Take permanent position? or contract?
Discussion
I'm currently contracting but have been offered a permanent position at the company. I like the place, nice people, growing business. But I feel the loss in money will mean the other half and I can't move forward with life.
My current contract will allow her to go part time, look after the house, dog and maybe start her own small business. It would mean when I'm home, everything is done, so we get good time together.
If I go for the position, it'll mean she stays full time, as I won't earn enough to 'cover' the difference in her salary. The difference take home is about 1/3, and the contract I'm on isn't that hot, so I could always earn more. But of course there are downsides to contracting, out of work, not getting paid etc. I think if the money gap was smaller, it'd be a easier decision, but I don't think I'm going to get more from them.
Her work are currently asking her to put more in, and she's at full steam already, not earning a massive amount. She's just going to melt down. We're not the best at the moment (influenced by this and other issues).
Obviously every scenario is different, but generally, what would you do? Take the secure, but less paid job, or take the risk to have more money to benefit the family.
My current contract will allow her to go part time, look after the house, dog and maybe start her own small business. It would mean when I'm home, everything is done, so we get good time together.
If I go for the position, it'll mean she stays full time, as I won't earn enough to 'cover' the difference in her salary. The difference take home is about 1/3, and the contract I'm on isn't that hot, so I could always earn more. But of course there are downsides to contracting, out of work, not getting paid etc. I think if the money gap was smaller, it'd be a easier decision, but I don't think I'm going to get more from them.
Her work are currently asking her to put more in, and she's at full steam already, not earning a massive amount. She's just going to melt down. We're not the best at the moment (influenced by this and other issues).
Obviously every scenario is different, but generally, what would you do? Take the secure, but less paid job, or take the risk to have more money to benefit the family.
£500/day to get £3300 take home? Something isn't right there.
It's in IT.
I don't earn near your day rate, and my figures are not exact. But, if I took the role, there is no way she'd could go part time. Where as on my current day rate, there is.
I do not have the 6 months stored up, I've not been contracting that long, so not yet saved it up.
That is a problem, because its a good firm with nice people, and will hopefully be expanding. But it doesn't give my family what I want it to have.
I'm not worried about being out of work, just that it can happen.
It's in IT.
I don't earn near your day rate, and my figures are not exact. But, if I took the role, there is no way she'd could go part time. Where as on my current day rate, there is.
I do not have the 6 months stored up, I've not been contracting that long, so not yet saved it up.
That is a problem, because its a good firm with nice people, and will hopefully be expanding. But it doesn't give my family what I want it to have.
I'm not worried about being out of work, just that it can happen.
Edited by Jobproblems on Thursday 21st May 08:43
colinjy said:
out of interest what sort of combined income are we talking about ?
there was a topic a few months ago where someone said they were struggling on 100k combined.
I work full time and my partner works part time looking after our little one the rest of the time.
with her going part time we lost about 1/3 of her salary and while we are not on bankers salaries we rearranged our finances and budgets to deal with the less money.
I leave at 6:30 in the morning and am home by 6 - 6:30 in the evening see my little one and spend some time with her and my wife and while she is being put to bed I do some of the house work or cook dinner then spend some time catching up with my wife.
I don't require my dinner on the table or all the house work to be done before I get home.
I would suggest if the chores need doing before you get home from work requiring your missus to stay at home to do them then I think there is a under lying problem that money wont fix.
I don't require it! I just imagined she'll 'run the house', and will generally tidy up a bit. It's also to lower her stress levels, she's not coping very well with work as is, so I want to ensure shes happier.there was a topic a few months ago where someone said they were struggling on 100k combined.
I work full time and my partner works part time looking after our little one the rest of the time.
with her going part time we lost about 1/3 of her salary and while we are not on bankers salaries we rearranged our finances and budgets to deal with the less money.
I leave at 6:30 in the morning and am home by 6 - 6:30 in the evening see my little one and spend some time with her and my wife and while she is being put to bed I do some of the house work or cook dinner then spend some time catching up with my wife.
I don't require my dinner on the table or all the house work to be done before I get home.
I would suggest if the chores need doing before you get home from work requiring your missus to stay at home to do them then I think there is a under lying problem that money wont fix.
If I contract, we'd be looking at similar figures, but we'd not be struggling! If I went permi, it's obviously a lot less.
small company, but expanding. so a new role may appear.
I left a permi role to contract, so I had the flexibility, so I could be at home a day or 2 a week etc.
My accountant didn't tell me about the dividends rule, just to take a % out every month after my 'salary'. Think i need to re-evaluate!
I left a permi role to contract, so I had the flexibility, so I could be at home a day or 2 a week etc.
My accountant didn't tell me about the dividends rule, just to take a % out every month after my 'salary'. Think i need to re-evaluate!
Du1point8 said:
Ok base rules are.
1) declare nominal salary say £850 a month, this you will pay NI/PAYE
2) the above means you can pull the rest (up to £43k last time I looked) in equal monthly instalments.
3) if getting above £70k declare yourself VAT registered and get on flat rate scheme, that way when you charge the client VAT (20%), you keep a slice (5.5%) and pay the rest to HMRC.
4) have insurance.
5) claim as much as legally allowed on everything else.
6) finally pay corp tax on the remaining profits.
Done.
(if your accountant is not doing the above as the norm, then I would query it with them.)
Thanks. I'll deal with that after I've decided!1) declare nominal salary say £850 a month, this you will pay NI/PAYE
2) the above means you can pull the rest (up to £43k last time I looked) in equal monthly instalments.
3) if getting above £70k declare yourself VAT registered and get on flat rate scheme, that way when you charge the client VAT (20%), you keep a slice (5.5%) and pay the rest to HMRC.
4) have insurance.
5) claim as much as legally allowed on everything else.
6) finally pay corp tax on the remaining profits.
Done.
(if your accountant is not doing the above as the norm, then I would query it with them.)
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