Reply to: State of the Market

[SchumiStars]

I agree with your main point about people showing off. However, I think your sums are a bit wrong here.

£1,400/day x 365 days/year = £511,000/year
However, most people aren't going to work 7 days a week.

£1,400/day x 220 days/year = £308,000/year
That's probably a more realistic starting point, then you'd have to deduct the company's running costs before anything can be taken as salary/dividends.

Outside rates also mean + vat. Anyone with a PA is not on this bulletin board I would imagine.

[rocktronAMP]

Of course you did. £500k per year.

The people I have met at 300/400k per year are normally director C level who have a PA organising their lives for them.

==////==

If one wants to earn income of £500,000 per year, giving 220 working days in the year, the annual contract daily rate by is .... (drum roll) £2,272.72p

[hobnob]

Of course you did. £500k per year.

I agree with your main point about people showing off. However, I think your sums are a bit wrong here.

£1,400/day x 365 days/year = £511,000/year
However, most people aren't going to work 7 days a week.

£1,400/day x 220 days/year = £308,000/year
That's probably a more realistic starting point, then you'd have to deduct the company's running costs before anything can be taken as salary/dividends.

[TheDude]

I have applied for a couple of perm roles and got past the initial stages.


Both senior VP level at banks. There is a long way to go and I don't want to have to return to the office and I don't want to have to be contactable 24 hours a day but it seems preferable to potentially spending months on the bench.

[sadkingbilly]

Of course you did. £500k per year.

The people I have met at 300/400k per year are normally director C level who have a PA organising their lives for them.

BS on here is next level. I don't understand it. It's not like we know who anyone is. Hiding behind usernames.

Anyway, I have done my applications. Interview this afternoon doing some new tech, not sure how I will progress but let's see how it goes. Based on plantier tech (Defence AI). Perm job but does sound a new way of progressing my skillset. Crossed fingers and all that

best of luck.

[SchumiStars]

There's a small number of jobs like that - doing the rounds at a number of agencies. The problem the agents/banks have is that in many cases, a permie doing that role will earn more than the £1K inside rate - so where's the incentive to become an inside-IR35 contractor?

£1K outside would be interesting...but there's not too many of those around...I had an interview recently at £1400 per day outside - rejected as I was "too experienced and would leave"!

Of course you did. £500k per year.

The people I have met at 300/400k per year are normally director C level who have a PA organising their lives for them.

BS on here is next level. I don't understand it. It's not like we know who anyone is. Hiding behind usernames.

Anyway, I have done my applications. Interview this afternoon doing some new tech, not sure how I will progress but let's see how it goes. Based on plantier tech (Defence AI). Perm job but does sound a new way of progressing my skillset. Crossed fingers and all that

[TheDude]

So far so good. I am getting closer to working again on new contract in December.

Meanwhile, I saw on JobServe a contract/permanent job yesterday

Senior Java Low Latency Algo SME - Java, Low Latency, Equity, London
London - £1k per day Contract/Permanent Posted by: Scope AT Limited
https://www.jobserve.com/gb/en/searc...DF79F0651918F/

There might be someone here who has the necessary skills for it. The gig is specialist, reputable agency, seems genuine. I wondered why is this marketed as Inside IR35? I then thought this is more a consultancy than a standard contractor. Surely, the bank can spare an SDS since it needs the skills, but then it will be another consultancy taking the risk not the bank. I also wondered why would consultant go Inside IR35, they would run their own limited company. Then came the budget ... tough times ahead even for medical doctors / consultants earning over £100,000 and that SIPP will go. The Job Ad did eventually make sense, they are hunting for the vulnerable and the needy: sheez.

A niche role indeed. Few people have these skills.

[jatinder]

So far so good. I am getting closer to working again on new contract in December.

Meanwhile, I saw on JobServe a contract/permanent job yesterday

Senior Java Low Latency Algo SME - Java, Low Latency, Equity, London
London - £1k per day Contract/Permanent Posted by: Scope AT Limited
https://www.jobserve.com/gb/en/searc...DF79F0651918F/

There might be someone here who has the necessary skills for it. The gig is specialist, reputable agency, seems genuine. I wondered why is this marketed as Inside IR35? I then thought this is more a consultancy than a standard contractor. Surely, the bank can spare an SDS since it needs the skills, but then it will be another consultancy taking the risk not the bank. I also wondered why would consultant go Inside IR35, they would run their own limited company. Then came the budget ... tough times ahead even for medical doctors / consultants earning over £100,000 and that SIPP will go. The Job Ad did eventually make sense, they are hunting for the vulnerable and the needy: sheez.

There's a small number of jobs like that - doing the rounds at a number of agencies. The problem the agents/banks have is that in many cases, a permie doing that role will earn more than the £1K inside rate - so where's the incentive to become an inside-IR35 contractor?

£1K outside would be interesting...but there's not too many of those around...I had an interview recently at £1400 per day outside - rejected as I was "too experienced and would leave"!

[FIERCE TANK BATTLE]

It's a bloody disgrace if you are and a disgrace you think you are.

It's a disgrace to pay national insurance and then when out of work, to claim JSA? It's this a tough-man thing.

Next you'll be telling me real men don't use ISAs and don't postpone their dividends to avoid paying higher rate tax...!

[Dorkeaux]

It’s not all doom and gloom out there. Currently have two clients, one wants me to extend for 20% of my time over the next 6 months. The other has agreed to 80% for 6 months then 100% for the remainder of a project - they are suggesting mid 2027. Rate is at a level that my company is happy with and will be reviewed on an annual basis each March.
Just required skills, professionalism and politeness.

I think I’ll have a banana split.

Excellent. Don't get greedy now!

[WTFH]

It’s not all doom and gloom out there. Currently have two clients, one wants me to extend for 20% of my time over the next 6 months. The other has agreed to 80% for 6 months then 100% for the remainder of a project - they are suggesting mid 2027. Rate is at a level that my company is happy with and will be reviewed on an annual basis each March.
Just required skills, professionalism and politeness.

I think I’ll have a banana split.

[northernladuk]

Applied to new JSA today. Not sure if I'm eligible or not, but we'll find out.

There's some confusion on if they require a P45, since I can't really fire myself from my own company...

It's a bloody disgrace if you are and a disgrace you think you are.

[FIERCE TANK BATTLE]

You can give youself a P45, done it before when switching to brolly for a while while Ltd remained active.

Problem is I have a company car, so it screws that up

[Ketto]

You can give youself a P45, done it before when switching to brolly for a while while Ltd remained active.

[FIERCE TANK BATTLE]

Applied to new JSA today. Not sure if I'm eligible or not, but we'll find out.

There's some confusion on if they require a P45, since I can't really fire myself from my own company...