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S/employed dilemma hourly rate after retirement
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Even at £12.50 ph you're still better off now you are an OAP.
Let us assume £12.50 ph for 30 hrs each month , therefore 12.5 x 30 x 12 = 4,500
Add on private pension of 6,000 = £10,500, which is under tax threshold of £10,600 so no tax paid.
Add on OAP pension 7,000 = £17,500, £6,900 above tax threshold so tax @ 20p per£ = £1380, so your notional net income now = £16,120 as opposed to £10,500 pre OAP
If you raise your charge to £16, then 16 x 30 x 12 = £5760 + £6000 + £7000 = £18,760 - 10,600 = 8160 @ 20p = £1632 = £17,128 so £1000 better off, than at £12.50 phIf you are querying your Council Tax band would you please state whether you are in England, Scotland or Wales0 -
As a possible solution may I suggest that as you are self-employed you seek alternative jobs outwith and cut your hours back. In terms of asking for a pay rise could you not just ask for a 10% rise and that way you will be a little less out of pocket?
Also, could you explain the increase as market forces and having to upgrade your own equipment for the job etc?:rotfl:Survey Queen/Poundland Fanatic:rotfl:0 -
You could put your rate up from £12 to £14 immediately and in a year put it up to £16 which wouldn't be so much of a shock to your clients as a single jump from £12 to £16.
^This. You're less likely to lose clients but you'll still be gaining more.
It's fine raising the price to get more, but it's a daft move if you lose clients (even more so if you struggle to get new ones at that price) as despite charging more you'll be coming out with much less.
Could it also be an option to offer something more for a higher price? So charge £14 for the usual, £16 for the something extra (for example, if you offer prints of the photographs you take perhaps offer an extra print or slightly better frame). Something that isn't a big cost or effort to you, but clients may want. You get extra, client gets a little extra if they go for it, if not you're still charging a bit more than before.0
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