7. Pension and health insurance – contractors have to pay this themselves. Even though you will be paid a premium for your contracting and these are partly tax-deductible you will still need to budget to pay them. So before you make the move to contract, calculate what these are worth for you as part of your permanent job and calculate these costs into your contracting rate.

8. Marketing your services / increasing your business profile – You will have to consider the time you will need to allocate to work your network, build good relationships with agencies and consultancies to ensure you have a steady flow of work. Your Linkedin profile will be of paramount importance in this and especially how you structure it.

For all of the challenges outlined Accounting Pro will be able to offer help and guidance and have the expertise and products to help the contractor market. Please visit www.accounting-pro.ie and www.accounting-pro.co.uk