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40% of IT contractors are earning annual salary within three months

 

A recent survey has revealed that a large proportion of IT contractors are taking home an average annual IT salary in just three months.

The findings, compiled by Qudos Contractor, show that 40% of the 711 IT contractors surveyed have a day rate of £500+, with 8% saying that they take home £700+ a day.

Seb Maley, Qdos Contractor CEO Seb Maley commented, “While these figures represent a select group of highly-skilled, qualified IT contractors, and not the entire freelance market, they do indicate that independent working – particularly in the IT industry – is a career choice which brings with it the opportunity to earn more and the freedom to work how and when people choose.

“In comparison to employment, self-employment will always bring with it added risks and less security, which in many respects counter balances what might well be perceived as expensive day-rates.”

He added, “However, recent IR35 reform, and the prospect of further changes have left many contractors concerned over whether they will be inaccurately placed inside IR35 – a move which would see them pay similar taxes to employees, without receiving the same kind of benefits. To safeguard against this and protect the UK’s independent workforce – which together contributes over £119bn to the economy each year – it’s essential that each contractor engagement is assessed individually, and by experts.”


Alastair Stallwood is an Apprentice for ContractorUmbrella Ltd, one of the UK’s Most Respected Umbrella Companies.