Introduction and some initial questions...

[Spidey2099]

Hi all,

I have recently entered the world of contracting after permanent employment as an Agile Product Owner/ScrumMaster and also a PRINCE2 Project Manager. I have set myself up as a limited company and have my first 6 month contract which starts Monday.

Really looking forward to getting into the forums and trying to do things the right way.

In that spirit I have a couple of questions (which may already exist as threads if someone can signpost the good ones)

1. I currently pay child maintenance (I have always overpaid and have a great relationship with my ex/daughters).

I want to continue paying everything I should but what is the most efficient way since it is technically not a business expense but I am going to be contributing some of my dividends. I have an accountant but thought I would ask here before going to him.


2. Due to the quick start I went with Cashplus Business as my bank account of choice.

Is that a recommended service here amongst the community? I know certain people have run into issues with the personal Cashplus service.

3. What do you guys do in the evenings when you work away?

[TheFaQQer]

3. What do you guys do in the evenings when you work away?

This is the only question I can answer - tumblr

Or you find something to do - go out with other contractors, read a book, go to the theatre, go to the opera, go to the ballet, go to the pub, find a gym that does a flexible membership and go there, find a bookshop that does readings and signings and see who is there, do some training, write a blog, write a book, watch TV, go to the cinema...

I've done all of those things when working away, apart from one.

[northernladuk]

Hi all,

I have recently entered the world of contracting after permanent employment as an Agile Product Owner/ScrumMaster and also a PRINCE2 Project Manager. I have set myself up as a limited company and have my first 6 month contract which starts Monday.

Really looking forward to getting into the forums and trying to do things the right way.

In that spirit I have a couple of questions (which may already exist as threads if someone can signpost the good ones)

Better still go have a read of the 'Searching forums' thread that is sticked in this very forum. Nearly everything you can think of at your level will have been asked before. You could also go read the newbie links to the right which will cover much of the basics.

1. I currently pay child maintenance (I have always overpaid and have a great relationship with my ex/daughters).

I want to continue paying everything I should but what is the most efficient way since it is technically not a business expense but I am going to be contributing some of my dividends. I have an accountant but thought I would ask here before going to him.

IMO ask your accountant first and then come on here to qualify if need be. Starting off with a head full of rubbish before getting professional advice is not the best way round IMO.
Child Maintenance threads
https://www.google.co.uk/search?q=ch...Fs3Q7Abo-KPoAg

2. Due to the quick start I went with Cashplus Business as my bank account of choice.

Is that a recommended service here amongst the community? I know certain people have run into issues with the personal Cashplus service.

You don't need a bank account immediately. You don't get paid for up to two months after you start if you are on a 30 day cycle so more than enough time to set up a bank account.

Historic feedback on cashplus can be found in the search..
https://www.google.co.uk/search?q=ca...jUOvOM7AbMkJQ4

3. What do you guys do in the evenings when you work away?

Carry on living and doing whatever suits me.

So you understand IR35 and have had your contract checked by QDOS et al?
You are aware of the 24 month rule if you contract is in the same geographical location as you ex employer?
VAT and FRS all set up?
And loads of other stuff the newbie questions will help you ask?

[Spidey2099]

Better still go have a read of the 'Searching forums' thread that is sticked in this very forum. Nearly everything you can think of at your level will have been asked before. You could also go read the newbie links to the right which will cover much of the basics.

I have been ploughing through them; very useful.


IMO ask your accountant first and then come on here to qualify if need be. Starting off with a head full of rubbish before getting professional advice is not the best way round IMO.
Child Maintenance threads
https://www.google.co.uk/search?q=ch...Fs3Q7Abo-KPoAg

Sound advice - I just thought I would toss it out there to crowdsource. There must be other fathers looking to provide for their kids as Contractors.

You don't need a bank account immediately. You don't get paid for up to two months after you start if you are on a 30 day cycle so more than enough time to set up a bank account.

So, when I work on Monday I won't be picked up as part of the timesheeted/billing cycle which pays out the last working day of Sept?

Historic feedback on cashplus can be found in the search..
https://www.google.co.uk/search?q=ca...jUOvOM7AbMkJQ4

Thanks for that.

Carry on living and doing whatever suits me.

So you understand IR35 and have had your contract checked by QDOS et al?
You are aware of the 24 month rule if you contract is in the same geographical location as you ex employer?
VAT and FRS all set up?
And loads of other stuff the newbie questions will help you ask?

IR35 understood and checked. 24 month rule and geography is all good.

VAT is not set up yet but will be. I am lucky - my father in law is a Managing Partner at a national accountancy firm so he is giving my accounts to one of his team. Meeting them next week.