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IT Contractors – From Zero to £500 a Day…In 90 Days

IT contracting has always been profitable in the UK, but to go from nothing to £500 a day (and beyond) in only 90 days? You must be kidding.

Actually not, because as a recent survey quite clearly points out, the average new IT contractor on the scene will be making an average salary within roughly 3 months.

That is £500 a day if you didn’t know, and it just goes to show that tapping away at your keyboard and offering all of your computer related knowledge to companies, well, it pays off and gives you the chance to profit.

So the average IT contractor is taking home £500 in his or her pockets every night, stuffed full of cash…but did you know that some people in the IT industry are making even more? Yes they are.

According to the survey, 8% of IT contractors make more than £700 a day, which isn’t bad money if you can get it. No surprises then that so many employees are quitting their jobs and going out on their own, into the world of self employment and IT contracting jobs.

“Do you want cash or would you prefer a cheque?” is what those companies say to IT contracting professionals.

“I don’t care, as long as I can buy a Rolex with it,” is the response from the hot shot IT contractor.

Yes, this is definitely a boom time to be self employed and involved in IT, and if you play your cards right then you could soon be rolling up to jobs in a brand new Ferrari.

However, while enjoying the six or seven figure lifestyle does have its perks, there are also things you need to consider before splashing the cash.

Sure, having a wad of banknotes in your pocket all day, every day, will make you feel like a million bucks, but have you considered paying the tax man their share? Unfortunately many IT contractors completely overlook this important step.

It’s all very well getting £500 a day…or even £1000 a day, but when you think you are above the law then you are going to be in for a rude shock.

HMRC are coming down on IT contractors like a ton of bricks is what I’ve been hearing, and even if there are only a few mistakes on your tax return then expect them to come after you like a gazelle in the wild.

They are hungry lions you see, and although you might be a rich gazelle, the fact of the matter remains that no matter how much cash you have in the bank you must make sure you pay the right amount of tax and everything is in order.

That is why I advise every IT contractor in the UK to hire an accountant.

Not just any accountant…a contractor accountant. Someone who is well schooled in the art of doing books for IT contractors.

So take a look around this site for the best contractor accountants, and then make sure you hire them quick.

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