State of the Market

[Protagoras]

IMHO, this is the new norm. Until we get a government that priorities the people already living here, outsourcing, offshoring, nearshoring and so on will continue to dominate.

In addition to this the pledge of the Conservatives to now review IR35 again, they've got balls, I'll give them that.

This is a 'contractor' site but most of the items in "latest contractor news & guides" seem to be about pseudo-employment via umbrella companies, not contracting as we knew it. The message is there.

The halcyon days of the 90s and 00s have gone. Government has closed down the sector, and it's not going to be attractive to new entrants, so will slowly just fade away.

Too late for the so-called "Conservatives" to reform anything, they had the chance and chose other stakeholders' interests over those of people working in the UK.

I don't think it will get better anytime soon; before that I expect a stock market correction. Harder times ahead, if anything.

[oliverson]

Just had a spam email from computer futures. TBF, it's more than welcome as I can't remember the last time I had one from them.

Starting year3 on the bench. Might find a new hobby.

You must be going insane heading into your third year!

8 months for me. I've decided not to stress about it and enjoy the rest of this month out in Spain because the weather is superb currently and by the end of the month it's clock change, which tends to signal to me it's time to prepare to return home and knuckle down for the winter.

[SchumiStars]

Just had a spam email from computer futures. TBF, it's more than welcome as I can't remember the last time I had one from them.

Starting year3 on the bench. Might find a new hobby.

[hobnob]

Suppose your company has financial obligations of its own - car lease, flat lease, life assurance, joint-shareholder, all of which require paying at some point. I'm not saying my company has these commitments currently but it has in the past. What do you do to meet those commitments? Pay into your company from the proceeds of heavily taxed inside income?

Assuming that the company doesn't have any cash reserves to handle those obligations, I think there are 2 options:

a) Close down the company, and then open a new one if/when you get another outside contract.

b) Transfer money into the company as a director loan. Yes, this money will come from your net salary (after tax/NI), but if you get another outside contract later then the company can re-pay the loan and you won't be taxed on that "income" (money going into your personal account) a second time.

You have the same two options whether you're on the bench or doing an inside contract, but the inside contract should give you more disposable income (making option b a bit easier).

[jamesbrown]

I don't know about the 90th percentile of day rates, but 90% of the arguments in this thread stem from different people competing in different markets. It was always a silly thread. Good for a laugh, though

[Dorkeaux]

And how very timely, just got off the phone to one of our Indian friends looking for a backend contractor, London 3 days a week, Inside IR35, £ 400 / day.

THAT, ladies and gentlemen is the state of the market!

Don't think so.

The market is not the same thing as the kite-flying lowball roles posted by randos.
Linkedin, Jobserve, my phone and inbox are crammed with these roles obviously at the low end of the bell curve.
That's why there are so many of them. No one takes them, so all the "agents" efforts go into promoting them.
It's alway been this way, even in the good times.

To put it another way, I work in buildings full of other contractors. I'm pretty sure (but not certain) that none of the independents are on 400 squid a day.

Just nothingburger the obvious desperate shilling roles, the remainder will provide a clearer picture of the market.

IT Jobs Watch has the 90th percentile (we're all there, right?) of IT contractors in London at 775/day or greater.
YMMV.
Contractor UK has some stats as well. That's right Oliverson. Stats..

[oliverson]

Must be silly season, here's another cracker. 10+ years .....

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//====================

It actually gets to the point where you stop being angry doesn't it? Your anger turns to dismay then to laughter. I'm actually grinning as I type this. Probably 4 'interactions' today with each one trying to outdo the other in a race to the bottom.

I'm waiting for one final outcome today. Perhaps this will be the icing on the cake, or perhaps I'll hear nothing back on that one either.

**** it, I'm off down the beach. 25 degrees outside and pure sunshine.

[oliverson]

contribute? - how?
nothing you, or anyone else says can possibly affect the market.
some just display flexibility.
others (you) just constantly whining.
if you've overextended yourself by exploiting every tax loophole going, that's your problem.
the world does NOT owe you a living.
so, either suck it up and take whatever's going, or go down the swanny.
your call.

There's something in the title of this post, it's called 'State of the Market', a thread where people can talk about how they are finding the market, etc. may of whom share my dismay at what it has become.

Overextended? 'Tax loophole'? I'll have a pint of what you're drinking please.

[sadkingbilly]

You should really get a life. Like one of those Moray eels hiding in the coral until a small fish comes past and then pops its ugly head out.

If you've nothing to say to contribute to the discussion, as has been mentioned by several other posters on here recently, probably best say nowt eh?

contribute? - how?
nothing you, or anyone else says can possibly affect the market.
some just display flexibility.
others (you) just constantly whining.
if you've overextended yourself by exploiting every tax loophole going, that's your problem.
the world does NOT owe you a living.
so, either suck it up and take whatever's going, or go down the swanny.
your call.

[oliverson]

Suppose your company has financial obligations of its own - car lease, flat lease, life assurance, joint-shareholder, all of which require paying at some point. I'm not saying my company has these commitments currently but it has in the past. What do you do to meet those commitments? Pay into your company from the proceeds of heavily taxed inside income? What about expenses incurred in the context of servicing that inside contract? i live about 240 miles from London when I'm in the UK, or 1,400 if I'm out in Spain. Without the ability to claim those expenses, which over my 10 year stint working in London finance averaged out at around £ 30k p.a., I'd have to stump up those expenses, again out of heavily taxed income. And of course, most of the rates, even in London finance for inside roles aren't really that much more than what they were when they were outside.

That's just the financial side. Any company that couldn't give a rats arse about the suppliers they work with, well it says it all to me.

And how very timely, just got off the phone to one of our Indian friends looking for a backend contractor, London 3 days a week, Inside IR35, £ 400 / day.

THAT, ladies and gentlemen is the state of the market!