State of the Market

[mookiemoo]

New client - 11 days after finishing the old one.

Ended prior gig on New Years eve........ took a week off - was planning to start looking next week.

Phone call yesterday morning - start Thursday. Outside IR35 as the client is small enough to be exempt and the work is arranged at arms length anyway. Fully remote and very good rate. Six month contract initially.

[IsayIsayIsay]

Transformation/Programme seems to be picking up around digital. 1 in 5 interest rate (every 5 I am getting contact), 1 in 7ish interview rate. While I build out my network/make the transition from perm to contract it seems to be more of a numbers game... excited for 2022.

[KentDogWalker]

I've got to say - it's great to hear opportunities coming in, and 9/10 outside of IR35.

I think we possibly got what we wanted - the companies stopped taking the easy advice of the 'consultants' and actually made their roles outside of IR35, in name and in spirit. Everybody wins.

friggen legend

[Destiny2]

Happy new year chaps!
I have decided to get back on the market after a break.

In the support realm, things look bleak. The rates have not gone up and have remained the same but are now inside IR35! Saw a Tradefloor support role for an investment bank near Liverpool St ( Deutsche ? ) for £265 and inside IR35!
I have also noticed that there are some Indian pimps and when you check their Linkedin, up until a few months ago, they were based in India. IMO, some recruitment agencies are now outsourcing to India

[Smoggy]

I know most of you are IT but things are white hot in actuarial. Plenty of positions available and I've had/been offered at least 3 interviews for Feb starts. Secured a new role on my best ever rate by some margin (though inside IR35).

[Lance]

I know most of you are IT but things are white hot in actuarial. Plenty of positions available and I've had/been offered at least 3 interviews for Feb starts. Secured a new role on my best ever rate by some margin (though inside IR35).

actuaries doing well part way through a global pandemic????

No tulip Sherlock.

[ensignia]

I know most of you are IT but things are white hot in actuarial. Plenty of positions available and I've had/been offered at least 3 interviews for Feb starts. Secured a new role on my best ever rate by some margin (though inside IR35).

Not in IT or actuarial but just got my best ever rate on an Inside contract, but still can't help feeling that I'd rather take £250 a day less on Outside.

The deductions are eye watering in the high £XXX's

[Destiny2]

Not in IT or actuarial but just got my best ever rate on an Inside contract, but still can't help feeling that I'd rather take £250 a day less on Outside.

The deductions are eye watering in the high £XXX's

The more you earn inside IR35 , the more you get taxed.

[ensignia]

The more you earn inside IR35 , the more you get taxed.

It's the 0T tax code which is the real kicker, where you lose your tax free allowance and your earnings will be taxed at the additional rate of 45% if you're on a decent rate.

Also, doing a 6 month gig Inside and then getting an Outside one means your tax affairs are complicated and you'll have to get a rebate the following year.

Combined with the additional costs (Umbrella margin, apprenticeship levy, employers NI) there comes a point where you think is this even worth it? It just feels punitive to lose virtually half of your earnings even if take home is still several times the national average. My wife wasn't very sympathetic when I had a moan to her about my new Inside role...

Sorry, that turned into a rant

[Fraidycat]

It's the 0T tax code which is the real kicker, where you lose your tax free allowance

Yes, the loss of the allowance means the combined Tax and NI rate for Inside gigs for earnings between 100K and 125K is almost 70%.
60% income tax, 3% employees NI and 15% employers NI.


If I were an inside contractor on target to bill around 125K for the tax year (after maxing out my Pension contributions), i would look book enough time off throughout the year to make sure I bill only 100K instead. Better to take the time off rather than pay an almost 70% marginal tax rate.