How to calculate day rate - need to know % for pension, hols

[Sparkysea]

Evening All

I need to calculate my day rate to work on a contractual basis. I am looking to factor in percentages for not receiving pension contribution, holiday, paying my NI and tax, and no benefits such as sick pay etc

I will need to justify my day rate when negotiating so would like to give a break down of my fee if possible.

Does anyone know of an online specialist calculator or app that will do this please?

Discussions tomorrow morning so would appreciate an early response

Many thanks for your assistance

Sparky

[mikef]

Typically your employer will reckon on salary/bonus +20% as total cost of an employee, maybe more if they have a generous pension scheme

You could use that as a starting point, or try to factor in "intangibles" on top

[mikef]

ps, that's in the U.K. In France it was salary + 50 %

[Sparkysea]

Thank you Mike

The salary if they were to recruit would be on a band of £65000 to £85000, therefore if I add an extra 20% on top for holidays, basic pension etc I have calculated the salary band would be £78000 to £102000 which equates to £357 - £471 per day.

The consultancy rate however is approx. £600 a day for short term contracts e.g 6 months. I am planning to offer a reduction on £600 day rate as expect they wont want to pay this but wondering how much by as contract could be short term and offers little security to me...

Also wondered what you meant re "intangibles" and whether I should factor in any other costs??

On another note, I am currently working through an agency providing a basic service. What the client is looking for now is more of a consultant / management service . I cannot see in the contract how I am obligated to the agency if the terms / assignment changes or if the contract is broken.9no time period stipulated) I am a limited company but want to keep a good relationship with the agency but equally wish to keep costs down for the client

Can you or anyone else advise on this please?

Thank you very much for your thoughts

[mikef]

Intangibles = exactly that: "offers little security". Figure out how many months you will work in the year, allowing for gaps between contracts and scale up from there. I used to reckon on working 8 - 9 months a year and factor that into fee rates