Reply to: Today is my last ever contracting day!

[silent bob]

Less than 2 weeks before my final invoice, after 12 years of contracting, before going permie. But it'll be with a very heavy heart that I do it. I love contracting, but personal circumstances dictate that it's the best move for me, for the next couple of years at least. Hoping contracting will still be going strong by then. and I can come back into it, all fully trained up in the latest tech .
Starting the day before Easter weekend is a nice introduction to paid holidays though

[PCTNN]

Same here. I'm out

Just sent the "goodbye and stay in touch" email to my team. All I need to do is submit my last timesheet, then I'm done with contracting at least for a while, probably forever.

I haven't had a long contracting career, only 2 years, but long enough to understand it's not for me. I gave it a try nonetheless and I regret nothing.

Back to permieland from Monday. I look forward to growing within a company I respect and have worked for before, working with good people. I also look forward to having paid holidays again but most of all, at 37 I look forward to starting a family and next year making good use of my 26 weeks of paid paternity leave

Peace

[ChimpMaster]

Only just saw this. All the very best for the future. A shame to lose you.

Maybe this should be on General for wider exposure though?

Thanks mate.

Yes Mods - move to General please!

[d000hg]

Only just saw this. All the very best for the future. A shame to lose you.

Maybe this should be on General for wider exposure though?

[NickFitz]

All the best CM! Remember, even ex-contractors are welcome at CUK meet-ups

[ChimpMaster]

I remember my last day when I sauntered off into retirement after 22 years of contracting. Was a bit sad but Id seen the writing on the wall in the previous 5 years with the contract market in my specialism shrinking.

I could have gone back to a previous client as a contractor but the thought of getting up at 5am, driving for 90 minutes, doing 8 hours (which in itself wasnt hard) then driving back home in traffic so the average return was frequently longer than 2 hours, just didnt float my boat any more. Client was gutted but that's the beauty of contracting, you make the decisions.

Even having a gold plated inflation proof pension, adjusting your spending habits until the State Pension kicks in next year for extra pocket money takes a bit of getting used to. Not good news hearing Rishi is considering freezing the tax thresholds for 3 years, though.

I feel you. I was/am sad. I guess that shows in my original post above. Not sad to stop contracting, but sad to see another phase of my life ending. Another milestone I suppose, but it does solidify that I'm older and now need to plan for the next stage.

I too had the chance to continue contracting, to interview for clients in Germany and Luxembourg. But both were for big Indian outsourcers and they wanted me onsite most of the time, so I turned them down. Not my kinda thing to be forced into doing something I don't want to. The 750 Euros a day was irrelevant. They can't buy me any more. And that is what we worked so hard for over the past 15 years.

[ChimpMaster]

I went perm three weeks ago after 33 years contracting. Currently in the process of MVLing then when that's all wrapped up I'll take a view as to when I retire (which won't be long). My permie job is well paid and I can work remotely even after COVID. Might even go down to three days a week for a bit.

I wish you well.

Wow 33 years! That is a great achievement. Nice to now have the choice to work or not isn't it?

The job I'll be starting is also WFH and a decent salary so I think I'll do a couple of years and then probably drop out. I really want to work for a startup at some point before I am too old.

[ChimpMaster]

I will miss you Chimpmaster - Can I ask whether you need to work and the income from work or whether you want to work to keep busy? I m close to throwing in the towel and have been for a while but I m a little younger at 40 and I have some passive income which means I dont really need to work

Just wondering whether you have quit because you got fed up and if so why work perm or whether you need the cash

Have a fab weekend

Hey, I'll be around. I'm sat at home enjoying some downtime and already finding it hard to keep myself occupied! The dream was always that I would stop working after contracting, or at least stop for 3 to 6 months, and go travelling, catch up with my life history a bit, shoot the breeze etc..... but Covid put paid to those plans. But still, it's nice to not have to think about work, for the first time in 20+ years.

No I don't need to work, but as the Architect in Matrix once said: "There are levels of survival we are prepared to accept". I am prepared to accept where I am and could happily live with what I have, but I still have a lot to offer a business. I didn't even negotiate the salary offered to me; I just told the employer that I want to be useful and could do a lot for them. I'll do this for a couple of years and then see what the lay of the land is. Ideally I wanted to work for a startup but there isn't a lot going around at the moment for my old skills in that area, and there are always 20-something year olds more eager and smarter already working in those companies.

BTW I will be putting £40k of the salary straight into a pension via salary sacrifice. The remainder of the salary will be for basic bills and fun.

You've done incredibly well with your investments. I could have called it a day at that age but it was worthwhile running a good contract while I could. And I did lose an awful lot of money on some ill-thought out gambles. If you have an easy ride or the money is good or you just enjoy doing the contracts then keep it up while you can, because sure as heck one day the time will come when it is no longer in your control to pick and choose. Enjoy life along the way - I mean, if you're ok financially then take time off to spend with friends, to travel.

To me it was always about attaining freedom. Everyone has their own concept of freedom. For me it was to escape the shackles of employment. To have the choice to work rather than have it forced upon you by life circumstances. If you have that choice already then in my books you're a winner. Now, choose your own future.

[TheDogsNads]

I remember my last day when I sauntered off into retirement after 22 years of contracting. Was a bit sad but Id seen the writing on the wall in the previous 5 years with the contract market in my specialism shrinking.

I could have gone back to a previous client as a contractor but the thought of getting up at 5am, driving for 90 minutes, doing 8 hours (which in itself wasnt hard) then driving back home in traffic so the average return was frequently longer than 2 hours, just didnt float my boat any more. Client was gutted but that's the beauty of contracting, you make the decisions.

Even having a gold plated inflation proof pension, adjusting your spending habits until the State Pension kicks in next year for extra pocket money takes a bit of getting used to. Not good news hearing Rishi is considering freezing the tax thresholds for 3 years, though.

[jamesbrown]

*ahem*
you sure about that?

I suppose it depends on your definition of shafted. They won't increase the upper rate threshold for income tax. They may limit pension higher rate relief or the lifetime allowance, more likely later this year. Perhaps something on social care that will screw everyone equally, again later this year. Aside from that, there isn't much they can do that wouldn't be breaking their Manifesto. That's precisely why they're looking at stealth taxes, which mostly don't fall on PAYE employees. So, yeah, comparatively speaking, contractors being shafted will be the theme of this Parliament (and most other recent ones).

[Lance]

Good luck CM.

Being perm at least you don't see the upcoming Budget and think "Ah ****, shafted again!"


qh

*ahem*
you sure about that?

[quackhandle]

Good luck CM.

Being perm at least you don't see the upcoming Budget and think "Ah ****, shafted again!"


qh

[NowPermOutsideUK]

Im sorry - That came across all wrong - I was just reflecting on the point that working perm in the uk (once you have passive income which takes you in the higher bracket) really is not cost effective because of the tax position you are left in - That was my gripe but it came out wrong - Apologies

[Lockhouse]

What astonishes me is that after 33 years of contracting he does not have a warchest and enough to quit and needs to go perm - There have been posts in the past where contractors having made their money now struggle to get it out of the company in a tax efficent way

Just suppose he continues to take out 50K from his Ltd to get through his warchest and also from other investments imagine now working as perm for 60K a year - The net effect is that from the 60K a year more than 40% plus NI goes straight to the tax man which means a high stress job for 2.5K a month net - Madness in my view

Apart from being presumptious your post makes no sense. Why on Earth would anyone do that?

I'm MVLing and went perm hopefully just for a year whilst I wind up and we sell the house. It means I don't have to burn any savings. In lockdown there's not much else to do so I might as well carry on until we're sorted. Pretty silly not to to be honest.

[Peoplesoft bloke]

I've had two spells of contracting and resided on here during each (and a bit during permiedom)

Now quit for the second and last time due to a blanket PSC ban from all clients.

Got a decent permie job (which really surprised me) and it's been better than I expected so far (6 months in).

Ltd co all but wound up - there was a small amount in there but not much.

It was nice whilst it lasted.