Outside or inside ?

[piyush1132003]

Hi all,
I am getting one outside with 550 and inside with 700. Though i searched thousand times on google and look to see final take home, but it was never a straight answer.

i am looking for full take home.

is there anyone who can suggest anything ? Any standards while choosing which will give me more take home ?

[cojak]

An inside contract will give you approximately 55% of your day rate, an outside one will give you about 65%.

Read more here https://forums.contractoruk.com/umbr...-umbrella.html

or find a decent accountant.

[Lance]

An inside contract will give you approximately 55% of your day rate, an outside one will give you about 65%.

Read more here https://forums.contractoruk.com/umbr...-umbrella.html

or find a decent accountant.

or more if you don't take all the profit out, pay into pension and build a war chest. Which on 550 is doable

but an accountant will confirm correct numbers and structure based on lifestyle.

[eek]

Also remember - you don't get expenses to and from the clients main office if you use an umbrella, you can if you are outside.

[northernladuk]

There isn't a straight answer. You are comparing apples and pears and there is a lot of complexity around each. We've had 100's of threads on here where people have tried to answer this. We've had guesses, links to calculators, spreadsheets and it can't be done accurately. Too many questions about expenses, pensions, holidays. The fact they are both completely different models with one with no sick/holiday and the other having some but you still kind of have to pay for it.

There is no way to calculate it accurately just from two numbers like that. Even if you put all the time in the world to get it close you'll take one day off on either and the numbers go out the window.

Best thing to do, for me, is look at other aspects of the gig. Is it better for the CV, location, skilling up, industry, tech and all sorts and pick the gig you want. The pay is secondary. These are only short term gigs, could last only three months so any gaps between the two income wise reduce even further. You'll look back in two years and just shrug and say it is what it is and your career continues. Don't get too hung up on getting an accurate number that won't be accurate anyway and only for a short term gig.