£750 contract with IB vs £120k perm with large FinTech - opinions?

[Guest22]

I currently have 10 job offers on the table consisting of 8 perm and 2 contract offers. I've declined half of them, and am considering the remaining 5. But the two that stand out are:

1. Tier 1 investment bank (over $40b revenue). £750/day inside IR35 (I'm aware this won't apply from April).
2. Global brokerage FinTech ($2.6b revenue). £120k salary + 20% bonus + 3% pension and other usual benefits (life, health, medical, etc.).

Option 1 using PayStream is £8,731 pcm which will become around £10,734 pcm in April assuming 25% tax and 25 days' holiday.
Option 2 is £7,458 pcm assuming bonus is achieved.

The difference from April therefore would be around £3k. For option 1, I am confident it would be a minimum 2-year gig, and the rate would never increase. Option 2 would attract salary increases each year, and presents potential opportunities to relocate to America, Middle East, or Asia (they've stated this), and also promotional opportunities if I do well.

Obviously, a large part of this is my own appetites and personal situation, but that's nuanced, and no presentation of that here would be fully justified. So, I would like to ask what people's opinions are, and what they might do in this situation, just to see if there is anything obvious I've missed in my thought process, and to see where the general wind blows.

Thanks!
Usjcbmjtujd tnbsnjoftt fyqfdufe bt vtvbm po uijt tjuf. Cpsf pgg, cpap.

[GregRickshaw]

I currently have 10 job offers on the table consisting of 8 perm and 2 contract offers. I've declined half of them, and am considering the remaining 5. But the two that stand out are:

1. Tier 1 investment bank (over $40b revenue). £750/day inside IR35 (I'm aware this won't apply from April).
2. Global brokerage FinTech ($2.6b revenue). £120k salary + 20% bonus + 3% pension and other usual benefits (life, health, medical, etc.).

Option 1 using PayStream is £8,731 pcm which will become around £10,734 pcm in April assuming 25% tax and 25 days' holiday.
Option 2 is £7,458 pcm assuming bonus is achieved.

The difference from April therefore would be around £3k. For option 1, I am confident it would be a minimum 2-year gig, and the rate would never increase. Option 2 would attract salary increases each year, and presents potential opportunities to relocate to America, Middle East, or Asia (they've stated this), and also promotional opportunities if I do well.

Obviously, a large part of this is my own appetites and personal situation, but that's nuanced, and no presentation of that here would be fully justified. So, I would like to ask what people's opinions are, and what they might do in this situation, just to see if there is anything obvious I've missed in my thought process, and to see where the general wind blows.

Thanks!
Usjcbmjtujd tnbsnjoftt fyqfdufe bt vtvbm po uijt tjuf. Cpsf pgg, cpap.

This is what is commonly known as a no-brainer.

[Guest22]

This is what is commonly known as a no-brainer.

Clearly not, or I'm stupid. Which would you go for, and why (or why not the other)? (Just to make this a more valuable discussion.)

[ChimpMaster]

Can't for the life of me imagine why you'd go for so many jobs at the same time. That would just confuse me.

Anyway, £750 inside will be £750 inside come April 2023. I shouldn't need to explain this to you; there is plenty of info on this site.

£120 perm is the better option here but the details are important and personal to you - such as the experience you will gain on the job.

[jamesbrown]

inside IR35 (I'm aware this won't apply from April)

What makes you think that?

[Guest22]

Can't for the life of me imagine why you'd go for so many jobs at the same time. That would just confuse me.

Wasn't the question, but nvm.

Anyway, £750 inside will be £750 inside come April 2023. I shouldn't need to explain this to you; there is plenty of info on this site.

I've read the info, and that's not entirely true according to a lot of people's opinions. For example, this recent thread indicates that it depends on the client. So, it's not automatic that it will stay inside or go outside from April. The recruiter told me that it would go outside, but he might be (and probably is) misinformed. If anything, this is probably something I should take up with the client to check before making my decision, something I would not have done had it not been for your reply (albeit wrongly sarcastic). So, thanks for that.

£120 perm is the better option here but the details are important and personal to you - such as the experience you will gain on the job.

Glad you think so. And if the other option remains within IR35, then it's indeed probably a no-brainer given only the ~£1k difference, probably made up in many other ways.

[Guest22]

What makes you think that?

See my previous reply to ChimpMaster. I'm now more enlightened on this matter.

[eek]

Wasn't the question, but nvm.


I've read the info, and that's the entirely true according to a lot of people's opinions. For example, this recent thread indicates that it depends on the client. So, it's not automatic that it will stay inside or go outside from April. The recruiter told me that it would go outside, but he might be (and probably is) misinformed. If anything, this is probably something I should take up with the client to check before making my decision, something I would not have done had it not been for your reply (albeit wrongly sarcastic). So, thanks for that.


Glad you think so. And if the other option remains within IR35, then it's indeed probably a no-brainer given only the ~£1k different, probably made up in many other ways.

Agents will say anything to get you to take their contract - when you take the contract it becomes money for them and if you don't take it it becomes additional work for no money..

Also see https://forums.contractoruk.com/acco...ml#post2947735 which explains what may happen with your contract post April 6th.

It's also possible that Truss and co may be removed at which point it's possible IR35 could remain as it is...

[jamesbrown]

See my previous reply to ChimpMaster. I'm now more enlightened on this matter.

You're missing my point slightly, I think.

IR35 is not disappearing next April, Chapter 8 remains on the statute book and YourCo will be responsible and liable for assessing status.

If you think a contract can go from inside to outside merely because the legislation changed well, er, good luck with that one. Best case scenario, the client didn't produce an SDS and required an umbrella. Worst case scenario, they produced an SDS that indicated the contract was inside. Unless the working practices change (they won't), then it's going to be pretty awkward to have the client arguing against you at a tribunal, whether implicitly or explicitly.

Recruiters will say anything that helps them to recruit.

[Guest22]

...YourCo will be responsible and liable for assessing status.

Exactly as I said: "...it depends on the client."

If you think a contract can go from inside to outside merely because the legislation changed well, er, good luck with that one.

I literally said the opposite: "So, it's not automatic that it will stay inside or go outside from April"