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so do you know in general how the PAYE salaries compare with the contracting remuneration?
At our level of earning, you lose roughly just under 50%. 40% higher tax bracket plus 10% NI.
Yes, it will likely still be better than Permie through and through, but anyone having offered calculations to lenders for available funds After tax and utilities etc, will likely experience a short sharp shock if they're mortgaged to the hilt.
I cannot see clients upping the rates as they will likely exhaust all the options for those Willing to get taxed as an employee even if not benefitted as an employee.
Am hoping the All New CEST Tool™ will offer confidence to clients, down the line. (How's about that for wishful thinking?)
At our level of earning, you lose roughly just under 50%. 40% higher tax bracket plus 10% NI.
Yes, it will likely still be better than Permie through and through, but anyone having offered calculations to lenders for available funds After tax and utilities etc, will likely experience a short sharp shock if they're mortgaged to the hilt.
I cannot see clients upping the rates as they will likely exhaust all the options for those Willing to get taxed as an employee even if not benefitted as an employee.
Am hoping the All New CEST Tool™ will offer confidence to clients, down the line. (How's about that for wishful thinking?)
see my subsequent post.
from my personal point of view, I'd be very little worse off, for various reasons, in nett pay terms by taking a PAYE role at the same level as my contracting income.
what I mean is are they being offered PAYE salaries at the same level or higher than their contracting rates?
They'll still offer a day rate. What that converts to is probably available via a simple PAYE calculator online.
Whether they'll have to offer more to retain people will remain to be seen, but I'd imagine that they'll lose those people that have to travel and stay in London first.
The greatest trick the devil ever pulled was convincing the world that he didn't exist
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