How contractors get paid

How contractors get paid | Inside IR35

Рет қаралды 11,962

Күн бұрын

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.

Пікірлер: 26

@CaratacusAD 6 ай бұрын

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.

@akhilgeorge3255 4 ай бұрын

Great insights mate!

@jamesfurz7406 8 ай бұрын

Useful, thank you.

@Brett-rc3gt 3 ай бұрын

Great vid pal 👍

@Jay2Ops Жыл бұрын

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.

@MichaelTabirade Жыл бұрын

Glad to hear it! And thank you sir for the subscription, it is truly appreciated! Good luck on your journey :)

@rahimamr Жыл бұрын

Nice video mate really good insight

@MichaelTabirade Жыл бұрын

Thank you very much! I appreciated it 😁🙏🏿🙏🏿🙏🏿

@skzmudhan Жыл бұрын

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

@MichaelTabirade Жыл бұрын

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 🙏🏿🙏🏿🙏🏿

@meme4one Жыл бұрын

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.

@MichaelTabirade 8 ай бұрын

Super proud of you well done! Continue to provide value and stack that cash! 💰💰💰

@dg9576 8 ай бұрын

good enough for most people?

@nehurane 9 ай бұрын

Good 👍 one. Trying to enter into contracting as a Java Developer.

@MichaelTabirade 8 ай бұрын

Wishing you the best of luck!✨

@LifewithMeeks 7 ай бұрын

Are you able to contract under an umbrella company and also set up and contract outside ir35 simultaneously?

@shebez2387 3 ай бұрын

Yes - that’s how I work

@BardBardd-ry6tw 10 ай бұрын

You should work on the audio please it's a little low

@MichaelTabirade 8 ай бұрын

Thank you for the feedback 🙏🏿🙏🏿🙏🏿✨

@brett3554 5 ай бұрын

It’s fine, clean your ears

@alex10991 3 ай бұрын

@@brett3554he’s not using a mic, so quality is poor and I’m having to turn the volume up.

@zakirhussein3715 Жыл бұрын

Can a contractor claim back EMPLOYER'S INSURANCE which does not provide any benefit to the contractor?

@MichaelTabirade 8 ай бұрын

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