£65k perm salary , £350 daily rate - Worth moving into contracting ?

[dty]

Both 475 and 550 are not worth leaving £100k for, however if you like contracting then it's worth leaving for less than that.

So people keep telling me.

£100k was basic so benefits were on top. 3% pension, healthcare, not much else.

I reckon my take home pay (on the £550) will be approaching 50% more. I don't need the healthcare as I've had myself + kids added to wife's company policy (so she's paying! Sweet!), and I can easily buy pension with the extra.

Only potential downside is long term sickness (+ bench time, of course) and I can insure against the former.

[TheFaQQer]

Both 475 and 550 are not worth leaving £100k for, however if you like contracting then it's worth leaving for less than that.

This.

One of the contractors I work with went permie with the client a year back and moved from a rate in excess of £580 (not sure of the exact figure, but I know where the cut-off would be) to £100k permie with a decent package.

If it was only about the money, there's no way I'd walk from £100k onto £475 a day.

[TheFaQQer]

Both 475 and 550 are not worth leaving £100k for, however if you like contracting then it's worth leaving for less than that.

Contractor Calculator, outside IR35 has £475 as equivalent to £117k, based on working 220 days a year.

Which is where all the calculators fall down - they look great if you guarantee working all year, and you want to do that.

[mobi]

It is worth mentioning here there are no permanent roles any more - either contract and bit more long term contract

In a way now they mention MPG for urban and extra urban (rather than city and motorway).

I did contracting sometime back and then managed to get a permie role near to my home which I took. Then after 3 years, last month they handed out redundancy notice

Want to go back to contract again.

[rd409]

When I jumped into the big bad world of independence I had decided that the business would have to generate double in net profit compared to my take-home salary. This allows for loss of all benefits and time when there is no work for the business.

In your situation this would mean a daily rate of ~£550. I would not settle for £350 in your position.

All in all, you need to draw a line at which you will personally be happy.

Chances are the original contract is in the region of 475-525, but because OP is a newbie, the agent is taking a massive cut.

For OP, if you fancy, jump in. I took a massive leap when starting out, and have more than doubled my rate in the first 2 years. Once you are in the game, you will learn quickly.

[d000hg]

£65k is pretty cushy. Are you looking to leave for a specific contract - will it even be there by the time you're out of notice period?

What do you do - are you sure £350/day is right?