Warchest Advice with loan?

[northernladuk]

Thing is these contractors came into a family business and direct via no agency and they've basically talked them into it. I know if they went elsewhere it wouldn't be this high.

So not really a good example and should be ignored for decision purposes.

[WTFH]

Don't ever think of it like that. If you start to think of it like that, you'll never take a single day off (until your breakdown).

That's true, but if you have someone who is paying off £3,000 in loans/mortgage every month and they are taking home £4,000, then taking a 2 week holiday means having less money coming in that month than you have going out.

What I was trying to point out to him was that you need to budget for not having the income when you take the time off, I'm not saying don't go on holiday, just make sure you can afford to go before you book it.

[codedaddy]

So not really a good example and should be ignored for decision purposes.

I know but I could still go somewhere and get market rates which seem to be 300 to 450 on average. I know I wouldn't get 750 rate doing what I do. And probably wouldn't get the full 450 rate off the bat anyway maybe a few years?

[WTFH]

Yes I've see the invoices (which one contractor put down in front of me one day and said look at this. Get yourself out there) so ye they do and I am not after that kind of money. I've been looking at contracts between 3/400.

£300-400 per day will not give you much more (if any) than you are currently on, by the time you pay tax, etc.
Take off the other benefits you currently have - paid leave, paid sick days, pension, etc

[washed up contractor]

Incorrect.

You can claim JSA but if you quit your job they penalise you. So you have to put your claim in and wait 2-3 months before they give you any money. Even if you seat putting your claim in they will still penalise you that time.

If you have a mortgage you have to wait 6 months before they give you support for mortgage interest. (Next year they are changing it to a loan.)

It is impractical to expect everyone to sell their house quickly.

Rubbish advice yet again!

You can claim JSA Conts or PIP depending where PIP has been rolled out. They cannot penalise you for Conts element because it's based on your NI Contributions.

You will not get JSA Income Based element if you quit, get sacked or have too much in savings.

The same applies to PIP.

The claim time to payments is not 2 or 3 month either unless you're slow giving them informationto determine your entitlement.

[codedaddy]

£300-400 per day will not give you much more (if any) than you are currently on, by the time you pay tax, etc.
Take off the other benefits you currently have - paid leave, paid sick days, pension, etc

Don't get a single benefit in this job and don't get sick pay other than statuary which I think is 70/week? Not sure on that figure.

[WTFH]

Warchest Advice with loan?

Don't get a single benefit in this job and don't get sick pay other than statuary which I think is 70/week? Not sure on that figure.

There will be a workplace pension chime - that's the law. As for time off, how many days holiday do you get per year (including public/bank holidays)?

Actually, you don't want my advice, you want the words of people who tell you to go for it, and who tell you that £300 per day is £109,500 a year and it's all tax free.
It's not.

[northernladuk]

There will be a workplace pension chime - that's the law. As for time off, how many days holiday do you get per year (including public/bank holidays)?

Actually, you don't want my advice, you want the words of people who tell you to go for it, and who tell you that £300 per day is £109,500 a year and it's all tax free.
It's not.

Definitely looks like it's this. It's getting boring now.

[codedaddy]

There will be a workplace pension chime - that's the law. As for time off, how many days holiday do you get per year (including public/bank holidays)?

Actually, you don't want my advice, you want the words of people who tell you to go for it, and who tell you that £300 per day is £109,500 a year and it's all tax free.
It's not.

No I want all peoples advice and views on it. Your advice has been just as valuable as the others.

Yes get that pension thing. It's on lowest contribution they could get away with.

Holidays are 22 with public holidays but even then spend most of them working as you end up working at home when they call you up and if you don't answer they don't like that one bit.

Other than this no bens like you would probably get in other modern tech places.

Thanks

[WTFH]

So, apart from statutory sick pay, 22 days holidays and a pension, you get no benefits. (Why am I hearing "what did the Romans ever do for us?")