OK, slightly facetious title, but I've eyeballed a lot of threads recently all with the variation of the theme Option 1 - Perm role; Option 2 - Contract Role, an I've come to the conclusion that I don't yet know enough about the impact of IR35 to make an informed decision and that it's very much down to individual circumstances.
There is something different in my office this week - the atoms are vibrating a little more vigorously, there's hushed whispers of "IR35" in every corridor you walk down, and department managers suddenly have calendars blocked out with above average number of meetings with recruiters.
My Position
Currently contracting as a BA in the City - 2 hour each way commute, £500/day, very much enjoying the project, confident (as I can be) that my determination of outside IR35 is representative. Only contracting for just over a year, dependent wife and child, considering another.
I would like a shorter commute and more certainty, but the drop in income would be a challenge. It is unlikely it would be worth me commuting to the City for a perm role. Contract just renewed, runs until May, however IR35 assessments being conducted shortly, and I'm half-expecting a blanket-inside IR35 determination which seems to be the current trend.
Given the current situation, my wife has started to apply for part-time work.
I've concluded I need to use the tools of my trade and do an impact assessment so I can fully understand implications of an inside determination and whether I'm willing to swallow, ask for a rate increase or walk.
Questions
1. Does anyone have a link to a reliable Umbrella take home calculator? Have used Contractor Take Home Pay & Expenses Calculator | Parasol thus far, but not entirely satisfied if this is accurate. I need to understand what the difference between take-home would be, and whether the reduced amount still merits taking the added risk of being a contractor, and/or what rate increase would be required to offset the impact.
2. If there is a determination of inside IR35 and you elected not to operate in this manner, would you work your notice (any implications of this?) or walk immediately?
3. Are you doing anything differently now because of the legislation? How would you respond if your client advised that you are to be determined inside?
Apologies for my perhaps slightly naïve understanding of all this - from reading threads on here, it is clear this is far too murky and involves some element of risk-assessment/individual judgement.
There is something different in my office this week - the atoms are vibrating a little more vigorously, there's hushed whispers of "IR35" in every corridor you walk down, and department managers suddenly have calendars blocked out with above average number of meetings with recruiters.
My Position
Currently contracting as a BA in the City - 2 hour each way commute, £500/day, very much enjoying the project, confident (as I can be) that my determination of outside IR35 is representative. Only contracting for just over a year, dependent wife and child, considering another.
I would like a shorter commute and more certainty, but the drop in income would be a challenge. It is unlikely it would be worth me commuting to the City for a perm role. Contract just renewed, runs until May, however IR35 assessments being conducted shortly, and I'm half-expecting a blanket-inside IR35 determination which seems to be the current trend.
Given the current situation, my wife has started to apply for part-time work.
I've concluded I need to use the tools of my trade and do an impact assessment so I can fully understand implications of an inside determination and whether I'm willing to swallow, ask for a rate increase or walk.
Questions
1. Does anyone have a link to a reliable Umbrella take home calculator? Have used Contractor Take Home Pay & Expenses Calculator | Parasol thus far, but not entirely satisfied if this is accurate. I need to understand what the difference between take-home would be, and whether the reduced amount still merits taking the added risk of being a contractor, and/or what rate increase would be required to offset the impact.
2. If there is a determination of inside IR35 and you elected not to operate in this manner, would you work your notice (any implications of this?) or walk immediately?
3. Are you doing anything differently now because of the legislation? How would you respond if your client advised that you are to be determined inside?
Apologies for my perhaps slightly naïve understanding of all this - from reading threads on here, it is clear this is far too murky and involves some element of risk-assessment/individual judgement.
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