5 ms·

Contractor math. There are 52 weeks in 1 year. Give yourself 2 weeks vacation that leaves 50 weeks. At 40 hours per week that is 2000 hours as a full time equi

by flint 4y ago

Contractor math. There are 52 weeks in 1 year. Give yourself 2 weeks vacation that leaves 50 weeks. At 40 hours per week that is 2000 hours as a full time equivalent (a salaried position). If you bill at 100/hour that is 200k/year. If you want/need 4 weeks off, assume 1920 hours per year and adjust your hourly rate, call it ~105/hour If your medical insurance costs 6k per year, adjust your hourly rate, call it ~107.3/hour If you want disability/life insurance and the cost to you is 15k per year, adjust your hourly rate, call it now ~115/hour. Giving up 50k in stock options, well that's a one time thing. Also if a relocation is required and your partner looses their positon better factor that into your decision - up front. This all gets negotiated up front - not 4 months in. Good luck on your next negotiation.

secondcoming 4y ago
The days of UK software contractors being paid £115 per hour are long gone
- pc86 4y ago
  Because it's much more or much less? I'm guessing by the GP assuming 10 days/year of vacation they're in the US. $115/hr is a decent contractor wage, especially on the more independent/freelance side of the spectrum. "Contractors" hired from companies in a C2C arrangement will be billed much higher, at rates approaching senior associates at law firms (I've seen $400/hr bill rates for senior Oracle contractors who aren't even coding, just implementing and configuring), while the people you're getting are earning anywhere from $30-150/hr, but via W2. I'm in the US and bill $90/hr on a long-term contract because the work is easy and I am free to do anywhere from 0 to 30 hours a week at my discretion. So there are lots of reasons to willingly bill (sometimes much) less than you otherwise might.
- toxicFork 4y ago
  Depends on your specialisation ;)
- JAlexoid 4y ago
  I'm pretty sure I can get 800+p/d in London. Almost 10 years ago Barclays was paying my 600p/d
  - Nextgrid 4y ago
    Inside or outside IR35 for the 800 figure?
    - JAlexoid 4y ago
      Outside
  - cosmodisk 4y ago
    The problem is that you are likely to see very similar rates even after all those years.
    - JAlexoid 4y ago
      Oh yeah. The rates haven't risen drastically. But GBP100 p/h isn't unattainable
      - cosmodisk 4y ago
        Of course all depends on the skills required, but yes, those rates are doable.
  - Silhouette 4y ago
    The current going rate for general software development for London banks is around £750-800 per day via an umbrella company. Depending on a few details that works out equivalent to maybe £650 per day for a real (outside IR35) contract position. I haven't heard of anyone other than the most senior and well connected taking home £800 outside IR35 for software development in the financial services industry since the changes to the off payroll rules. Obviously there are exceptions like quants but that's playing a different game really.

by flint 4y ago

secondcoming 4y ago

The days of UK software contractors being paid £115 per hour are long gone

pc86 4y ago
Because it's much more or much less? I'm guessing by the GP assuming 10 days/year of vacation they're in the US. $115/hr is a decent contractor wage, especially on the more independent/freelance side of the spectrum. "Contractors" hired from companies in a C2C arrangement will be billed much higher, at rates approaching senior associates at law firms (I've seen $400/hr bill rates for senior Oracle contractors who aren't even coding, just implementing and configuring), while the people you're getting are earning anywhere from $30-150/hr, but via W2. I'm in the US and bill $90/hr on a long-term contract because the work is easy and I am free to do anywhere from 0 to 30 hours a week at my discretion. So there are lots of reasons to willingly bill (sometimes much) less than you otherwise might.
toxicFork 4y ago
Depends on your specialisation ;)
JAlexoid 4y ago
I'm pretty sure I can get 800+p/d in London. Almost 10 years ago Barclays was paying my 600p/d
- Nextgrid 4y ago
  Inside or outside IR35 for the 800 figure?
  - JAlexoid 4y ago
    Outside
- cosmodisk 4y ago
  The problem is that you are likely to see very similar rates even after all those years.
  - JAlexoid 4y ago
    Oh yeah. The rates haven't risen drastically. But GBP100 p/h isn't unattainable
    - cosmodisk 4y ago
      Of course all depends on the skills required, but yes, those rates are doable.
- Silhouette 4y ago
  The current going rate for general software development for London banks is around £750-800 per day via an umbrella company. Depending on a few details that works out equivalent to maybe £650 per day for a real (outside IR35) contract position. I haven't heard of anyone other than the most senior and well connected taking home £800 outside IR35 for software development in the financial services industry since the changes to the off payroll rules. Obviously there are exceptions like quants but that's playing a different game really.