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How do I calculate FT salary equal to my freelance day rate?

(7 Posts)
mulranno Tue 16-Apr-13 12:00:09

I am working full time for a company as a freelancer (no benefits at all eg holiday, sick, pension etc) and have been offered a full time position - which I want to take up. They have said that the salary they will offer will not leave me out of pocket compared to my day rate. Can anyone give me an idea as to how I can calculate an appropriate salary. There is a bonus scheme - but this is not guaranteed.

AgentProvocateur Tue 16-Apr-13 12:04:47

There is a conversion table online somewhere that I've used before. I'm out and about, so I don't have details. I'll try and find it later if no one comes up with it in the meantime.

Flibbertyjibbet Tue 16-Apr-13 12:08:32

I work out my equivalent salary by taking my hourly rate (or day rate in your case) and multiplying it by the amount of hours I could potentially work in a year.

Ie, 37 hours x the number of weeks you actually work in the year. For me thats about 45 weeks (taking time off for bank hols, holidays and a few days sick a year).

Personally I would not expect them to multiply the daily rate x 5 and then by 52, as you won't actually earn for 52 weeks of the year as a freelancer. But if they do then that would be a great bonus!
A bonus scheme should be on top of salary I think?

NB if someone offered me a salaried job I would possibly take LESS than the equivalent I can earn as a freelancer, because its more secure with paid hols, sick pay, possible pension, redundancy protection etc etc.

mulranno Tue 16-Apr-13 12:49:51

Ok - 45 weeks sounds about right as they pay 26 days leave and there are 10 bank holidays....which is about 7 weeks

AndBingoWasHisNameOh Tue 16-Apr-13 13:33:10

I've just started looking for a contractor and HR told me that they use 225 days as the basis.

So eg day rate of 200, 200 x 225 = £45k pa equivalent

Xenia Tue 16-Apr-13 14:24:33

Also your rate of tax may change as you can probably deduct fewer expenses when employed and the self employed pay few national insurance contributions and employed pay about 12%. Perhaps look at what tax you paid to HMRC last year as part of your calculations compared to what tax cacultators for employees show on websites as tax and NI under PAYE.

SusanQalent Tue 25-Jun-13 23:21:56

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