Hello,I'm looking at moving from a permanent position to a contract project role.The proposed day rate would see me earn my current basic annual salary in six months.Its a six month contract. I would be setting up a limited company.I know there are other costs and risks associated with contract work that salaried work doesn't get exposed to.Is there any simple calculation or rules of thumb to help equate a day rate to a salary?Thanks

I have recently accepted a 6 month contract that will give me more than double my current annual salary. There is also the option this contract will get extended up to 6 years.I have heard you should aim for at least 1.5 times your permanent rate but personally given the extra risks I think double should be the acceptable minimum. Have you tried to be kept on for less hours a week with your permanent role? This is a possibility if you work as an associate for them once you go solo. You need to consider these sort of things if you go solo.