State of the Market

[_V_]

Wow! So you've been contracting for 20 years, raking in 80k-90k income but your warchest only has enough cash to last just over 3 months!? Way to go.

A lot might have gone on mortgage payments in the SE and pension contributions. Who knows? You kind of assume they spent is all on fast cars and fancy women?

[LondonPM1]

Approached by three agents on Monday, two inside IR35 and one perm. Got a 'no more contractors' today from a previous client. So, armed with this information and my Jobserve searches which reveal an ever expanding catalogue of Inside/PAYE/Umbrella, I've concluded that it's time to move on from contracting and in actual fact the UK as well. I've enough cash to last to the end of the year by which time the house should have sold and we're off to live in our place in the sun. I won't be paying off the bounce back loan or the other taxes that my company owes. I had a perfectly viable business 6 months ago but the government has finally destroyed it. That's around £ 70k of tax a year the government won't be receiving. A further £ 80-90k of income that we spend in this country will also be heading abroad. I'll probably do a bit of freelancing over there to pay for the golf club membership and a convertible. I'd be tempted to thank Rishi and Boris but it is kind of sad seeing the home you've lived in for 20 years and the business you've invested 20 years of your life in about to be dismantled in front of your eyes and through no fault of your own. But that's the way it is I guess. I can't continue funding two homes without contractor-level income. Great Britain eh?

I moved abroad a few years ago - I have zero regrets - Sometimes I think about coming back but the fact contracting is finished makes it not worth it - Educated in Oxford and london university its sad that I wont be able to work in the UK as perm again.

I would completely not pay the BBL (like many componies wont) but just be careful you can explain how you spent that money (salaries are fine) and why the company is now insolvent - If you have assets in the UK company you need to be careful to spend them properly before going insolvent

[oliverson]

Wow! So you've been contracting for 20 years, raking in 80k-90k income but your warchest only has enough cash to last just over 3 months!? Way to go.

Not even that - he's taken £50k as a bounce bank loan and is living on that now.

Just like buses, two incorrect statements come along at once, both by envious idiots:

1. I never said I was contracting 20 years but I have been running the same business 20 years. I'll let you try to work it out.
2. I didn't take out a £ 50k bounce back (correct spelling) loan. Incorrect statement.

So, the war chest will have been depleted over the best part of a year but some of said war chest was invested in a lovely Penthouse in Andalucia, 20 mins from Spains answer to silicon valley. 650 companies, bound to be a need for short term developer resource.

[clearedforlanding]

Wow! So you've been contracting for 20 years, raking in 80k-90k income but your warchest only has enough cash to last just over 3 months!? Way to go.




Just like buses, two incorrect statements come along at once, both by envious idiots:

1. I never said I was contracting 20 years but I have been running the same business 20 years. I'll let you try to work it out.
2. I didn't take out a £ 50k bounce back (correct spelling) loan. Incorrect statement.

So, the war chest will have been depleted over the best part of a year but some of said war chest was invested in a lovely Penthouse in Andalucia, 20 mins from Spains answer to silicon valley. 650 companies, bound to be a need for short term developer resource.

So Malaga Technology Park. Enjoy the rates, they reflect the horrific unemployment rate in Andalucia and the fact that every Spanish Boomer wanted their kids to be engineers. You can make more money Olive pickingin Jaen. I kid you not.

Andalusia - Unemployment rate

Unemployment rate (LFS) 21.3%
Unemployment rate less than 25 years 49.9%
Unemployed rate over 24 years 19.5% 23.5%
Unemployment rate less than 20 years 57.4%

[PCTNN]

Not even that - he's taken £50k as a bounce bank loan and is living on that now.

You should go and read his thread.

https://www.contractoruk.com/forums/...e-ltd-not.html

TLDR, a crybaby blaming the government for his failures

[eek]

Wow! So you've been contracting for 20 years, raking in 80k-90k income but your warchest only has enough cash to last just over 3 months!? Way to go.




Just like buses, two incorrect statements come along at once, both by envious idiots:

1. I never said I was contracting 20 years but I have been running the same business 20 years. I'll let you try to work it out.
2. I didn't take out a £ 50k bounce back (correct spelling) loan. Incorrect statement.

So, the war chest will have been depleted over the best part of a year but some of said war chest was invested in a lovely Penthouse in Andalucia, 20 mins from Spains answer to silicon valley. 650 companies, bound to be a need for short term developer resource.

Have you taken out a bounce back loan? as you say here you did so my only mistake is getting the size of the loan wrong.

Approached by three agents on Monday, two inside IR35 and one perm. Got a 'no more contractors' today from a previous client. So, armed with this information and my Jobserve searches which reveal an ever expanding catalogue of Inside/PAYE/Umbrella, I've concluded that it's time to move on from contracting and in actual fact the UK as well. I've enough cash to last to the end of the year by which time the house should have sold and we're off to live in our place in the sun. I won't be paying off the bounce back loan or the other taxes that my company owes. I had a perfectly viable business 6 months ago but the government has finally destroyed it. That's around £ 70k of tax a year the government won't be receiving. A further £ 80-90k of income that we spend in this country will also be heading abroad. I'll probably do a bit of freelancing over there to pay for the golf club membership and a convertible. I'd be tempted to thank Rishi and Boris but it is kind of sad seeing the home you've lived in for 20 years and the business you've invested 20 years of your life in about to be dismantled in front of your eyes and through no fault of your own. But that's the way it is I guess. I can't continue funding two homes without contractor-level income. Great Britain eh?

[sira]

Wow! So you've been contracting for 20 years, raking in 80k-90k income but your warchest only has enough cash to last just over 3 months!? Way to go.

He said he has 2 homes, so its understandable. When the times are good people spend, I guess. Imo everyone should have a minimum 12 month warchest.

[eek]

You should go and read his thread.

https://www.contractoruk.com/forums/...e-ltd-not.html

TLDR, a crybaby blaming the government for his failures

Oh a bounce back loan of £30k that was then taken out of the company as a Director's loan (£30k)...

HMRC won't be the only people calling - the fraud squad will be (although he will be one of 10,000s caught pulling this type of trick).

[oliverson]

Not even that - he's taken £50k as a bounce bank loan and is living on that now.

So Malaga Technology Park. Enjoy the rates, they reflect the horrific unemployment rate in Andalucia and the fact that every Spanish Boomer wanted their kids to be engineers. You can make more money Olive pickingin Jaen. I kid you not.

Andalusia - Unemployment rate

Unemployment rate (LFS) 21.3%
Unemployment rate less than 25 years 49.9%
Unemployed rate over 24 years 19.5% 23.5%
Unemployment rate less than 20 years 57.4%

Go take a look at Glassdoor for Developer jobs in Malaga. Loads and loads. Fair enough those are perm but there are also some contract opportunities to be had. I know because I nearly took one a few years ago but chose to stick with the London finance rates. Think the rate we discussed back then was €550 a day, plus accommodation, plus flights, which would be fine for me now, though clearly I don't need the accommodation or flights. But everything has changed since then. there is no NO London market (outside IR35) to talk about. There's also a few companies in Malaga city itself, along with Marbella and further down the coast at Gibraltar if necessary. Also, the international airport is fantastic and can reach most other places in Europe. It's an exciting opportunity.

[oliverson]

Oh a bounce back loan of £30k that was then taken out of the company as a Director's loan (£30k)...

HMRC won't be the only people calling - the fraud squad will be (although he will be one of 10,000s caught pulling this type of trick).

Ladies and gentlemen, we have a winner. He actually used stealth and cunning to arrive at the correct figure!