I am thinking about moving from a consultancy role I do (perm employed), to possibly going into Contracting. I see it as a similar thing in that I work with Clients for the duration of a project (few months) before moving onto the next. The difference being that I get to be my own boss.
I have had a look around the site (some very helpful info by the way), but would like some peoples opinions on a couple of things that are a bit unknown to me.
Ltd or Umbrella Company - I know both have pros and cons but wanting to understand what route is better depending on certain scenarios. I'd ideally look at forming a limited company but would that be advised for the first jump into contracting?
Job Opportunities/Contracts - I have seen some suitable contracts advertised through a variety of Agencies that are day rate. Is it likely that a prospective 'client' would envisage the applicant be a Limited company, and thus the 'contract' be worded that way. Or is it likely that this would be a discussion point following interviews etc? I assume that there is more back and forth when it comes to the contract than there would be for an employment contract?
Notice Periods - My notice period is a lot longer than the typical 4 weeks, I'm wondering if anyone else has had the issue when moving into contracting and how they tackled it? Anything over 4 weeks seems a long time for a client to wait, but obviously its a risk handing in my notice before I have secured anything.
IR35 - This is one of my concerns as I don't quite understand the implications. I would be heavily reliant on an accountant in this situation. Is this normal or as contractors do you take it upon yourself to know all the ins and outs (especially initially). There are also certain contents of a contract that can mitigate against falling into IR35 (from what I have read), is it common practice to ask for clauses etc to be put into the contract?
I realise the questions above are a bit vague, but just looking for some opinions from people with the experience as its a bit daunting making the transition and deciding routes to take etc. I also realise that I might be worrying about somethings too much, but I want to do things the right way.
Thanks very much for the help in advance