Hi Guys
I am currently winding up a business that went bust. It's taking longer than I had hoped due to a number of factors. But I need to get an income sorted. I've been offered some work contracting and I'm not sure the best way to start off. The contract I'm considering is temporary and isn't likely to continue after 3 months. During this time I will be looking for other work and am likely to take employment over contracting. So I'm unsure whether I need to employ the services of an Umbrella company or, if I only need to do this once my earnings go over the HMRC's 'Personal Allowance'? I did not draw a wage on the previous company, so effectively have not yet earned this year. My gut feeling is that I would still need to declare that money, but not sure how I would do it?
I would appreciate some help, I can't seem to find the right combination of search terms for this situation.
I am currently winding up a business that went bust. It's taking longer than I had hoped due to a number of factors. But I need to get an income sorted. I've been offered some work contracting and I'm not sure the best way to start off. The contract I'm considering is temporary and isn't likely to continue after 3 months. During this time I will be looking for other work and am likely to take employment over contracting. So I'm unsure whether I need to employ the services of an Umbrella company or, if I only need to do this once my earnings go over the HMRC's 'Personal Allowance'? I did not draw a wage on the previous company, so effectively have not yet earned this year. My gut feeling is that I would still need to declare that money, but not sure how I would do it?
I would appreciate some help, I can't seem to find the right combination of search terms for this situation.
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