Re:How much I made as a good Engineer at Facebook
by varispeed on Thursday December 03, 2020 @08:47AM
(#25288759)
The contracting market will be culled from next year when IR35 changes come to play. That means people providing services as a business will not be able to claim business expenses (with some exceptions) plus they will have to draw all revenue as a salary. This makes essentially running such service pointless. They will also have to pay employee and employer's NI (without having any employment rights), that gives effective tax rate at around 54%. There will be awkward situation where engineers would work only half a year, to pay more reasonable tax or become an employee of agency. Coincidentally the share prices of Indian consultancies rocketed upon the announcement of IR35 going forward.
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