FLR(M) can contract work count as proof of income / financial requirement ?

I am 1 1/2 years into the first half of my spousal visa which I will renew May of next year. We used only my income for my first application under a full time employment contract making in excess of £18,600. I plan on using only my income for my renewal as well (my husband is trying to start a new business and may not be able to meet the requirement).

My question is in regards to contract work. I have the opportunity to work contract for a day rate making quite a bit more. However, I would not have a permanent contract. Would I be allowed to use contract work without a permanent contract as proof of income for my renewal in May 2020? I don't want to switch to contract work if it would jeopardise my renewal application. If it is okay, what is the proof of income requirement?

Thank you so much for any advise on this !

If contract, you'd be considered self-employed.  Which would mean you would need a FULL financial accounting year (April 6th to April 5th) to qualify to sponsor your partner with your income.

In other words, I'd sit tight with the permanent work until after the visa renewal...   

Honestly, as your husband is going to be self employed, if I were you, I'd stay away from self employment for the whole 5 years.

It's a beast of a category to get right. Take a look at the required documentation. https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/783641/Appendix-FM-1-7-Financial-Requirement-ext_1_.pdf

Best to stay as an employee if you possibly can.. unless you have the full amount in savings, in which case, you don't need to worry about employment at all. 

Quick question on the "cash savings" requirement - the way I read the guidance, the investment accounts that hold fairly liquid investments (i.e. stocks or ETFs) still qualify as long as the "cash value is clear" (i.e. dollar value is stated on the broker statements). Moreover, it seems that even retirement accounts qualify as they are typically liquid (i.e. can remove money same day) but would incur 10% penalty + tax (which UKVI seems to be fine with (i.e. "with or without penalty").

My question is - has anyone tried to use IRA or 401(k) for financial requirement?

Quick question on the "cash savings" requirement - the way I read the guidance, the investment accounts that hold fairly liquid investments (i.e. stocks or ETFs) still qualify as long as the "cash value is clear" (i.e. dollar value is stated on the broker statements). Moreover, it seems that even retirement accounts qualify as they are typically liquid (i.e. can remove money same day) but would incur 10% penalty + tax (which UKVI seems to be fine with (i.e. "with or without penalty").

My question is - has anyone tried to use IRA or 401(k) for financial requirement?

Yes, a fully vested 401k can satisfy the financial requirements.  The funds must be immediately available for withdrawal.