hi

[macboy81]

Hello

I found the forum while looking for information about life as a contractor. I have always been employed 14 years with local government then 12 months with manage service provider and I have just took the plunge and accepted my first 6 month system admin contract with huge retail company.

Having spoke to a few of the contractors I have worked with over the years they advised me to setup Limited Company which i have now done and now im just trying to get myself in order and prepared

Steve

[kaiser78]

Hello

I found the forum while looking for information about life as a contractor. I have always been employed 14 years with local government then 12 months with manage service provider and I have just took the plunge and accepted my first 6 month system admin contract with huge retail company.

Having spoke to a few of the contractors I have worked with over the years they advised me to setup Limited Company which i have now done and now im just trying to get myself in order and prepared

Steve

Hello - make sure you make getting an accountant sorted a priority.

[Jeremiah@RHJAccountants]

I would second the above although i am bias.

Are you aware of :

IR35 the implications of being inside
VAT and the FRS
Corporation tax
PAYE
how to take money from your company in the most tax efficient way
Directors loans

Just a few things that a good accountant can help you with if you do not understand this in full detail.

It is is better to start your company on the right foot rather than get it wrong now and face fines, penalties and get in to trouble down the line.

I have seen this so many times with clients i have taken on and also on this forum.

Speak to a few accountants and see which one you get on with best.

Good luck with the contract and welcome to CUK

[macboy81]

i am lucky we have an accountant we have used for years with our pubs, now our sandwich shop so made sense to go with them

[stek]

i am lucky we have an accountant we have used for years with our pubs, now our sandwich shop so made sense to go with them

Bad move.....

[macboy81]

Bad move.....

because???

[northernladuk]

because???

the accountant won't know the in's and out's of contracting and how it differs to proper other businesses. Get yourself a contractor specialist that knows exactly what we do. There is some pretty stiff legislation like IR35 they need to be more than aware of.

P.S. try not to take advice on running your affairs from other contractors, and if you do research what they say very carefully.

[Contreras]

What aspects does an accountant need to be "more than aware of" re IR35 ?

Just askin' like

[malvolio]

because???

You don't know how much you don't know, and a commercial accountant isn't going to understand a lot of the stuff that will catch you out.

Anyway, as a starter for ten, go to www.pcg.org.uk, then download and study their guide to freelancing. In fact, have a good look around the site and see what you need to learn.

It's a good way of working but being a contractor is your full time job now, not whatever it is you sell to your clients; make sure you know what you're doing.

[macboy81]

You don't know how much you don't know, and a commercial accountant isn't going to understand a lot of the stuff that will catch you out.

Anyway, as a starter for ten, go to www.pcg.org.uk, then download and study their guide to freelancing. In fact, have a good look around the site and see what you need to learn.

It's a good way of working but being a contractor is your full time job now, not whatever it is you sell to your clients; make sure you know what you're doing.

Thanks for the link i will give that a good read.