New research, from the Professional Representation Network, has found that the top contractors in the country are earning three time the national average wage.
According to the data the top 100,000 UK contractors are earning £80,000 a year in comparison to the national average of £27,000. This is, of course, great news for those working their way to the top of the pile.
The research looked across all 650 parliamentary constituencies, so while it looks very good on the whole, there is some regional inequality hidden by the average. For example, close to 20,000 contractors in London have an average income of £120,000 a year.
It was also found that in 31 of the constituencies, the average contractor wage put them into the higher rate of income tax. In terms of the sectors contractors are most involved with, they are IT, financial services, oil and gas, engineering and construction.
The director at Professional Representation Network, Kristian Gourlay, said: “These findings illustrate the healthy state of contracting in the UK today. Such high levels of earnings suggest that for an increasing number of highly skilled professional people, working as a contractor is now a very attractive and rewarding career choice.”
This news comes as contractor jobs seem to be on the rise. North Sea oil and gas development tax breaks, a call to refocus on domestic energy sources and new house construction on the horizon, it looks like it’s a good time to be a contractor.