GSK - advice for a newbie please

[JoJoGabor]

Jeez, guys lay off him, the usual characters on here being high and mighty again.

but to the OP, seriously do not pretend to be outside of IR35 at GSK at the moment, it really is too risky and you will be top of the list of people to investigate by HMRC. I know the financial hit of IR35 hurts, but its cheaper than a retrospective tax investigation, plus penalties

[JohntheBike]

The penny drops. I've just read the entire thread and, if this person isn't a troll, they're pretty dim.

So I go for troll. In fact, having seen another post on here from someone in a style I very much recognise from Another Place, I think we could be in for more.

Apols HelpNeededetc if you're genuine...

is Another Place still going? I left.

[HelpNeeded101]

Jeez, guys lay off him, the usual characters on here being high and mighty again.

but to the OP, seriously do not pretend to be outside of IR35 at GSK at the moment, it really is too risky and you will be top of the list of people to investigate by HMRC. I know the financial hit of IR35 hurts, but its cheaper than a retrospective tax investigation, plus penalties

Thanks for coming to my defence, I appreciate I do not have much knowledge but that is precisely why I came here.
So seems like umbrella is the plan of action then

[GhostofTarbera]

Thanks for coming to my defence, I appreciate I do not have much knowledge but that is precisely why I came here.
So seems like umbrella is the plan of action then

So your £500 a day becomes £250 a day with no travel expenses (or any other claimable expenses) - I would have continued as normal


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[HelpNeeded101]

Hello All
My current gig (not GSK) where I have been for 6 months was ending at end of month, but client have offered to extend me by another month.
This would mean I would finish up end of Oct not Sep now.


I am thinking about keeping my head down here and rejecting the GSK gig

Any thoughts please

[northernladuk]

Hello All
My current gig (not GSK) where I have been for 6 months was ending at end of month, but client have offered to extend me by another month.
This would mean I would finish up end of Oct not Sep now.


I am thinking about keeping my head down here and rejecting the GSK gig

Any thoughts please

Take it. Its likely it will be another month and another and so on so could quite easily last longer than the GSK one at a fraction of the risk.

Only need another month or two inside and you'll come close to earning the same as the GSK one via brolly.

In general though. I don't think you should be so desperate for the GSK gig. It's a bit quiet now but there is still work out there. New client wants you, other gigs are available so why you've put so much sweat in to something you shouldn't even be considering is beyond me.

[KinooOrKinog]

Hello All
My current gig (not GSK) where I have been for 6 months was ending at end of month, but client have offered to extend me by another month.
This would mean I would finish up end of Oct not Sep now.


I am thinking about keeping my head down here and rejecting the GSK gig

Any thoughts please

Did you actually get offered the GSK one? Because it's been a full week now you've been fannying about over it. Just saying.

[simes]

Hello All
My current gig (not GSK) where I have been for 6 months was ending at end of month, but client have offered to extend me by another month.
This would mean I would finish up end of Oct not Sep now.


I am thinking about keeping my head down here and rejecting the GSK gig

Any thoughts please

This one is up to you. You need to square your shoulders and make this decision on your own. This isn't Life by Committee.

That said, for my part, I would take GSK. Six months. New name. CV will look commensurately better for it.

Good luck.

[webberg]

So your £500 a day becomes £250 a day with no travel expenses (or any other claimable expenses) - I would have continued as normal


Sent from my iPhone using Contractor UK Forum

Degree of hyperbole in the numbers?

A company charging £500 a day for the services of its employee, for say 230 days creates a turnover of £115,000.

It pays say £12,000 in salary. It pays say £2,000 in expenses (very much limited these days and I would say that expenses at this level even will attract enquiry). It has other costs of say £5,000. (Incl Em'er NIC on salary).

Net profit £96,000.

CT @ 18% = £17,280.

Distributable profit = £78,720.

Dividend paid -= £78,720.

Gross cash to director/employee = £12,000 + £78,720 + £2,000 = £92,720. Per tax per diem = £403 and change.

Tax and NIC bill is £17,000 (give or take).

Net of tax day rate = £403 - £73 = £330.



As an employee, gross "salary" is £113,000 (day rate less expenses which would not change much but are still high).

Tax and em'ee NIC is around £41,900.

Net to employee per day is £113,000 + £2,000 - £41,900 = £317.

[HelpNeeded101]

just got an email from QDOS, they reviewed the Lorien contract and it is outside IR 35 according to them