Day Rate Conversion Calculators - How Accurate Are They ?

[NowPermOutsideUK]

I have not posted here for a log time and as this is a contractor forum I wanted to ask others whether they agreed with calculators online - I am especially interested in eek comments

I am trying to compare inside IR35 to perm ignoring any non tangible things that come with perm and only evaluating comp financial numbers

For example
600 a day == 107,443
800 a day == 143,767

Do those numbers make sense to you and reasonable? They came from contractor calculator

Put my question differently : If you were offered 800 a day or perm salary what is the minimum you would take as a perm (if you are only interested in money)? Based on the above 143K?

There is no bonus and pension is 3% as perm - There are no other benefits at all from perm that are useful to me (no career no promo etc) - This is working for a consultancy (think Accenture) where they bill you to a client for a mrgin (As soon as that client is finished you will be binned)

Notice period is 4 weeks for both offers

[malvolio]

Same old question same old answer. How many apples make an orange?

[northernladuk]

Finger in the wind at very best. You simply cannot do a comparison of two different ways of working and come out with a number that is anywhere near reality.

To be fair though, some people put a bit of time and effort in to trying to get it close. They even considered the non tantigble things. I mean, they are there and they affect the number so you can't expect your numbers to be accurate when you've ignored the intangibles. You've just stuck two numbers in a calulator. Worst effort we've had for quite awhile I think.

[jainnode]

Finger in the wind at very best.

You've just stuck two numbers in a calulator. Worst effort we've had for quite awhile I think.

what do you expect from LondonPM??

[WTFH]

It’s only been how many weeks since you last went on about this?
It used to be you would interrupt any thread about rates with your “it’s the equivalent of x or y”
But then you put in “ignoring non-tangible things”. Then let’s ignore all non-tangibles, such as paying into a pension, or offloading money in other ways.
Your links only show one side of each calculation, i.e. £107,443 gross = £68,330 net. But you haven’t shown how you got that to be equivalent of £600 per day, hence why your question is invalid.

I will give you one chance to reply with the details of how you got from £600 per day to £68,330, with your full details of working it out.
Then we can talk about the “non-tangibles”, which can account for another 25%+ on a permanent salary. (15% pension, 10% bonus, annual salary increases, share incentives, etc.

But at least it makes a change from when you used to claim £500 a day was £200k a year, or whatever twaddle.

[NowPermOutsideUK]

The numbers I provided are from contractor calcutor

I did nothing else other than enter the day rate which for 800 gave a 143K salary.

My question a different way : If I am concentrated only on money what is the minimum salary you would accept as perm (given the option of taking 800 a day inside). There are none of these as I mentioned in my initial post so please dont confuse the post ((15% pension, 10% bonus, annual salary increases, share incentives, etc.).

Would you accept 110k ? 120? 130K?

To be clear again when comparing two offers 1) inside and 2) perm (and you know there are no benefits) is the 143K perm salary quoted on the calaultor accurate

[eek]

Those figures make no sense at all

The numbers I provided are from contractor calcutor -

Oh that explains why they are utterly tulipe.

Contract work (even inside IR35) is paid more than permie work because no notice needs to be provided.

Beyond that meh - the question isn't interesting as it makes zero sense and it will always come done to individual circumstances.

[ladymuck]

The numbers I provided are from contractor calcutor

I did nothing else other than enter the day rate which for 800 gave a 143K salary.

My question a different way : If I am concentrated only on money what is the minimum salary you would accept as perm (given the option of taking 800 a day inside). There are none of these as I mentioned in my initial post so please dont confuse the post ((15% pension, 10% bonus, annual salary increases, share incentives, etc.).

Would you accept 110k ? 120? 130K?

To be clear again when comparing two offers 1) inside and 2) perm (and you know there are no benefits) is the 143K perm salary quoted on the calaultor accurate

If I told you I would only accept £200k how does that help you? What take home you will accept is down to your lifestyle and level of debt, just as what I would accept is based on how much gin I drink in a week.

[WTFH]

1. You would never get £800 a day inside, based on the quality of your posts under your current user name or the previous ones that you used.
2. I would never accept a permanent role if there were zero additional benefits (such as a large pension contribution from the employer, bonuses, etc)
3. Whether permanent or temporary, I do not want to work more than 220 days a year, less if possible. This is because I value time with family and friends.
4. I could easily walk into e.g. a bank and get a job as an analyst for about £160k a year + perks. Those jobs are ten a penny, but they are dull and provide zero help to society, apart from making the rich richer and the poor poorer.
5. This is your final warning before you get banned.

[TheDude]

When considering contracts I try multiple different calculators until I find one that spits out an answer that aligns with the lifestyle I want to live.