JP Morgan show their hand JP Morgan show their hand
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  1. #1

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    Default JP Morgan show their hand

    and it's a similar one to those seen before:

    new contracts/engagements from 1st Jan, inside PAYE

    existing contracts to 1st March then PAYE

  2. #2

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    Quote Originally Posted by oliverson View Post
    and it's a similar one to those seen before:

    new contracts/engagements from 1st Jan, inside PAYE

    existing contracts to 1st March then PAYE
    so do you know in general how the PAYE salaries compare with the contracting remuneration?

  3. #3

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    Quote Originally Posted by JohntheBike View Post
    so do you know in general how the PAYE salaries compare with the contracting remuneration?
    Still better than permie PAYE I'd expect.
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  4. #4

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    Quote Originally Posted by LondonManc View Post
    Still better than permie PAYE I'd expect.
    Which means permies will soon ask for pay upgrade to bring it to ex contractors level, because why shouldn't they?

    Nothing good is going to come from this.

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    Quote Originally Posted by PCTNN View Post
    Which means permies will soon ask for pay upgrade to bring it to ex contractors level, because why shouldn't they?

    Nothing good is going to come from this.
    Probably because permies get sick pay, holiday pay, pension contributions, etc.
    The greatest trick the devil ever pulled was convincing the world that he didn't exist

  6. #6

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    Quote Originally Posted by JohntheBike View Post
    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?)

  7. #7

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    Quote Originally Posted by LondonManc View Post
    Still better than permie PAYE I'd expect.
    what I mean is are they being offered PAYE salaries at the same level or higher than their contracting rates?

  8. #8

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    Quote Originally Posted by simes View Post
    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.

  9. #9

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    Quote Originally Posted by LondonManc View Post
    Still better than permie PAYE I'd expect.
    Not when you factor in paid holidays, pension contributions and other perks and benefits such as paid sick, bonus etc, etc.
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  10. #10

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    Quote Originally Posted by JohntheBike View Post
    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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