HELLO! :) Entering the Contacting world. Please kindly help with a few questions
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    Default HELLO! :) Entering the Contacting world. Please kindly help with a few questions

    Hello all,

    I am leaving the perm world and entering a contracting world soon.

    Have given my perm company a resignation date and exploring contracting opportunities where I have 2 offers.

    1) What do I need to set-up in advance of agreeing a contract?
    2) How can I make the most money from contracting when it comes to umbrella company and ltd company? And inside IR35 or outside.
    I read about the difference between the two types above but steppping into the unknown I am not sure which to choose. I am personally organised so logging expenses etc should not be an issue.

    3) What are the essential do's and don'ts of contracting?

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    Essentials do's
    Do some research.
    Read all the guides to the right.
    Learn to use the search function as explained in a sticky in the Welcome part of the forums.

    Essential don'ts
    Don't ask lazy questions without doing a bit of research first.
    Don't expect anyone to hold your hand. You are on your own now.
    Don't post under your real name.

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    Welcome to CUK.

    Read the first timers guide on the right , this will give you more information.

    It depends on your contract whether you will work inside or outside of IR35.

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    Quote Originally Posted by cojak View Post
    Welcome to CUK.

    Read the first timers guide on the right , this will give you more information.

    It depends on your contract whether you will work inside or outside of IR35.
    Where's that post you normally put up. That's a good starter one?
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    Quote Originally Posted by JamesFuller View Post
    1) What do I need to set-up in advance of agreeing a contract?
    Nothing. You can create a company in 15 minutes, so you don't need that before you have something in place. It might save a bit of time to be organised (you may want a list of what you'll need to set up quickly so you can do it then), but there's nothing that you actually need before you agree the contract.

    Quote Originally Posted by JamesFuller View Post
    2) How can I make the most money from contracting when it comes to umbrella company and ltd company? And inside IR35 or outside.
    I read about the difference between the two types above but steppping into the unknown I am not sure which to choose. I am personally organised so logging expenses etc should not be an issue.
    Work efficiently, minimise waste. Outside IR35 via a limited company is probably the most efficient way to operate, but it's up to you to work out how you will work and what that means.

    Quote Originally Posted by JamesFuller View Post
    3) What are the essential do's and don'ts of contracting?
    Do: Understand what you are doing. Deliver value. Know your market and skills. Think about what you'll do if there are no more contracts. Join IPSE. Understand the risks. Remember that you aren't a permie any more. Understand the responsibilities of running a company. Learn what IR35 means for your company. Plan ahead. Get renewed (if you want to). Leave when you want to. Take a break every now and then. Get a good accountant. NEVER think of things you might buy in terms of "that's only a day's rate".

    Don't: Annoy the tax man. Forget your bills. Take the piss about clients. Spend all your time on CUK. Get complacent in your skillset. Become part and parcel of the company. Forget to save for the future.
    Work in the public sector? You can read my FAQ here
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    Quote Originally Posted by JamesFuller View Post
    ...
    Quote Originally Posted by northernladuk View Post
    Don't post under your real name.
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    Quote Originally Posted by TheFaQQer View Post
    Nothing. You can create a company in 15 minutes, so you don't need that before you have something in place. It might save a bit of time to be organised (you may want a list of what you'll need to set up quickly so you can do it then), but there's nothing that you actually need before you agree the contract.



    Work efficiently, minimise waste. Outside IR35 via a limited company is probably the most efficient way to operate, but it's up to you to work out how you will work and what that means.


    Do: Understand what you are doing. Deliver value. Know your market and skills. Think about what you'll do if there are no more contracts. Join IPSE. Understand the risks. Remember that you aren't a permie any more. Understand the responsibilities of running a company. Learn what IR35 means for your company. Plan ahead. Get renewed (if you want to). Leave when you want to. Take a break every now and then. Get a good accountant. NEVER think of things you might buy in terms of "that's only a day's rate".

    Don't: Annoy the tax man. Forget your bills. Take the piss about clients. Spend all your time on CUK. Get complacent in your skillset. Become part and parcel of the company. Forget to save for the future.
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    Quote Originally Posted by TheFaQQer View Post
    NEVER think of things you might buy in terms of "that's only a day's rate".
    Guilty AF. It's OK if you skip taking holiday for it though

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