The new IR 35 legislation has tipped me over the edge.
I've had my first three payslips under the new regime and I'm out.
Under my limited company I keep 78% of the hourly rate I charge to clients, after accountant fees, corporation tax, liability insurance, pension contributions.
Under IR35 (Umbrella construct) I keep 57% of the hourly rate I charge after NIC's, PAYE, Pension, apprenticeship levy ffs.
I'm not doing the same job for 20% less in my pocket so I gave my one week notice today.
I have enough salted away to have a wee sabbatical and review what work I want to take on in the Autumn when hopefully covid is under more control.
If I can manage on a reduced spending regime I may just keep going until my pensions kick in in 5 years. Do a few auditing jobs outside IR35 if any big expenses come up but I'm basically now semi retired.
Time now to improve my golf handicap and my nascent guitar skills, maybe try and get a bit fitter too.
I expect Daniel Craig will play me in the movie.
I've had my first three payslips under the new regime and I'm out.
Under my limited company I keep 78% of the hourly rate I charge to clients, after accountant fees, corporation tax, liability insurance, pension contributions.
Under IR35 (Umbrella construct) I keep 57% of the hourly rate I charge after NIC's, PAYE, Pension, apprenticeship levy ffs.
I'm not doing the same job for 20% less in my pocket so I gave my one week notice today.
I have enough salted away to have a wee sabbatical and review what work I want to take on in the Autumn when hopefully covid is under more control.
If I can manage on a reduced spending regime I may just keep going until my pensions kick in in 5 years. Do a few auditing jobs outside IR35 if any big expenses come up but I'm basically now semi retired.
Time now to improve my golf handicap and my nascent guitar skills, maybe try and get a bit fitter too.
I expect Daniel Craig will play me in the movie.