

I have worked away from home before, so I know the downsides to it. Definitely contract position, there are always contractor roles in my field, lots in Edinburgh too.

I will just wait and see what the agency comes back with.

Posted 3 hours ago #
jimdubleyou - Member

Can I recommend the first timer guides on http://www.contractoruk.com for the practical stuff.

Good forums there is you have specific questions.

Posted 3 hours ago #
oldschool - Member

EDIT re-read your post, the 750 was cost to you wasn’t it? Not your day rate. I’ll finish my morning cup of tea before attempting anything else

Posted 3 hours ago #
mahalo - Member

i work away on contract in that London. 2 young kids at home. its far from ideal but i leave after i put them to bed on Sunday night and im back Thursday night, so they only dont see me 3 nights a week which really is not that bad. always remind them i could be in the forces or off shore for months at a time!

those 3 nights i can do whatever the hell i want too!!

Posted 2 hours ago #
flanagaj - Member

I switched from perm to contract and much prefer it. The one downside is that my last 2 contracts have both been cut short due to budget cuts. Currently sitting at home for 4th week now trying to find a new one.

That side of it is frustrating.

Posted 1 hour ago #

njee20 - Member

Watching with interest as it’s an avenue I’m always tempted by. Work as a permie in FinTech in London anyway.

Posted 1 hour ago #
mikewsmith - Member

Well basically work out how much you are taking home now and work out what you need to do to return that, maintain pension contributions and a couple of weeks of sick leave. That should tell you how many weeks you need to work out of 52 to break even. You need some discipline to put away into the good times to cover the bad times.
It's always easier if your not the only earner in the household too.

Posted 1 hour ago #
bikebouy - Member

It can be worth it, but I know someone whose been searching for a contract role for 12mths now without success.
And he’s very good at what he does.
Sometimes contracting can be full on/off, and earning money during the contract will often mean saving it for the lack of a contract..

Enjoy it if you get it.

Posted 1 hour ago #
menothim - Member

The Wharf is the most awful place known to mankind.

I've started to contract in FS, and happily I don't often need to go to the Wharf.

Even on a cracking day rate, the Wharf robs you of your soul, your humanity, your common decency, your empathy and your will to live. YMMV.

Posted 1 hour ago #
TheBrick - Member

The money side is easy to work out if it is correct for you.

Working away in London weekly is a different matter. I have lived and worked in London and loved it (so not a typical i hate London stw post) but as a fly in fly out destination it's would be a PITA imo. I have also worked away a lot too and many much easier cities to fly in fly out work at in Europe so London would put me off if I was doing a flight commute. But if London is where all your type of work is...

Posted 1 hour ago #
mikewsmith - Member

Yeah doing a flight commute here it kills time (that is with relaxed Aussie Check in and security) it's about the same as me getting up to Sydney which is about 4hrs each way in total if all runs really smoothly

Posted 1 hour ago #
gonefishin - Member

2 young kids at home. its far from ideal but i leave after i put them to bed on Sunday night and im back Thursday night, so they only dont see me 3 nights a week which really is not that bad. always remind them i could be in the forces or off shore for months at a time!

those 3 nights i can do whatever the hell i want too!!

I'm not trying to have go or anything but have you considered how your partner fells about this arrangement? My partner works away a lot at present so all the house type stuff falls to me. We don't have kids so it's not too bad but to be honest the fact that all the stuff that needs to be done at home falls to me does get on my nerves.

Posted 1 hour ago #
TheBrick - Member

Yeah doing a flight commute here it kills time

It's not the flight commute it's what the connections are like is more my point. I work in Hanover a lot and can be at work for 11:00 easy, get home on a Friday 10:30 after a full. Day dispite living on Hampshire Dorset boarder but getting to and from the airport in Hanover in Germany is easy. London airports to CW is a pita unless you can get flights to city airport.

Posted 21 minutes ago #
mikewsmith - Member

Yeah, was just saying how when you string it together it adds up fast, despite being a neat certain 30 mins from the airport here and there being a direct train from Syd airport to the city it's still pushing 4hrs for a 85min flight door to door which is basically an extra day a week plus the Mon-Fri regular commute

Posted 15 minutes ago #
deadkenny - Member

I assume given the big commute the money has to be worth it. Then you want to maximise the money, however contracting is being attacked at the moment and the monetary benefits vs permanent salary is getting less, and yet you don't get the benefits permies do (or have to cover sick/holiday/pension/etc yourself).

Depends also how the contract stuff is being arranged. Are you truly independent, or working through an agency, and are they paying you a salary with benefits, or would you get the money and run your contract business as a sole trader or ltd company?

The latter is more flexible in my opinion, and if you're getting a fair income, I'd be looking to stash money away in the business for rainy days, which can come at any time as we're easy to fire (but easy to hire).

jimdubleyou - Member
Good forums there is you have specific questions.

I find they can get a bit STW or linux forum mocking or arrogant style unhelpful answers.

IPSE forums are far more constructive, though think you may have to join IPSE to get access to them.

Posted 7 minutes ago #

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