How contractors get paid | Inside IR35
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- Опубліковано 6 сер 2024
- Learn how you get paid as a contractor (inside IR35) and look at what £500 a day potentially looks like from all angles.
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👉🏿📝 Show Notes & Links 📝 👈🏿
00:00 - 01:11 Introduction
01:11 - 03:08 The flow of money
03:08 - 12:47 Breaking down £500 a day
12:47 - 21:09 Getting paid
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About:
Today I’m going to give a high level explanation of how inside IR 35 contractors get paid.
This will give you a simple understanding of the breakdown, and why agents are willing to work with you, and why it’s worthwhile.
Not truly understanding the system may not give you an appreciation for why, and how people work.
With this in mind, let’s get started!
Disclaimer: Some links in this description are affiliate links, which means I may receive a commission if you purchase from them. This helps to support my work focusing on creating everyday leaders through personal development, coaching, events and value-driven content. - Навчання та стиль
The biggest problem I've seen in the past is that a lot of agencies are advertising a day rate for inside IR35 contracts is that your forced into using an umbrella company and either way they're deducting the employers NI costs from that contractor's advertised rate instead building it into the client/umbrella fee, i.e. they're making the contractor(employee) pay for their own employment taxes(employer) which isn't technically legal and in reality, net you are making money off a rate lower than advertised to you, again illegal.
Be incredibly careful when reading the definitions of rates in your contract, especially 'assignment' vs 'gross'. They get around this by people being ignorant and not reading or challenging these contracts. Also, it's an example of the hands-off approach of government policy that allows this abuse. They rely on people needing a job, it's awful.
Great insights mate!
Useful, thank you.
Great vid pal 👍
Nice video mate really good insight
Thank you very much! I appreciated it 😁🙏🏿🙏🏿🙏🏿
Thanks for the Video. I am into IT and a newbie in the contracting Phase. I have been offered several contracts and this was helpful. PS: You have earned a new subscriber.
Glad to hear it! And thank you sir for the subscription, it is truly appreciated! Good luck on your journey :)
your bang on the head there, ir35 is be headache but you got to upskill the field of work your in and charge according. Am IT Senior and the rate is about 250-500 depending on location and client. It's also worth noting for people to do research in their respective field of work Overall very informative
100% what you have highlighted is key! Thank you for sharing your shared experience it is much appreciated and I'm sure others are grateful for it too 🙏🏿🙏🏿🙏🏿
Been offered 750 a day inside and another role 700 outside. Looking at the numbers, inside is a bit better but not hugely unless I have lots of expense claims.
Super proud of you well done! Continue to provide value and stack that cash! 💰💰💰
Good 👍 one. Trying to enter into contracting as a Java Developer.
Wishing you the best of luck!✨
good enough for most people?
Are you able to contract under an umbrella company and also set up and contract outside ir35 simultaneously?
Yes - that’s how I work
Can a contractor claim back EMPLOYER'S INSURANCE which does not provide any benefit to the contractor?
I don't think you can claim back insurance however speaking to a seasoned and qualified accountant to get a solid answer, who is versed with contractors
You should work on the audio please it's a little low
Thank you for the feedback 🙏🏿🙏🏿🙏🏿✨
It’s fine, clean your ears
@@brett3554he’s not using a mic, so quality is poor and I’m having to turn the volume up.
Am insider IR35 but get paid monthly 🫣 Do you think i should change to weekly. Will i earn more 😅
Talking fast? I have increased the video audio speed x 2.
😂😂😅