Connecting Talent to Opportunity

MAY & STEPHENS – CONTRACTORS ZONE

WHY CONTRACT?

Deciding to undertake contract work can be beneficial for a number of reasons. It is a fantastic means of gaining experience, or supporting yourself between permanent role and will also give you the opportunity to familiarise yourself within a diverse range of sectors.

May & Stephens recognises that working as a Contractor is very different from being employed and our goal is to help you to succeed in your career as a contractor or freelancer. More and more of our clients are responding to current market conditions by putting in place a flexible workforce that can be adapted to changes in short-term business requirements.

WHY BECOME A CONTRACTOR?

May & Stephens work alongside a wide variety of clients based throughout London, UK and Europe. ?We support clients in the Retail, Secretarial & Admin, Digital Media, Technology & IT, PR MarComms, Financial Markets, Sales & Business Development, Accountancy & Finance and Careers Consultancy.

More and more people then ever are seeking Contract Work and although, Contracting isn’t for everyone, it is no longer considered a stop gap between permanent jobs. Contracting through May & Stephens offers some great benefits including:

  • Skills - The opportunity to broaden your skill set in a wide variety of roles, working across a number of industry sectors giving you exposure to many different working cultures and management styles
  • Financial – Contractors are often paid a premium rate due to the nature of the contract or project they are working on.
  • Flexibility – Contracting offers greater flexibility in your working arrangements and lifestyle, giving you’re the freedom to choose the type of work and projects you want to be involved in

LIMITED COMPANY

Setting yourself up as Director of a Limited Company essentially means that you are running your own business. You will be responsible for the affairs of the company, including operating the bank account, arranging insurances and ensuring that the correct levels of tax and national insurance are made to HMRC. this option is commonly used by long term contractors who feel that their status is well suited to this arrangement. We would encourage you to seek independent financial advice from a tax advisor or qualified accountant to help you gain a better understanding of whether this option would suit your circumstances.

PAYE

PAYE is often considered the simplest approach to contracting, working as a PAYE (Pay as You earn) contractor means that May & Stephens will deduct all the relevant levels of tax and national insurance for you. In order to ensure you are paid on time, timesheets must be filled out fully and correctly and signed by our Client. You must ensure that your timesheet reaches our offices at the very latest by 10am on the Monday following the week you have worked

UMBRELLA COMPANY

Choosing to sign up with an umbrella company is similar to operating on a PAYE basis. With this option you will be paid directly by the umbrella company and may be able to claim some business related expenses. The umbrella company becomes responsible for deducting your tax and national insurance.

There are a number of umbrella company providers on the market. they all offer a range of various packages and benefits. if you are interested in pursuing this route we would encourage you to conduct independent research on a solution that will best suit your needs.

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