New to contracting, contracting leading to fixed term contract and LTD question
+ Reply to Thread
Posts 1 to 8 of 8
  1. #1

    Nervous Newbie


    Join Date
    Feb 2017
    Posts
    2
    Thanks (Given)
    0
    Thanks (Received)
    0
    Likes (Given)
    0
    Likes (Received)
    0

    Default New to contracting, contracting leading to fixed term contract and LTD question

    Hi All, I was recently recommended to come join this community as I am wanting to leave my current role which is mostly overseas and come back to the UK.
    I have a job offer contracting close to home but because of the circumstances and details around the offer, I am unsure if LTD or umbrella, or simply self assessment would be the best approach.

    I would be leaving full time work to accept this offer: 3 month contract on a agreed day rate to help an organisation achieve a piece of work. If that work is done well, they claim to have 18 months funding secured to offer an additional 18 months on a fixed term contract.
    So this would initially be 3 months contracting followed by 18 month employed.

    When I see this, I think setting up a Ltd and going down that road might be too much effort for just a short 3 month contract and think I might consider umbrella for that period.

    On the flip side, there is no guarantee I am offered the 18 month work as a fixed term and so I may move onto another contract, which obviously means having an Ltd set up would be beneficial.

    So in a nut shell, i'm trying to understand how those of you with experience would handle this decision, would it make sense to set up an ltd even for 3 months. In regards to day rate in case that impact the advice, the day rate will be on the higher end of the scale.

    I appreciate any advice you can offer.

  2. #2

    Super poster


    Join Date
    Aug 2008
    Posts
    3,712
    Thanks (Given)
    5
    Thanks (Received)
    54
    Likes (Given)
    269
    Likes (Received)
    302

    Default

    Use a brolly.

    you don't want to be a contractor.

  3. #3

    Banned

    MarillionFan's Avatar
    Join Date
    Jul 2005
    Location
    .
    Posts
    35,172
    Thanks (Given)
    50
    Thanks (Received)
    591
    Likes (Given)
    279
    Likes (Received)
    2300

    Default

    Well it's up to you. If you're going to carry on after this gig and not go back perm, then go Ltd regardless of 3months or more. If you plan to do this short-term and then go back perm, go brolly.

    NEXT!

  4. #4

    Nervous Newbie


    Join Date
    Feb 2017
    Posts
    2
    Thanks (Given)
    0
    Thanks (Received)
    0
    Likes (Given)
    0
    Likes (Received)
    0

    Default

    can you recommend good umbrella firms?

  5. #5

    Some things in Moderation

    cojak's Avatar
    Join Date
    Jul 2005
    Location
    Look to your right...
    Posts
    18,116
    Thanks (Given)
    507
    Thanks (Received)
    1103
    Likes (Given)
    4306
    Likes (Received)
    2890

    Default

    Quote Originally Posted by agermoses View Post
    can you recommend good umbrella firms?
    Look here: http://forums.contractoruk.com/publi...-umbrella.html

  6. #6
    b r
    b r is offline

    Should post faster


    Join Date
    Nov 2016
    Posts
    131
    Thanks (Given)
    0
    Thanks (Received)
    2
    Likes (Given)
    0
    Likes (Received)
    20

    Default

    when you say 'funding secured' is this public sector?

  7. #7

    My post count is Majestic

    northernladuk's Avatar
    Join Date
    Mar 2009
    Posts
    34,153
    Thanks (Given)
    142
    Thanks (Received)
    1530
    Likes (Given)
    1805
    Likes (Received)
    6183

    Default

    Quote Originally Posted by b r View Post
    when you say 'funding secured' is this public sector?
    Funnily enough of all the comments that would have lead me to the assumption this was a PS gig, this was not one of them.
    'CUK forum personality of 2011 - Winner - Yes really!!!!

  8. #8

    Godlike


    Join Date
    Sep 2014
    Location
    Non-Event Horizon
    Posts
    9,019
    Thanks (Given)
    371
    Thanks (Received)
    653
    Likes (Given)
    2345
    Likes (Received)
    2769

    Default

    Umbrella - it'll get you used to the level of pay that you'll be getting for the FTC too. With a limited, you'll be worse off by still having annual accounting obligations but with only three months of revenue/operation.
    The greatest trick the devil ever pulled was convincing the world that he didn't exist

+ Reply to Thread

Tags for this Thread

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts

Content Relevant URLs by vBSEO 3.6.0 ©2011, Crawlability, Inc.