Four top tips for contracting in the rail industry
Thursday 29th November 2018
Working within the rail industry can be a lucrative option for contractors, not least due to the significant number of rail projects currently underway within the UK. Large scale projects such as HS2 and Crossrail mean that there is a tremendous amount of opportunity for contractors to get involved with, therefore there has never been a better time to join the rail industry.
Those considering a contracting career in the rail industry must first have a thorough understanding on how to work effectively within this thriving sector.
Top tips for rail industry contractors
Get the right insurance
For the contracting community having adequate insurance is essential, however when it comes to the rail industry, many contractors fail to get the appropriate insurance for the work they carry out. Those working within this industry must have dedicated rail insurance to ensure all requirements are met. Furthermore, the rail insurance you receive should cover you for a wide variety of rail work, including tunnelling, overhead power line work and safety critical work.
Ensure compliance with HMRC
Whilst contracting brings with it all the benefits of being self-employed, it also means that you are responsible for the administrative burdens that go hand in hand. Whilst you may want to focus solely on your core work, these administrative tasks are vital to ensuring compliance with HMRC. To overcome this, many contractors choose to operate through an umbrella company, who will ultimately take care of HMRC requirements on their behalf.
Know where to look for the ideal opportunities
Despite there being a wealth of opportunities for rail industry contractors, many struggle to find them. This is one of the many reasons why umbrella companies and recruiters are an ideal option for these contractors, as they are perfectly positioned within the industry to seek out the best opportunities for individual contractors, based on their requirements and experience.
Know your expenses
Linked very closely with HMRC administrative requirements, understanding the expenses you can claim back and how can be tricky. With significant changes to the way in which contractors can submit expense claims over the past few years, navigating through the process can be both time consuming and confusing. First and foremost, contractors must establish their position with regards to supervision, direction and control, as this will ultimately determine which expenses they are able to claim. A reputable umbrella company will be able to help contractors determine this status, as well as support them through the tricky process of expense claims.
Working with an effective umbrella company whilst contracting in the rail industry has many benefits, not least those mentioned above. Here at Sterling, we have a long history of working alongside rail industry contractors, ensuring their career thrives throughout their time with us.
Furthermore, our experience within the industry means that we are one of the few umbrella companies to offer rail contractors dedicated rail industry-specific insurance. This insurance has no restrictions with regards to rail work of any kind, therefore contractors are covered for a variety of situations, including safety critical work, tunnelling and overhead power line work and more.
Contact our team today to discover how we can benefit you.