Switch to perm or ride the dying wave

[heyya99]

You need to do some more research and make a call then. I very much doubt that something like that will die in that time period and if it does you'll already be working on the next gen stuff if you are perm. It could actually work to your advantage that you are in a perm position where they are paying you to learn the next generation tech and you can come back to a niche emerging market.

You've also got the opportunity to close the company and get that warchest out as efficiently as possible rather than it just growing and growing making it more difficult to extract efficiently.

Also it gives you an opportunity to move skills. Historically you've posted threads about moving to BA and before then Team leading. By going perm do you not only get to learn this new stuff as well as a much better shot at moving sideways in to BA and also gain training to move towards team leading. Sounds win win to me.

Personally with your general unhappiness of being senior dev the perm role gives you multiple opportunities to either lean new stuff and move sideways as well as being able to do something with that warchest. Not forgetting the fact you've found yourself a tasty gig in case contractor implodes in the next few years.

I think you've been given a golden opportunity with the Perm role TBH.

Fair points. Re the warchest, can't I let the business go dormant for a year and restart it if I did go back to contracting? Then close it when I wish? The tax efficient warchest extraction isn't time-boxed is it (barring ER rules changing)?

I should add that the perm role is in Belfast and the contract is in London. The Belfast salary would be relative pittance.

[MrMarkyMark]

Fair points. Re the warchest, can't I let the business go dormant for a year and restart it if I did go back to contracting? Then close it when I wish? The tax efficient warchest extraction isn't time-boxed is it (barring ER rules changing)?

I should add that the perm role is in Belfastand the contract is in London. The Belfast salary would be relative pittance.

Are you moving out there, then?
It looks like you will have to use some of that war chest for your living costs. Salaries in Belfast are notoriously poor.
Great place though, loved it the few months I worked out there

[northernladuk]

Fair points. Re the warchest, can't I let the business go dormant for a year and restart it if I did go back to contracting? Then close it when I wish? The tax efficient warchest extraction isn't time-boxed is it (barring ER rules changing)?

I should add that the perm role is in Belfast and the contract is in London. The Belfast salary would be relative pittance.

Possibly but you've got to think about the long term. If you get the skills you expect you'll be commanding more for a much longer period of time. You may have the only opportunity to change skillsets you been wanting etc etc.. Sometimes you have to take it on the nose to get what you want for the next 10+ years.

You can't close it when you wish because you can't carry on in the same trade for 2 years after. Closing it to gain a tax advantage and then carry on contracting is exactly what they are trying to avoid. Not sure of the exact details and they are in a long post on here somewhere but no, you can't really close it when you wish.

[MrMarkyMark]

Anyway, maybe you are over thinking this, have you actually been offered either of these 2 roles?

Or are you just having a Stevie (Wonder) moment

[heyya99]

Possibly but you've got to think about the long term. If you get the skills you expect you'll be commanding more for a much longer period of time. You may have the only opportunity to change skillsets you been wanting etc etc.. Sometimes you have to take it on the nose to get what you want for the next 10+ years.

You can't close it when you wish because you can't carry on in the same trade for 2 years after. Closing it to gain a tax advantage and then carry on contracting is exactly what they are trying to avoid. Not sure of the exact details and they are in a long post on here somewhere but no, you can't really close it when you wish.

Yep, I'm aware of the 2 year rule, hence why I'd prefer to keep the money in the business, make it dormant, and continue to trade when I return to contracting. I'd hate to close the company, take the warchest, then want to return to contracting but must see out the 2 years.

[heyya99]

Anyway, maybe you are over thinking this, have you actually been offered either of these 2 roles?

Or are you just having a Stevie (Wonder) moment

Offered none but even if both don't happen, it doesn't stop me pursuing either route with different companies.

[uk contractor]

Algo job competition is fierce until your onsite & even then its not in the bag someone better may come along its usually friend of a friend went to Eton together etc etc that trumps any commercial experience you might have. Also algo is not going away in the next few years either...........

[nomadd]

What would you folk do?

Get out of Investment Banking. *

(* Which I did 4 years ago, after 20+ years on-and-off of it. And I've never been happier. )

[MrMarkyMark]

Get out of Investment Banking. *

(* Which I did 4 years ago, after 20+ years on-and-off of it. And I've never been happier. )

Good for you, I didn't know that .

I went the other way, however, I always had more fun and challenged my technical mettle, a lot more, working outside IB.

[heyya99]

Get out of Investment Banking. *

(* Which I did 4 years ago, after 20+ years on-and-off of it. And I've never been happier. )

I've only been in it 2 years and made a tidy sum. It wasn't great. The work was uninspiring and dull but it it's difficult to make that sort of money for 8 hours work elsewhere.