Contracting at Barclays

As one of Britain’s best known multinational banks, Barclays has a headquarters in London, but a reputation which has spread throughout the world. As the seventh-largest bank worldwide, based on assets, and with 48 million customers, Barclays provides a wide range of services including investments, retail and wholesale banking, mortgages, credit cards and wealth management.

With over 140,000 employees worldwide and 34,000 of those in the UK, there are a range of positions available within the organisation. Many people will be aware of the retail arm of the business, with branches of Barclays featuring on most high streets, but there are a host of other roles within the business for which they often recruit contractors.

These include some of the disciplines that most businesses incorporate such as human resources and marketing, but also those with more specialised skills such as:

  • Digital banking experts
  • Risk assessment
  • Central finance professionals

Barclays contract jobs

Contractors with these skills play a vital role in the bank’s success. Whilst many of the jobs available are based in their London offices in Canary Wharf, there are branches all over the UK offering the potential for roles throughout the country.

Barclays has a section dedicated to recruitment on its website, with useful information for potential candidates and plenty of detailed information about the different locations and their working environments. They also have a list of their core values, which include Excellence, Integrity, Respect, Service and Stewardship and a quiz which will give you some idea of how you could fit in with their working culture.

There are detailed, step-by-step guides on the application process, including information on how their online site works including details of what you will need to submit to apply for a role. There is advice about the assessment process that they use and details of the way that they interview candidates including what they look for, how you can prepare for them and what you will need to bring with you. They also list the checks that they will make if your interview is successful, so you can ensure that you have all the relevant documentation available.

Whether you have experience of working in financial services or want to use your skills to move into the industry, there are a number of options available. You can go directly to institutions through their own recruitment sites, or you can go via agencies who may already have existing relationships with some of the biggest banks to give you a broader selection of roles to choose from. Whether you enlist with a large agency such as Hays or Reed, a specialist such as CityJobs or decide to apply direct, making sure you have done your research will increase your chances of success.

Uncertain if making the move from permanent to contracting is for you?

For some, making the move from permanent to contracting can be a little overwhelming as there are a number of things to consider. However, in our 2019 Contractor Attitude Survey, which received over 1,000 responses, the vast majority of those surveyed found being a contractor more satisfying than as a permanent employee.

Of course, with most things, there are both pros and cons, and the same is the case with contracting. However, the number one reason so many people are drawn to contracting is the potential to increase their earnings. A contractor can often earn twice the amount of an employee in the same position.

As companies are not required to pay for holiday, sick pay, pension contributions or any employee benefits, contractors are able to command higher rates of take-home pay and with coveted skill sets. Many short term roles can often be extended with rates negotiated even further. For more information on how much you could earn as a contractor, why not try our contractor calculator.

As a contractor, you’ll incur additional expenses, such as travel expenses and accommodation if you are working away from your usual work base. Unlike permanent employees, as a contractor, these costs can be claimed as expenses against your tax as long as they are “wholly and exclusively for the purpose of your business” which can reduce your tax bill. Our comprehensive guide to expenses provides more information about expenses and what you could claim as a contractor.

Another reason why contracting can be particularly appealing is that it provides people with the flexibility and ability to control their career and be their own boss. As you’ll be working with clients rather than for an employer, you are in charge of when you take holiday, how often you work - so whichever role appeals to you - and what courses you attend.

We can help

Being a contractor is an extremely rewarding way of working, but being your own boss does mean being in charge of your own finances and this is the part that most people sometimes worry about.

Unfortunately, tax is complicated, and when working as a contractor you are bound to have questions relating to how to properly manage your finances and how to work in the most tax-efficient way possible. This is where a qualified accountant can be invaluable.

At Caroola, we have more qualified staff than any other firm in our market. All clients will be allocated their own dedicated accountant who they will be able to call, email and meet as often as they like in any of our offices and meeting locations across the UK. To find out more, simply get in touch.

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