Reply to: Families 600 quid worse off due to Brexit

[Mark2009]

£600 worse off under brexit, sorry to say the country is in a complete state but brexit will get the blame. I visited a local council offices 2 weeks ago and what I saw was so very sad.
This country is in a complete mess.

[BrilloPad]

You're assuming banking demand for IT contractors will remain the same post Brexit.

Demand for IT contractors in banking has not been great for years.

Mostly due to off-shoring.

[vetran]

Maybe that's why my wife is a millionaire and you're not.
she puts up with the the worst.
Anyone who thinks I have a braincell is mistaken.

HTH, BIDI.

FTFY

[shaunbhoy]

Assumptions, assumptions of continuity - that's what makes many contractors I've known fail.

Yes, that and acknowledging that they know you rather than burying the evidence.

[Bean]

You're assuming banking demand for IT contractors will remain the same post Brexit.
Assumptions, assumptions of continuity - that's what makes many contractors I've known fail.
Can you not see there are multiple threats to the contracting lifestyle?
I'm just glad I've made my money plus have the option of automatic working in Europe if necessary to take me to a nice early retirement.

Ok, you're right - they'll be no demand for IT projects, cos Brexit won't mean a change at all, to any of their systems.....

Ok, you're right - they're going to want to hire a shedload of permys instead for relatively temporary work, with all that that entails.......

I can see threats, but as ever - we adapt. Plus, nothing is certain yet - the finer details are yet to be finalised.

Option? You always say you're leaving.......

[BlasterBates]

15% wasn't the ceiling %, the clue was the words 'in excess'.

You think a bank will hesitate to offer whatever a skilled up contractor wants if their project is ballsed up and they need them there?

Well if companies are all offering the same then you've no choice. These rises are only possible because contractors can simply move into the private sector.

Anyway we will see, fact is a lot of contractors in the public sector have accepted a significant pay cut.

[Bean]

Maybe that's why I'm a millionaire and you're not.
I always plan for the worst.
Anyone who thinks contracting, even in the private sector, is going to continue as it is has got to be either naive or stupid.

HTH, BIDI.

You assume too much. Yet that is irrelevant anyway (as I believe most of your wealth was from BTL was it not? Not some kind of crystal ballgazing power about contracting ).

You can still be a rich idiot, as you prove on a daily basis.

Who & where said things were going to "continue as it is" ?

I've said;
"Yes, and it 'might' not happen in any meaningful way either, you freekin genius" and,

"You're not aware these 'changes' haven't been confirmed and/or implemented yet (so nobody truly knows yet)?"

but neither of those means what you said, ya rich idiot

HTH BIDI

[sasguru]

You think a bank will hesitate to offer whatever a skilled up contractor wants if their project is ballsed up and they need them there?

You're assuming banking demand for IT contractors will remain the same post Brexit.
Assumptions, assumptions of continuity - that's what makes many contractors I've known fail.
Can you not see there are multiple threats to the contracting lifestyle?
I'm just glad I've made my money plus have the option of automatic working in Europe if necessary to take me to a nice early retirement.

[Bean]

Yes but a 15% pre tax rise still means a post tax 20% cut and that is the best you can expect, so realistically you can expect on average a 25% cut. If both the private and public sector are treated in the same way there will be less pressure on companies to compensate.

15% wasn't the ceiling %, the clue was the words 'in excess'.

You think a bank will hesitate to offer whatever a skilled up contractor wants if their project is ballsed up and they need them there?

[sasguru]

Call me an idiot and then use words like 'may', 'might', 'possible' & 'plausible'

Yes, and it 'might' not happen in any meaningful way either, you freekin genius

Maybe that's why I'm a millionaire and you're not.
I always plan for the worst.
Anyone who thinks contracting, even in the private sector, is going to continue as it is has got to be either naive or stupid.

HTH, BIDI.

[BlasterBates]

Not what these guys said..... 43% of 45% (you'll have to read the article to understand), saw rises in excess of 15%....
https://www.contractorcalculator.co....7210_news.aspx

Yes but a 15% pre tax rise still means a post tax 20% cut and that is the best you can expect, so realistically you can expect on average a 25% cut. If both the private and public sector are treated in the same way there will be less pressure on companies to compensate.

[Bean]

Contractors working for public sector see income slashed by up to 30pc in wake of tax crackdown

You need to budget for a 30% cut in post tax earnings, sure some agencies have compensated with a 5 or 6% rate rise, but that's the best you can expect.

Not what these guys said..... 43% of 45% (you'll have to read the article to understand), saw rises in excess of 15%....
https://www.contractorcalculator.co....7210_news.aspx

[BlasterBates]

You're not aware of some government agencies raising their rates to attract some contractors to offset IR35?
You're not aware that (according to the press) the deciding factor is left with the client, who could state outside IR35?
You're not aware that there are factors which dictate whether IR35 applies to a contract?
You're not aware that many clients operate outside of IR35?
You're not aware these 'changes' haven't been confirmed and/or implemented yet (so nobody truly knows yet)?

Hmmmmm....

Contractors working for public sector see income slashed by up to 30pc in wake of tax crackdown

You need to budget for a 30% cut in post tax earnings, sure some agencies have compensated with a 5 or 6% rate rise, but that's the best you can expect.

[Bean]

No but the whole idea of Hammond's tax rises are to do just that, raise taxes not introduce new toothless rules.

Currently contractors can jump from the public sector to the private sector. When the new rules are introduced into the private sector, there will be no convenient hiding place and it will inevitably become difficult to simply hop over to the EU. In effect UK contractors will be "imprisoned" by HMRC's new rules.

Contractors need to plan for lower after tax earnings post Brexit.

You're not aware of some government agencies raising their rates to attract some contractors to offset IR35?
You're not aware that (according to the press) the deciding factor is left with the client, who could state outside IR35?
You're not aware that there are factors which dictate whether IR35 applies to a contract?
You're not aware that many clients operate outside of IR35?
You're not aware these 'changes' haven't been confirmed and/or implemented yet (so nobody truly knows yet)?

Hmmmmm....

[Bean]

Only an idiot like you would assume that everything will continue as it is right now (not that the current system is any good).
25 years of contracting with squeeze after squeeze tells me there'll be more and it is entirely possible, and even plausible, that IR35 might become moot because the PSC model may become untenable for ALL contractors.

Call me an idiot and then use words like 'may', 'might', 'possible' & 'plausible'

Yes, and it 'might' not happen in any meaningful way either, you freekin genius