Decisions, Decisions Perm->Contract

[northernladuk]

Goddamit... Well I seem to have wasted my time with that answer as I see from your other thread that you have decided to stay perm...

[northernladuk]

I have a £600/day contract in the bag and when I told my employer I was off they increased my package to ~100k, but I can't work out whether I will be way better off or not.

I have already set the Ltd up as I decided I was going, now I am thinking, not sure, will I have more money ?

Any help as to what % I could expect to keep would be helpful. I have decided though that I don't want to take the p!ss with paying myself £4.50 /hour and will draw 30k a year as PAYE

Thing is you have to factor in one very important thing. How long is your £600 a day and what is the chance of you getting another. If it is for 3 months and you are gonna be out of work for say 2 months paints a completely different picture than if it was for 9 months and you make your 100k+ in that time.

I don't want to be rude (unfortuantely I always end up doing it) but if you are taking a job for 600 a day and are on 100K at work shouldn't you kind of be at a level where you can work stuff out for yourself and analyse situations to find the best outcome??? The fact you might not be working a full year on contract seems not to have registered to you and some rule of thumb calculations wouldn't have been too difficult to do. 600 * 200 days = 120K you pay less tax on the 120k as a limited so would be pretty safe to say is better than 100K permie.

Also you fail to mention anything about the benefits of the permie role. Jobs at ~100K do not tend to have basic perks. Car's, health insurance, share options, bonus etc can really add to a basic salary.

Very difficult for us to make a life changing desicion on your behalf with very scratchy details I am afraid.

[Fred Bloggs]

Depends how old you are too and whether you want to top up your pension too. I am in exactly that position, I recently started a new gig at last rate +90% but I will continue to draw pay and divis as per the last gig and all that extra dosh will be heading straight into my SIPP. That is, IMO, way better than a £100k salary.

[cojak]

Calculators (Rate Increase calc to show Permie vs Contractor income, and don't forget the Corporation tax calc)

First timers Guide

[juckky]

I have a £600/day contract in the bag and when I told my employer I was off they increased my package to ~100k, but I can't work out whether I will be way better off or not.

I have already set the Ltd up as I decided I was going, now I am thinking, not sure, will I have more money ?

Any help as to what % I could expect to keep would be helpful. I have decided though that I don't want to take the p!ss with paying myself £4.50 /hour and will draw 30k a year as PAYE