Contract premium over permanent employemt

[lestoran]

Been a very long time since I did any contract work - over 10 years - so wondering what the current accepted premium is.

Did a bit of googling around + some calculation on what I need to make up for holiday & sick leave but would love real world feedback from anyone who has made the switch in the last few years.

Don't need amounts just % premium.

 

[ToxicBunny]

5% if you're lucky.... and maybe less than the permanent positions salary sometimes even.

 

[Drifter]

Been a very long time since I did any contract work - over 10 years - so wondering what the current accepted premium is.

Did a bit of googling around + some calculation on what I need to make up for holiday & sick leave but would love real world feedback from anyone who has made the switch in the last few years.

Don't need amounts just % premium.

Allow for 15%

 

[lestoran]

Thanks guys - split the difference and asked for 10% over my existing. Looks like they were good with it.

No to see how much tax I can save with this

 

[lestoran]

double post

 

[ToxicBunny]

Thanks guys - split the difference and asked for 10% over my existing. Looks like they were good with it.

No to see how much tax I can save with this

Oh... sorry you were looking for what you should ask....

At least 45 - 55% over what you're currently earning to cover for the risk.

I thought you were asking what most companies offer currently.

 

[JayM]

Thanks guys - split the difference and asked for 10% over my existing. Looks like they were good with it.

No to see how much tax I can save with this

Unless you have a lot of legitimate expenses, you're going to save exactly squat in tax since you're still going to be liable for PAYE. Without factoring in risk, the real cost of contracting is 20-30% more (annual leave, sick leave, etc) and you should have asked for at least that much extra.