Spotted on JobServe: Canary Wharf bank (Barclays?) contractor to consultant backfill!

[Petrolhead]

Interesting job ad...

“Regulatory/Remediation BA's - Financial Consultancy - £500/Day

London
Rate Up to £500 per Day
Type Permanent
Posted By Gravitas Recruitment Group Ltd
Reference JS-BBBH64712
Posted 5 days ago

My client is a financial consultancy that are working on a huge project with well known tier one investment bank based in Canary Wharf.

They are back filling a number of contractor roles (where the bank have let go of contractors due to IR35) and filling them with consultants.”

[ladymuck]

Permanent post on a daily rate? Interesting...

[freelancelife]

My question would be

If IR35 Outside contracts disappear and you were forced to take permanent roles like this but you wanted to keep your ltd company running as director (with a small income from online ecommerce sales) in parallel.


If you took a permanent role or inside ir35 role via an Umbrella company as an employee. Would HMRC then target your LTD Company making an assumption that all your previous contracts were inside IR35 although your new contract or role was no longer paid through the ltd company.

Permanent post on a daily rate? Interesting...

[BrilloPad]

Permanent post on a daily rate? Interesting...

My assumption was it is a contract post but inside IR35?

[Paralytic]

Looks like a Fixed Term Contract (FTC). So, employed by the client and taxed at source as an employee. Out of a job in x months (could be 3, could be 60 after future extensions).

I think that's what Barclays said they would do, alongside engaging via MSCs.

So, similar to being inside IR35 from a net income perspective but no IR35 determination required as its not a contract with a PSC.

I think this a good pointer for where the market is going.

It'd be interesting to know if the contractors that are being replaced were on £500/day or whether the client bumped the daily rate to compensate for the employee taxes.

[ladymuck]

My assumption was it is a contract post but inside IR35?

Possibly. It just stated a day rate and said 'Type Permanent' which makes little sense unless they're trying to say the perm salary is the equivalent of 500 p/day?

[BrilloPad]

Possibly. It just stated a day rate and said 'Type Permanent' which makes little sense unless they're trying to say the perm salary is the equivalent of 500 p/day?

My other thought is agent has no idea. But then I realised that could not be the case....

[Paralytic]

Possibly. It just stated a day rate and said 'Type Permanent' which makes little sense unless they're trying to say the perm salary is the equivalent of 500 p/day?

Read above. It makes perfect sense. It’s a fixed term employee contract, £500 per day, taxed PAYE.

[wiffwaffwaa]

It'd be interesting to know if the contractors that are being replaced were on £500/day or whether the client bumped the daily rate to compensate for the employee taxes.

hhhmmm, I'm on the buy side, but I don't know any BA that would go as low as £500. I'd imagine the sell side wouldn't be any lower.

[b0redom]

I’ve never looked at fixed term contracts. If you’re engaged in one, are you eligible for permie benefits? Sick pay, holiday etc?