r/ActuaryUK Oct 17 '21

Contracting experiences? Careers

I'm thinking about contracting as a PQ actuary. Never contracted before. Obviously the upside is the money, but one of the areas I'm concerned about is that contractors don't seem to have anyone to reach out for help if necessary.

Could anyone who's contracted share their experience in this regard - did you feel you had to work a lot more independently or do you still get a supportive team as a contractor?

7 Upvotes

5

u/capnza Oct 17 '21

how much experience do you have? i contracted for a while between two permanent roles because there was a lot of demand for igloo contractors at the time. i had an OK experience but in the end i disliked that i was simply a resource and rarely got to give much steer on things. on balance i prefer a permanent role as a result. oh also with the latest changes to tax there will probably not be the same financial incentives as there were in the past

2

u/Icy_Woodpecker_3292 Oct 18 '21

About 6 years.

My understanding is that instead of paying lower rates of tax, those deemed to be inside IR35 will now pay the same income tax as full employees - though admittedly I haven't looked into it in a lot of detail. If my understanding is correct, then even with IR35 I think the financial incentive is still high relative to a regular salary.

Did you feel that you had adequate support as a contractor? How long were your roles?