Yes, another thread with someone pondering the relative merits of each, but looking for some collective CUK wisdom to help me decide a tricky situation.
Current - Inside IR35; £550p/d; longish term project with a repeat client who I like working for, however this time the project has been slow. Other resource (permies) have left for internal moves, and currently undergoing dreaded review which will no doubt change the ultimate deliverables. Current deal up to end of the year (recent 3 month extension). Fully remote, potentially once/twice weekly travel fairly local in near future.
Possible 1 - Perm; £85k. Good benefits package & pension, remote with the odd day in the office. Great company, good career progression, and working same role but in a new area.
Possible 2 - Contract, Outside IR35 (via consultancy). £550p/d; 6 months but upto end of next year. More travel than the other 2, potentially 3 days a week in the city, good exposure with a client that is a hot topic in the industry I work in.
I've been contracting for coming up to 5 years and been very lucky in some respects (no voids), but unlucky in other aspects (couple of dreadful contracts where I was essentially a bum on a seat), and it has definitely given me a fairly severe case of "imposter syndrome". I'm still young enough for career progression to be a factor, and frankly I hate meeting new people, even via a Webex, so head is telling me the perm job is the one.
However, I've also recently seen some big increases to my outgoings (school fees), so pay is certainly a factor. However, I like the client I'm currently working for, and don't like the idea of leaving mid-project, but the differences between inside/outside are bigger than I previously envisaged (e.g.: silly things, like not being able to get tax-free childcare).
What's the latest formula for working out approx. take-home on an outside gig? Assuming a spouse to perform some super-critical admin (but works part-time so has used up their tax-free allowance), would day rate *48 *0.70 be a reasonable stab? (Not what I would necessarily take, but what I could take net of corp tax, divi tax etc.).
Anyone been in a similar dilemma? Is it a bit mercenary to leave a relatively secure inside gig for an outside gig simply for a better take-home rate? WWYD?
Current - Inside IR35; £550p/d; longish term project with a repeat client who I like working for, however this time the project has been slow. Other resource (permies) have left for internal moves, and currently undergoing dreaded review which will no doubt change the ultimate deliverables. Current deal up to end of the year (recent 3 month extension). Fully remote, potentially once/twice weekly travel fairly local in near future.
Possible 1 - Perm; £85k. Good benefits package & pension, remote with the odd day in the office. Great company, good career progression, and working same role but in a new area.
Possible 2 - Contract, Outside IR35 (via consultancy). £550p/d; 6 months but upto end of next year. More travel than the other 2, potentially 3 days a week in the city, good exposure with a client that is a hot topic in the industry I work in.
I've been contracting for coming up to 5 years and been very lucky in some respects (no voids), but unlucky in other aspects (couple of dreadful contracts where I was essentially a bum on a seat), and it has definitely given me a fairly severe case of "imposter syndrome". I'm still young enough for career progression to be a factor, and frankly I hate meeting new people, even via a Webex, so head is telling me the perm job is the one.
However, I've also recently seen some big increases to my outgoings (school fees), so pay is certainly a factor. However, I like the client I'm currently working for, and don't like the idea of leaving mid-project, but the differences between inside/outside are bigger than I previously envisaged (e.g.: silly things, like not being able to get tax-free childcare).
What's the latest formula for working out approx. take-home on an outside gig? Assuming a spouse to perform some super-critical admin (but works part-time so has used up their tax-free allowance), would day rate *48 *0.70 be a reasonable stab? (Not what I would necessarily take, but what I could take net of corp tax, divi tax etc.).
Anyone been in a similar dilemma? Is it a bit mercenary to leave a relatively secure inside gig for an outside gig simply for a better take-home rate? WWYD?
replies to tell you that £85k perm is the equivalent of £200 per day, the questions I would ask are about lifestyle and desires.
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