Interested to know people's plans for next 1-2 years Interested to know people's plans for next 1-2 years
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  1. #1

    Fingers like lightning


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    Default Interested to know people's plans for next 1-2 years

    With the impending doom, I'm working on the assumption outside roles will be few and far between, at least for a year or two.

    I'm therefore considering:-
    - taking a few months out
    - inside role at new client
    - find an umbrella that does salary sacrifice into my pension (or I can do a transfer)
    - ~£3,000 into pension every month to be as tax efficient as possible
    - keep ltd open and top up salary with dividends as needed (trying to stay under 40% tax)
    - try to negotiate a smaller accountancy fee
    - see what the market looks like in 18-20months and then either MVL (if it exists!) and stay umbrella or go perm.....or if the market has recovered a bit, back to outside roles.

    I came to the realisation when I was in a perm interview last week that I'm not mentally ready for those shackles , regardless of what it does to my income

  2. #2

    My post count is Majestic

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    Many of those options are short term or so small it's irrelevant so not really a list of options.

    If you really were open to a list of potential options that will see you through to better times then I think it's very short sighted (and incorrect) relate perm to 'shackles' and discount the option. There are many contractors here that have gone perm and are enjoying it, as do the perms that have never worked any way. I'd re-align your thinking so you make the most of any opportunity that comes along, not get blinkered due to an incorrect attitude.
    'CUK forum personality of 2011 - Winner - Yes really!!!!

  3. #3

    Fingers like lightning


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    Quote Originally Posted by northernladuk View Post
    Many of those options are short term or so small it's irrelevant so not really a list of options.

    If you really were open to a list of potential options that will see you through to better times then I think it's very short sighted (and incorrect) relate perm to 'shackles' and discount the option. There are many contractors here that have gone perm and are enjoying it, as do the perms that have never worked any way. I'd re-align your thinking so you make the most of any opportunity that comes along, not get blinkered due to an incorrect attitude.
    No argument here (so don't expect another response!) and everyone is entitled to their opinion. I also respect your desire to find confrontation in every post and I would never judge someone's hobby.

    I would however suggest it's a little closed minded to determine that someone else's personal view is wrong/short sighted. Perm may be a route for some and that's cool. It's not for me right now. Just like I don't much like broccoli. I suspect that might offend you as well on some level!

    Perhaps I'm not the one who needs to re-align their thinking. Just a thought ;0)

  4. #4

    More time posting than coding

    KinooOrKinog's Avatar
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    Quote Originally Posted by youngguy View Post
    With the impending doom, I'm working on the assumption outside roles will be few and far between, at least for a year or two.

    I'm therefore considering:-
    - taking a few months out
    - inside role at new client
    - find an umbrella that does salary sacrifice into my pension (or I can do a transfer)
    - ~£3,000 into pension every month to be as tax efficient as possible
    - keep ltd open and top up salary with dividends as needed (trying to stay under 40% tax)
    - try to negotiate a smaller accountancy fee
    - see what the market looks like in 18-20months and then either MVL (if it exists!) and stay umbrella or go perm.....or if the market has recovered a bit, back to outside roles.

    I came to the realisation when I was in a perm interview last week that I'm not mentally ready for those shackles , regardless of what it does to my income
    I'm in a four month umbrella contract right now & almost all of that is going in salary sacrifice. I know it the clients intention to offer a FTC after the four months. I'm not enjoying where I am but I've decided to suck it up & see how I feel after the four months.
    Beyond that, & if I don't take the FTC then I don't really have a longer term plan, other than to keep an eye on what's going on in the market & keep an open mind.
    I think a perm role would be a worst case scenario for me & only if my financial situation became dire.
    If you don't have anything nice to say, say it sarcastically

  5. #5

    Godlike

    ladymuck's Avatar
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    None. I have been hoarding cardboard boxes and am taking back my pitch in the streets.

  6. #6

    Respect my authoritah!

    NotAllThere's Avatar
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    I've been investing in cardboard box manufacturers. I shall continue contracting abroad.
    <-2 5m->

  7. #7

    Nervous Newbie


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    Quote Originally Posted by northernladuk View Post
    There are many contractors here that have gone perm and are enjoying it
    I was recently offered a very decent offer to go perm which I jumped at and found myself with a huge weight being lifted off my shoulders. The following week (while I was in a 'do not resuscitate' meeting with the doctors of my terminally-ill father) I received a call from the client during which they told me that they were not able to make the offer after all. Apparently, the budget had already been agreed so no offer could be made. A crushing blow.

    Now, to me, either the guy was lying through his teeth and just wanted to find a way to avoid a long term commitment or, he really was completely powerless and at the mercy of HR. Either way it reminded me of all the bull that you get in permanent employment, that you have to smile sweetly and suck up and that I was so relieved to leave behind when I went freelancing.

  8. #8

    Banned


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    retirement!

  9. #9

    Should post faster


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    Took a permie job at a new client last year and MVL'ed my company. Was dreading it but it's not been that bad to be honest (which was a surprise). Hate the appraisals etc (have to bite my tongue at times) but I'm enjoying the work, the team are really nice and the salary is more than decent. And bonus not looking too shabby this year.

    I've been a contractor for over 25 years and never ever thought I'd go permie. But needs must.
    Last edited by NeedTheSunshine; 7th February 2020 at 12:11.

  10. #10

    Should post faster


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    Quote Originally Posted by youngguy View Post
    With the impending doom, I'm working on the assumption outside roles will be few and far between, at least for a year or two.

    I'm therefore considering:-
    - taking a few months out
    - inside role at new client
    - find an umbrella that does salary sacrifice into my pension (or I can do a transfer)
    - ~£3,000 into pension every month to be as tax efficient as possible
    - keep ltd open and top up salary with dividends as needed (trying to stay under 40% tax)
    - try to negotiate a smaller accountancy fee
    - see what the market looks like in 18-20months and then either MVL (if it exists!) and stay umbrella or go perm.....or if the market has recovered a bit, back to outside roles.

    I came to the realisation when I was in a perm interview last week that I'm not mentally ready for those shackles , regardless of what it does to my income
    Snap. Looked at writing a perm friendly CV and considered the questions I'd be asked at interview stage. Gave it some more thought, then gave myself a slap. I'll never be ready for perm.

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