£350/pd vs £75k p.a. permanent. Is it worth?

[Crossroads]

I jumped from £85k to £325/day, but that was nearly 20 years ago and it was a different world then. I also had the chance to take voluntary redundancy to take a few quid with me and had virtually zero outgoings and a very marketable skillset. Within a year I was at £600/day at the same client, I just needed to get in the door.

I definitely got lucky along the way but I made a lot of my own luck. Contracting has helped me build a passive income so I could get away with never working again.

Perversely, I'd consider a £75k role despite being able to net that in 6 months contracting, for me I have to enjoy work now, the money is less important.

Totally depends on your risk appetite, your confidence that you will be able to keep in contracts and what you want out of your professional life.

My point is, only you will really know if it is the right thing. What happens if you get binned on your first day? Are you confident of finding something else before the wolf is at the door?

[fannyadams]

As others have said, the equivalent to a £75K permie job should pay significantly more than £350 pd as a contractor.

[BrilloPad]

Is your current role with a private bank?

The contract market has been sticky for a while. Especially in banking.

However it really depends on your risk appetite. If you are 25 with no dependants it might be worth a punt. If 50 with dependants it might well not be.

[l35kee]

Yeah those figures don't add up well. Unless the first contract is to ensure you have one to move to. I'd be expecting a better day rate regardless of your location from that permie salary.

[ChimpMaster]

£350/day in our wonderful city of London?

That'll go on a sandwich, your travel expenses, taxes, beer (try avoiding pubs in London ).

You'll probably be left with sub-£200 of that £350.

[Lance]

re-reading this this morning and it makes no sense.
£75k is a pretty good permie wage and to get it, assuming in an IT job, must have 10+ years experience, and it's gonna be reasonably senior (architect, programme manager)
To then not know that £350 is a bit tulip suggests either a liar, or someone who's in a £75k job as they've been promoted beyond where they can do any more harm (and should shut up, sit quiet and wait for retirement/redundancy).

[SueEllen]

Hi there,

I'm in discussions with a private bank in London for a 12 month contract at £350/pd. At the moment I'm at a full-time role with £75.000 per year - I really struggle to understand if it's worth switching. Any advice would be much appreciated.

Nope.

[Fred Bloggs]

The OP asked -

£350/pd vs £75k p.a. permanent. Is it worth?

Answer - Nope.

Next question please.

[northernladuk]

Yet another rate vs wage thread. How very twee.

OP could have a search using the method described in the FAQ section. There is much more to it than comparing two things that are too different to compare.

[Lance]

Inside or outside ir35?
The money is about the same, so you only have a bit of tax to save if you're outside.
Being blunt... if you're worth 75k then you're worth quite a bit more than 375 a day.

[stek]

Hi there,

I'm in discussions with a private bank in London for a 12 month contract at £350/pd. At the moment I'm at a full-time role with £75.000 per year - I really struggle to understand if it's worth switching. Any advice would be much appreciated.

Cheers
Nick

£75 a year is like £1.50 a week

[tromeros]

Hi there,

I'm in discussions with a private bank in London for a 12 month contract at £350/pd. At the moment I'm at a full-time role with £75.000 per year - I really struggle to understand if it's worth switching. Any advice would be much appreciated.

Cheers
Nick