advice needed- IT Contracting

B

BONDGIRL

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TAX Q: I was wondering if anyone could help me.. I have a couple of interviews for IT Contracting jobs.. this would be paid a daily rate and I think paid via It Agency via Umbrella company? Can anyone tell me how I would calculate the amount I would actually get paid after taxes etc... i.e. if I am on 150 per day, how would that work? can you cliam extra expenses via tax etc. I was always paid via a company so I am a bit nervous about taking a job like this.. Thanks
 
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you might clarify how it will be done?

will it be you bondgirl set up a company as director/shareholder and invoice agency who invoice company.

will vat have to be charged?

will you have much expenses?

How much work will you get- Will it be 6 months or 12 months etc

link below to tax calulator
http://www.deloitte.ie/tc/

If you have to set up a company, get good advice from day 1 in regard to tax filing and company office filing and personal tax filing, paye/prsi and vat
 
Its for 6 mths initially with view to extending.. Expenses would to petrol and toll around 50 per week and then lunch 60 per week.. I wouldnt be my own company they said I would need a umbrella company or something like that.. but yes I will ring them again IF I get the job!!!
 

if not your own company, you would be an employee of say agency company which would be ok.

make sure it is not your own company.

the 150 you talked about earlier assume its gross

use the calualtor on earlier link to calulate net

Rough using calulator gives under paye/prsi 39k gross annual gives 590 into hand

assume you would have single credit and paye credit
 
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Thanks PaperValue.. I think the rate is a tad bit low for the responsibilities of the job but going ot go for interview anyway see what happens.
 
Hi Bondgirl,
This is a very low contract rate unless this is for a pretty unskilled position.

You need to factor in loss of entitlement to Unemployment Benefit as you will be PRSI Class S.

You need to factor in the cost of an accountant, pension, and health insurance.

You'll end up with less than the average industrial wage.

By the way the IT market has picked up since Christmas so don't short-sell yourself.

All this is contingent on experience, position, location etc. but still the salary seems low.

I'm an IT contractor for the last three years and 17 years in the industry.

The deal reminds me of my time in the Irish domestic IT sector of the early 90's. By gum in them days we had to work 26 hours a day for a pittance and we were happy!

Best of luck,
Gearoid
 
Gearoid, thanks for taking the time to reply.
You are right I think companies are coming in at mega low rates probably trying to get someone into job at bottom rates but as you say I will not short sell myself..
I did the interview today and I think it went well, one of the two interviewing me was throwing Q after Q to me, and I was well impressed at myself for coming back with a good answer.. it went on for 1hr 10min! Hope that is a good sign! They did ask about salary and was I happy and I said no I wasnt really as the rate didnt seem to match the job description and well they seemed to be ok about that as I think they are still making that all up!!!
 
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