Contractor day rate - which is better?

[ContractorQuestion]

Please can someone who understands this more than me offer some advice?

I’m in the very fortunate position to have been offered two contracts at the same time.
I have previously done a consulting contract on a day rate using an umbrella company, so I understand how this works.

My two offers are for different companies, both are six-month consulting, and the work in both is the same, so my the only deciding is the take-home pay. Neither will have pensions contributions as the contracts are short.

One is offering me £550/day inside IR35 via umbrella.
The other is offering me £550/day via PAYE.

I’ve had a look at online calculators and I think I am slightly better off financially with the PAYE option? Is there anything else I should consider around this?

I suspect inside and umbrella will give you a higher take home. I would call one of the umbrella companies and ask, Parasol or Giant will know.

But there will be a cost to an umbrella. If the PAYE is direct on a company payroll as a FTC you won't have that cost. So calculate both.