Reply to post: Re: up to a 20 per cent pay cut overnight... For many, the cost of their current mortgage

Industry reps told the UK taxman everything wrong with extending IR35. What happened next will astound you

Anonymous Coward
Anonymous Coward

Re: up to a 20 per cent pay cut overnight... For many, the cost of their current mortgage

"Many contractors are ex-permies."

In my first contract (after being a permie for 7 years) I tended to act like a permie and came unstuck pretty badly.

Working as a contractor is a totally different mindset and associated risks. I finally figured out that the permie 'job security' was a myth (ok, that was easy to figure out). What took a little longer was that my job security as a contract wasn't my current contract, it was my ability to get a new contract when the current one goes up the swanny (project ends/money runs out/I get bored etc.).

Yes, the money is better, but your career becomes your own problem, along with your finances/taxes/skills-upkeep etc. etc. Also, try getting unemployment insurance on your mortgage if you are a contractor.

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