Dear all,
I am in a dilemma of whether continue to be in perm position or go for contracting. My current situation is:
position - Permanent - IT manager in a consultancy
salary - 73K base, 10% company pension, upto 10% bonus, 30 days holidays, life insurance, medical/gym benefits. So total package comes to around 84K (73K base + benefits)
Age - 38 yrs
Location - London
Dilemma between the head and heart is:
Heart - Stick to perm (career progression)
Head - Go contracting (Money)
If I went contracting I will at the most get a rate of 450-500/day (outside IR35). I have heard varied % for take home ranging from 68% (limited contany) to 86% (loan through trusts etc).
Not sure if it's worth going for contracting? (If the contract take home is above 80%, it makes it more tempting).
Would really be grateful for your advice. Specially:
1> Whether it makes sense to go contracting (450-500/day) inspite of an 84K package.
2> Keeping all legal and not taking too much of risk (normal/standard risk is ok), how much is the % take home generally for a 450-500/day rate (outside IR35), 10 months per year?
3> Any success stories or nasty experiences?
Would really appreciate your responses/guidance/advise.
Thanks in advance!
Regards,
Geekman
I am in a dilemma of whether continue to be in perm position or go for contracting. My current situation is:
position - Permanent - IT manager in a consultancy
salary - 73K base, 10% company pension, upto 10% bonus, 30 days holidays, life insurance, medical/gym benefits. So total package comes to around 84K (73K base + benefits)
Age - 38 yrs
Location - London
Dilemma between the head and heart is:
Heart - Stick to perm (career progression)
Head - Go contracting (Money)
If I went contracting I will at the most get a rate of 450-500/day (outside IR35). I have heard varied % for take home ranging from 68% (limited contany) to 86% (loan through trusts etc).
Not sure if it's worth going for contracting? (If the contract take home is above 80%, it makes it more tempting).
Would really be grateful for your advice. Specially:
1> Whether it makes sense to go contracting (450-500/day) inspite of an 84K package.
2> Keeping all legal and not taking too much of risk (normal/standard risk is ok), how much is the % take home generally for a 450-500/day rate (outside IR35), 10 months per year?
3> Any success stories or nasty experiences?
Would really appreciate your responses/guidance/advise.
Thanks in advance!
Regards,
Geekman
Comment