Re: I currently collect £24k VAT
"..which is then reclaimed by your client."
VAT is not reclaimable if your core business is VAT exempt products, such as banking. HMRC is going to lose all that VAT from every contractor being forced down the PAYE route in the Financial Services sector, a substantial proportion of all contractors if the government figures are to be believed. From my own experience that VAT is more than the Tax and NI I would pay if I was PAYE. Net loss to HMRC.
Biting the hand that feeds IT
