Hello and what order to do things.
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    Default Hello and what order to do things.

    Hello
    I am 'the wife' and will run the business side of stuff if my husband takes the leap from perm to contracting. I've researched and chosen most products etc we'll need, but I'm not sure what order and when to buy / kick them off.

    As of last night he's started putting his CV out, and plans on giving his boss a heads-up today (in case they want to replace him with a contractor ) but I'm not sure if I ought to get the company and bank account set up asap or if I can hang on. He has to give 1 month notice.

    What order do I do things? Do I have to have the Ltd co docs to set up the bank account? Does that take ages?

    Any thoughts gratefully received, as juggling this with two small kids and running my own s/e business (I'm a freelance trainer.)

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    Wait until he has a contract in the bag. And what ‘products’ do you need. Pen and paper will suffice for now, don’t fall into the trap of thinking contracting means free shineys tax free.....

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    Contractor Among Contractors

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    You can set up a LtdCo in 24-48 hours. You have to have the certificate of incorporation in order to open a bank account - easiest way when starting is to choose the bank you have a personal account with as the existing relationship smooths things along. You might not get the best deal but you should at the very least get your first year's banking for free.

    Ditto the above re "products". You're not looking to set up a full on office along the lines of what your husband has in his permanent job. A computer, notepad and pen.

    Get an accountant.
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    I assume you've read the guides on here an downloaded (and studied) the IPSE Guide to Freelancing so you fully understand what you're getting into...? Easiest way if via their Access Membership on their homepage.

    You will need a company and a bank account to support your new contract - or do the sensible thing and start via an umbrella until you get everything else sorted and you understand what you're both doing.

    As has been said, talk to one of our preferred accountants before you go too far. And keep track of everything you spend getting the first contract up and running, much of it will be reclaimable.
    Blog? What blog...?

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    Sorry to confuse, 'products' I meant were bank account, insurance, ltd etc. No shiny new stuff!

    Thanks for info, very useful.

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    Quote Originally Posted by JenniM42 View Post
    (in case they want to replace him with a contractor )
    IR35 FTW...

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    Why not just let him run his own business? The setup isn't complicated and when he's sorted it's probably going to take him longer to communicate stuff to you than it would doing it himself. Standard contractors don't need someone else to run things.
    'CUK forum personality of 2011' - Winner - Yes really!!!!

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    Quote Originally Posted by northernladuk View Post
    Why not just let him run his own business? The setup isn't complicated and when he's sorted it's probably going to take him longer to communicate stuff to you than it would doing it himself. Standard contractors don't need someone else to run things.
    It takes time to do bookkeeping, payroll etc and deal with setup with accountant and bank etc. I already run my own business and am around more (small chilldrenn to deal with) so am in a good position to do all that, so don't see the problem.

    But thanks for sharing your thoughts...

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    Quote Originally Posted by SeanT View Post
    IR35 FTW...
    Of course, always a consideration/ risk.

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    Quote Originally Posted by malvolio View Post
    I assume you've read the guides on here an downloaded (and studied) the IPSE Guide to Freelancing so you fully understand what you're getting into...? Easiest way if via their Access Membership on their homepage.

    You will need a company and a bank account to support your new contract - or do the sensible thing and start via an umbrella until you get everything else sorted and you understand what you're both doing.

    As has been said, talk to one of our preferred accountants before you go too far. And keep track of everything you spend getting the first contract up and running, much of it will be reclaimable.
    All done. Thank you.

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