Financial Service contracts

[smithy858]

I am a total noob and have never done contracting before but I am thinking of getting into it. I have read up a bit on IR35 but I was wondering if anyone knows if these complaint handling contracts for Banks advertised through the likes of Momenta, Huntswood etc fall in or out of it?

Reason I ask is I have applied for a role and i'd need to commute 2 hours on the train to get to the location. The other option is to stay there in the week and come back at weekend. Would I be able to claim back any expenses like travel or accommodation?

[northernladuk]

Keep readiinlg. Try the newbie guides on the right hand side for starters. Also go to the IPSE we site. There is new starter guides there. . You need to get a much better understanding of the whole contracting thing before asking questions. That would doesn't really warrant a response I am afraid.

[ladymuck]

Also consider why you want to get into contracting. Are you happy to be in business in your own right; understanding that if you don't turn up, you don't get paid and you're responsible for your taxes, training, pension, etc. etc? No holiday pay, no sick pay. If your face doesn't fit, you'll be kicked out with little or no notice. If the client changes their mind about the project, you'll be kicked out with little or no notice (that's if you even get started).

How long can you last without an income? Can your finances cope with irregular income? Are you willing to work without any significant breaks until you build up a sufficient buffer (aka war chest) to protect you in lean times?

If any of that worries you, you're not ready for contracting and IR35 is the least of your concerns.

[stek]

I am a total noob and have never done contracting before but I am thinking of getting into it. I have read up a bit on IR35 but I was wondering if anyone knows if these complaint handling contracts for Banks advertised through the likes of Momenta, Huntswood etc fall in or out of it?

Reason I ask is I have applied for a role and i'd need to commute 2 hours on the train to get to the location. The other option is to stay there in the week and come back at weekend. Would I be able to claim back any expenses like travel or accommodation?

Forget the term ‘claim back’ its not free money, its just offset against profit to lower tax.

£1000 hotel bill still costs you/your ltd £1000 less tax

[ladymuck]

Forget the term ‘claim back’ its not free money, its just offset against profit to lower tax.

£1000 hotel bill still costs you/your ltd £1000 less tax

Agreed. Claim back is permie speak

[jmo21]

Forget the term ‘claim back’ its not free money, its just offset against profit to lower tax.

for the OP, this effectively means you* save** 20% of the expense value

*not you, your company

**your company corporation tax bill is reduced by that amount

[stek]

Agreed. Claim back is permie speak

I remember one chap boasting about the office, that his tax bill was £10,000 (made up figure, cant remember details) so he reckoned he was going to buy a car for £10,000 and then his tax bill would be £0 and he'd have a free car.

Errr, no....

[northernladuk]

I remember one chap boasting about the office, that his tax bill was £10,000 (made up figure, cant remember details) so he reckoned he was going to buy a car for £10,000 and then his tax bill would be £0 and he'd have a free car.

Errr, no....

I reckon that was Neo and HMRC approved it.

[BrilloPad]

Biggest issue with financial services(or other London) gigs is the commuting.

Think very carefully.

[ladymuck]

Biggest issue with financial services(or other London) gigs is the commuting.

Think very carefully.

Yeah. I live in W8 and it's awful.