Freelancers face selling homes as MPs urge Chancellor to offer more help

[jamesbrown]

Reading between the lines, this guy has been siphoning cash out the business tax free via 'loans' and presumably spaffing it up the wall on flash cars and houses far too big and expensive. Crazy. I have zero sympathy for these people.

I am sure there are some contractors facing hard times that deserve some sympathy, but anyone that went nuclear almost the moment they lost their contracts back in Feb/March, not so much. I guess some fraction of contractors never really understood contracting. I have more sympathy for those that have exhausted their warchests and still can't find (e.g., permie) work.

[Whorty]

I am sure there are some contractors facing hard times that deserve some sympathy, but anyone that went nuclear almost the moment they lost their contracts back in Feb/March, not so much. I guess some fraction of contractors never really understood contracting. I have more sympathy for those that have exhausted their warchests and still can't find (e.g., permie) work.

Yep, agreed. But then there are those like this chap who seemed to be trying to play the system and got caught out. It's guys like this that give 'honest' contractors a bad name.

[jayn200]

You didn't notice that most contractors are living invoice to invoice.

He's contracting in finance for 11 years. Gotta be billing 150-200k a year or more. Even at 150 a year and with 2 director company should be keeping 50k a year in the company. Should have 500k+ between pension, company bank account, any other company assets (BTLs for example)

[eek]

He's contracting in finance for 11 years. Gotta be billing 150-200k a year or more. Even at 150 a year and with 2 director company should be keeping 50k a year in the company. Should have 500k+ between pension, company bank account, any other company assets (BTLs for example)

Really? just because you can bill that amount doesn't mean others can...

[tomtomagain]

.

I bought my parents’ house from them five years ago because my father was trapped in a bad mortgage deal and was not able to retire.

Yeah, right. More likely to avoid inheritance tax.

[jayn200]

Really? just because you can bill that amount doesn't mean others can...

How many contractors you know in banking who aren't billing that much?

[eek]

How many contractors you know in banking who aren't billing that much?

A lot....

[jamesbrown]

How many contractors you know in banking who aren't billing that much?

Right now? Most of them, I expect.

[ladymuck]

I was on £425 p/d in my last banking job.

It doesn't matter if people are earning £10k or £300k - if their lifestyle is beyond their income, they're going to be screwed as soon as that regular pay check stops coming in.

[AtW]

My last permie banking job was 800 USD.

Per month