Anyone earning 'big bucks' (£200k+ per year)? Would love to hear your story!

Kemik said:
Are you forgetting that Corporations get taxed, you have to be careful not to trigger anti avoidance legislation, and being a consultant offers much less job security and benefits than employment?

This is going off topic.
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Actually I don't entirely agree that self employment is more risky. I used to think that way but being in Financial IT as an employee I've been through many rounds of redundancy. An employee can get tapped on the shoulder at any time, just as a contractor can have a break clause executed. The difference is that the contractor will usually structure their working life and finances around that possibility while it can be devastating for an unsuspecting employee.
 
Milkybk said:
There's absolutely nothing to be scared of when contracting assuming you choose the correct industry to do it in.
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I went freelance 6 month ago, I'm a Chartered QS in Construction, at the moment there's no need to worry about job security as the industry is booming and at the moment all I'm doing is racking up experience as a Consultant dealing with Contract problems good and bad.

It took me years to build up the courage but once I did it, the first day was like this. No more PAYE, reporting to bell ends, no more holiday forms and pleading for an hour off here and there.

However I've worked every day since New Years day in one shape or form, but I love what I do so it's more of a hobby I'm getting paid for.

Well getting paid minimum wage, just enough to meet Ni etc etc etc :p
 
Oh and instead of getting up at 5.30 and slogging to that hell hole London Village, not being able to 'clock off' till 5.30 then a 2hr battle out the city not seeing my kids from Sunday night to Saturday morning I now see them more than I ever had :) 7 days a week
 
Castiel said:
My wife earns in excess of the OP figure. She said her secret was to take opportunity based on future progression, not on offered salaries, sometimes she took large paycuts just because the experience gained would pay off long term. She is a Chartered Accountant who works as a Finance Director for a (smaller division) of a leading multinational in her field. She also said that diplomacy was tantamount, with so many arrogant people in her field the fact that she is quietly spoken, inoffensive (and very tiny) made her stand out more and that made prospective employers actually listen to what she was saying rather than assessing whatever image someone is trying to project. She didn't aim to earn high salaries, her aim was to be the best at what she does, I don't think she even thinks about how much she earns.

So I suppose she is essentially saying, always be yourself and take risks to gain the opportunity and experience to progress and don't upset the wrong people.
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Interesting post, Castiel. Thanks :)
 
maccapacca said:
Fiddle, avoid or evade?

I know which one I quite happily do.
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Over the years I have had it suggested to do all of them, from adding the odd receipt to setting up off shore companies that provide loans and then, oddly, seem to go out of business without me ever needing to pay them back and all sorts of stuff in between. I've chosen to keep my tax affairs simple and above board and I have self assessed for over 25 years. I simply drop all the paperwork to my accountant and he does the rest but is above board and my tax affairs are, frankly, simple as I am PAYE and have been pretty much all my life.
 
Milkybk said:
After years of being taxed excessive amounts, 40% band, due to actually putting effort into my career I couldn't really care less how people label the tax aspect of contracting. You want to sit at home bigging up your permanent job saying "at least my job is secure" because you're scared of taking risks then that's your problem.
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No job is secure and being employed or self employed has zero influence really. If you are good you will find work, if you are not, unlucky, lazy or simply in a saturated area/profession you will struggle no matter what your position is. Both sides have benefits and risks.
 
Tunney said:
That's a pretty terrible thing to boast about. That money could be going to someone who needs it.
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This is where it starts getting dubious i agree.

It's a sensible thing to do when you reach the certain income bracket but its also irresponsible (and frankly weird) to rub it in others faces.
 
Efour said:
This is where it starts getting dubious i agree.

It's a sensible thing to do when you reach the certain income bracket but its also irresponsible (and frankly weird) to rub it in others faces.
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This is where I don't agree, it's like some black art no one is allowed to talk about where it's shady and underhand whereas it's completely legal above board and bonafide. You could do it but you choose not to and criticise anyone who does and try and insinuate it shouldn't be discussed because we don't blindly give half what we earn away.
 
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