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Perm to Contract – Financials

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    Perm to Contract – Financials

    I am looking to move to contracting but not able to gauge whether it will be good financial move.

    I have been in my current job for last 8 years and get around 70K in salary.

    On top I get:
    • 30 Days leave
    • Pension contribution of 15% if I sacrifice 5% salary.
    • Tax free matching shares of up to £1500.
    • Child Care vouchers of £2916 - I joined the scheme before law changed.

    If I move to contract then I will get close to £500 daily rate.
    Any advice ?

    #2
    Originally posted by garichd View Post
    I am looking to move to contracting but not able to gauge whether it will be good financial move.

    I have been in my current job for last 8 years and get around 70K in salary.

    On top I get:
    • 30 Days leave
    • Pension contribution of 15% if I sacrifice 5% salary.
    • Tax free matching shares of up to £1500.
    • Child Care vouchers of £2916 - I joined the scheme before law changed.

    If I move to contract then I will get close to £500 daily rate.
    Any advice ?
    Why do you think you'll get a £500 day rate as an inexperienced contractor? Skill set? Location?

    Comment


      #3
      Originally posted by stek View Post
      Why do you think you'll get a £500 day rate as an inexperienced contractor? Skill set? Location?
      Why do you think I am inexperinced?

      Location is london.

      Comment


        #4
        Originally posted by garichd View Post
        Why do you think I am inexperinced?

        Location is london.
        Because you have zero days of experience as a contractor.
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        Comment


          #5
          Why are you trying to become a contractor. Is it just financial (as if it is that's a stupid idea)...
          merely at clientco for the entertainment

          Comment


            #6
            Originally posted by garichd View Post
            Why do you think I am inexperinced?
            See below

            Originally posted by garichd View Post
            I am looking to move to contracting but not able to gauge whether it will be good financial move.

            I have been in my current job for last 8 years and get around 70K in salary.

            On top I get:
            • 30 Days leave
            • Pension contribution of 15% if I sacrifice 5% salary.
            • Tax free matching shares of up to £1500.
            • Child Care vouchers of £2916 - I joined the scheme before law changed.

            If I move to contract then I will get close to £500 daily rate.
            Any advice ?
            Originally posted by Stevie Wonder Boy
            I can't see any way to do it can you please advise?

            I want my account deleted and all of my information removed, I want to invoke my right to be forgotten.

            Comment


              #7
              FFS whose brag-a-sockie is this. Come out come out wherever you are.

              Comment


                #8
                Originally posted by garichd View Post
                I am looking to move to contracting but not able to gauge whether it will be good financial move.

                I have been in my current job for last 8 years and get around 70K in salary.

                On top I get:
                • 30 Days leave
                • Pension contribution of 15% if I sacrifice 5% salary.
                • Tax free matching shares of up to £1500.
                • Child Care vouchers of £2916 - I joined the scheme before law changed.

                If I move to contract then I will get close to £500 daily rate.
                Any advice ?
                But you may only work 6 months of the year, so that daily rate becomes £250 a day over the year. Can you live with that possibility?

                Have you actually got a contract offer in the bag? If not, you will get what you get when you land your first gig.

                You have zero contracting experiance, so unless you are in a very niche field and are already known to prospective clients you are unlikely to get that rate from the word go and you will struggle to get agents to take you seriously.

                For most on here contracting isn't about the money. It can be good, *can* be, but really its about the freedom to pick and choose clients, not to have to deal with the HR bull tulip that comes from being a permie and being master of your own destiny.

                Think long and hard about why you want to do it, and how long you can live being out of work before the savings run out.
                "Being nice costs nothing and sometimes gets you extra bacon" - Pondlife.

                Comment


                  #9
                  Originally posted by garichd View Post
                  I am looking to move to contracting but not able to gauge whether it will be good financial move.

                  I have been in my current job for last 8 years and get around 70K in salary.

                  On top I get:
                  • 30 Days leave
                  • Pension contribution of 15% if I sacrifice 5% salary.
                  • Tax free matching shares of up to £1500.
                  • Child Care vouchers of £2916 - I joined the scheme before law changed.

                  If I move to contract then I will get close to £500 daily rate.
                  Any advice ?
                  Stay put.

                  one day at a time

                  Comment


                    #10
                    If this is not a sockie, I will eat my hat. Otherwise: stay where you are until made redundant, then try contracting.

                    Comment

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