State of the Market

[eek]

Can you explain this a little more for a dimwit like me?

So I get £700 a day or about £600 after Employer NI deductions (not quite but meh and it's convenient).

I then make sure I'm either throwing everything into the pension pot (so £600 a day goes into the pension and £100 remains for minimum wage requirements) or I take the lot.

But the important thing to remember is that employee NI works on a periodic rather than annual basis so it quickly tapers down from 12% to 2% once you receive £967 a week which means on £3,000 a week I'm a total of £135 employee NI on the weeks when I'm being paid everything and £21 when I'm maximizing the pension instead of £119 a week if it's spread out.

And that may not seem much but it adds up to £1000 or so a year.

Next, remember that for every £1 a company gets in profit once your income is above £50,270 every £1 in profit gives you 53p in your pocket once corporation and dividend tax is deducted. And I'm likely to receiving 55pence after Income tax and employee NI given the trick above.

Now the above isn't true if the inside IR35 uplift doesn't cover the employer NI costs but if it does being inside isn't that bad.

And remember that if you haven't used all your pension allowance you can go back 3 years and thrown up to £160,000 into the pension pot while you are working on an inside IR35 contract. And that extra £100 a day is a lovely £22,000 heading towards the pension that you would otherwise not have.

[The Green View]

I had an interview yesterday (2nd one in 4+months). Turned out he was calling from Chennai & couldn't connect to the arranged Teams meeting where I'd been waiting 10 minutes. Had to connect over WebEx but my mic just wouldn't work with it until I'd installed the WebEx app, rebooted and figured out a load of settings by which time he had 15 minutes left to talk. What a balls up.

So I had a second interview with this client and have just signed the contract. After 5 months, my longest period out ever, - can't deny it's a big relief.

It's not ideal - 6 months inside IR35 & only just north of £500pd plus I've got to commute to South Bristol from the Black Country 2 days per week but it seems like a decent client & an interesting project, plus I'll be able to concentrate more on the back end side of things so I won't be so front end heavy next time I'm looking for a role.

[eek]

So I had a second interview with this client and have just signed the contract. After 5 months, my longest period out ever, - can't deny it's a big relief.

It's not ideal - 6 months inside IR35 & only just north of £500pd plus I've got to commute to South Bristol from the Black Country 2 days per week but it seems like a decent client & an interesting project, plus I'll be able to concentrate more on the back end side of things so I won't be so front end heavy next time I'm looking for a role.

Definitely not ideal with that commute attached but better than nowt.

[The Green View]

Definitely not ideal with that commute attached but better than nowt.

Yep, Google maps telling me it's a 2-3 hour journey each way so will probably take the hit and get a room for the night.

[SussexSeagull]

So I had a second interview with this client and have just signed the contract. After 5 months, my longest period out ever, - can't deny it's a big relief.

It's not ideal - 6 months inside IR35 & only just north of £500pd plus I've got to commute to South Bristol from the Black Country 2 days per week but it seems like a decent client & an interesting project, plus I'll be able to concentrate more on the back end side of things so I won't be so front end heavy next time I'm looking for a role.

Any port in a storm and all that.

[rocktronAMP]

So I had a second interview with this client and have just signed the contract. After 5 months, my longest period out ever, - can't deny it's a big relief.

It's not ideal - 6 months inside IR35 & only just north of £500pd plus I've got to commute to South Bristol from the Black Country 2 days per week but it seems like a decent client & an interesting project, plus I'll be able to concentrate more on the back end side of things so I won't be so front end heavy next time I'm looking for a role.

Congratulations! It must be sigh of relief. I know the feeling very well. Learn as much you can from the client.

[gables]

Yep, Google maps telling me it's a 2-3 hour journey each way so will probably take the hit and get a room for the night.

Permie fella I work with has a similar commute (nearer 3 hours each way yesterday) and am pretty sure he's not bringing in £110k (500*220) even allowing for the employers NI I'd say you were ahead. Having said that he doesn't 2 days a week more like 1 day every 2 weeks.

Congrats on role.

[oliverson]

Definitely not ideal with that commute attached but better than nowt.

Marginally. WTF has happened to contracting? £ 500 / day inside with a 6 hour round trip or ponying up the expenses personally for an overnight stop out of heavily taxed income. I'm sorry but there's no point 'contracting' with a deal like that.

[The Green View]

Marginally. WTF has happened to contracting? £ 500 / day inside with a 6 hour round trip or ponying up the expenses personally for an overnight stop out of heavily taxed income. I'm sorry but there's no point 'contracting' with a deal like that.

Desperate times, desperate measures. Not for the first time but hopefully the last as I only plan on doing this another 5 years

[oliverson]

Desperate times, desperate measures. Not for the first time but hopefully the last as I only plan on doing this another 5 years

Well, I hope it can somehow work for you, perhaps until something better comes along.

I feel the same way about exiting the industry now. I've had a decent 20 years or so. I think when this contract ends, that will be it for me as it will be a very hard act to follow. I'm hoping for 2-3 years max.