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State of the Market

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    Originally posted by BigDataPro View Post
    IR35 (in private sector) will not happen in 2021. What's your bet?
    The opposite of that.

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      Originally posted by BigDataPro View Post
      IR35 (in private sector) will not happen in 2021. What's your bet?
      I was going to say a 1/2 penny. But checking on eBay, it seems they are worth £100 or more. So screw that.
      nomadd liked this post

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        Even if the private sector IR35 reform is delayed again it probably won't change anything. Virtually all contracts I'm seeing for big org's have already made the switch to PAYE and they won't bother reversing it.

        There were a select few big companies who deferred it, but the majority already have a PAYE system in place with PSL Umbrella co's and there would be no benefit for them to scrap it for 12 months.

        I'm inside (*spits*) with an IB in Canary Wharf at £650 p/d, the take home is around £360; seems mental compared to the halcyon days of yore

        Comment


          Originally posted by BigDataPro View Post
          IR35 (in private sector) will not happen in 2021. What's your bet?
          I wouldn't bet on it, but then again I wouldn't bet against it.

          Comment


            Originally posted by GhostofTarbera View Post
            Yup back to normal 600 a day for everyone

            My phones off the hook


            Sent from my iPhone using Contractor UK Forum

            150 a day in my line of work is considered the norm.

            Comment


              Originally posted by Destiny2 View Post
              150 a day in my line of work is considered the norm.
              First line or temping?
              'CUK forum personality of 2011 - Winner - Yes really!!!!

              Comment


                Originally posted by ensignia View Post
                Even if the private sector IR35 reform is delayed again it probably won't change anything. Virtually all contracts I'm seeing for big org's have already made the switch to PAYE and they won't bother reversing it.

                There were a select few big companies who deferred it, but the majority already have a PAYE system in place with PSL Umbrella co's and there would be no benefit for them to scrap it for 12 months.

                I'm inside (*spits*) with an IB in Canary Wharf at £650 p/d, the take home is around £360; seems mental compared to the halcyon days of yore
                What?!

                £650 p/d -> £360 p/d.

                So basically they taking more than the NI and Apprentice Levy 14% in your PAYE / Umbrella solution

                Your current net monthly income is £7,363
                If you get caught by IR35, this decreases £1,249 (16%) to £6,113

                Your total annual contracting fees are £143,000.
                After your expenses of £3,000, your gross earnings are £140,000
                Your current net monthly income after taxes is £7,363.
                Does investment banking IT have a future at those daily contract rates?
                Is the talent going to flee already?
                You're better than that.
                Last edited by Contractor UK; 31 May 2021, 17:14.

                Comment


                  Originally posted by rocktronAMP View Post
                  Does investment banking IT have a future at those daily contract rates?
                  Is the talent going to flee already?
                  You're better than that.
                  Judging by the number of "I'm desperate and will take anything" posts we've seen on here in the last 12 months, I'm sure IBs will have no problems recruiting contractors at rates significantly below £650. In fact, I've already seen plenty of evidence of IB dev roles at £450-500.

                  Last IB I worked for had plenty of Indian IT staff (devs, testers, PMs) at rates of £150-300 - and that was way before IR35 and COVID kicked in.

                  The race to the bottom continues.
                  nomadd liked this post

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                    Originally posted by rocktronAMP View Post
                    What?!

                    £650 p/d -> £360 p/d.
                    55% overall take home, is about right for inside IR35 at that rate.

                    Daylight robbery, and gets even worse the more you earn, you only get to keep about 47% on anything over 650 per day, they steal 53%. Due to the 45% rate + employers NI

                    Comment


                      Originally posted by Fraidycat View Post
                      55% overall take home, is about right for inside IR35 at that rate.

                      Daylight robbery, and gets even worse the more you earn, you only get to keep about 47% on anything over 650 per day, they steal 53%. Due to the 45% rate + employers NI
                      Except for the NI (which the employer is paying anyway) it's what an employee pays in tax.

                      And if you don't like it work less, take more holidays and throw more into a pension.
                      merely at clientco for the entertainment

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