Originally posted by VectraMan
View Post
- Visitors can check out the Forum FAQ by clicking this link. You have to register before you can post: click the REGISTER link above to proceed. To start viewing messages, select the forum that you want to visit from the selection below. View our Forum Privacy Policy.
- Want to receive the latest contracting news and advice straight to your inbox? Sign up to the ContractorUK newsletter here. Every sign up will also be entered into a draw to WIN £100 Amazon vouchers!
IT contractor - but going PAYE under a family members company?
Collapse
X
-
-
Originally posted by qwertyuiop725 View PostI'm not banned from being a director yet. But I plan on entering bankruptcy soon - when I will be banned.
I could go down the umbrella route - but any earnings above reasonable expenses are taken for the year and for 2 further years after bankruptcy which I obviously don't want.
Ideally - get family member set up a new limited company. Post-bankruptcy I can then buy the company from family member for a nominal token amount. That's the strategy - which is all legal by the way.
The only issue is will agencies sign a contract with company where I am the PAYE employee and family member is owner/director.
Alternatively could I get family member to set up a new umbrella company? Not sure how easy that is.Comment
-
Originally posted by qwertyuiop725 View PostI'm not banned from being a director yet. But I plan on entering bankruptcy soon - when I will be banned.
Personally I would use an umbrella.Comment
-
Originally posted by BrilloPad View PostThen your bigger worry will be getting a contract.
Personally I would use an umbrella.Comment
-
Originally posted by qwertyuiop725 View PostI would plan on entering bankruptcy immediately after starting a new contract. Hopefully the contract would last 12 months (or a large portion of it) to get me to the other side of bankruptcy."You’re just a bad memory who doesn’t know when to go away" JRComment
-
Originally posted by SueEllen View PostSome contracts actually state if your situation changes e.g. you go bankrupt you have to tell them. I suggest you stay away from the finance, government and defence sectors.Comment
-
Originally posted by qwertyuiop725 View PostI wouldn't bother telling them. Realistically they would never find out - and even if they do find out after the event they probably wouldn't care at that stage.
And some clients get picky about when you lie to them, strangely enough.Comment
-
Originally posted by TheFaQQer View PostThey will.
And some clients get picky about when you lie to them, strangely enough.Comment
-
Originally posted by qwertyuiop725 View PostI wouldn't bother telling them. Realistically they would never find out - and even if they do find out after the event they probably wouldn't care at that stage.
In the last two years I've had roles with defence and finance companies who both did the background checks themselves.
The finance company did the check before I got on-site while the defence company took their time. In the case of the defence company I was about half-way in the contract before they started looking into me. Another contractor who started before was let go suddenly mid-contract as he hadn't bothered handing reference information in."You’re just a bad memory who doesn’t know when to go away" JRComment
-
Originally posted by SueEllen View PostIn the case of the defence company I was about half-way in the contract before they started looking into me. Another contractor who started before was let go suddenly mid-contract as he hadn't bothered handing reference information in.
half a contract is more £££ than no contract!Comment
- Home
- News & Features
- First Timers
- IR35 / S660 / BN66
- Employee Benefit Trusts
- Agency Workers Regulations
- MSC Legislation
- Limited Companies
- Dividends
- Umbrella Company
- VAT / Flat Rate VAT
- Job News & Guides
- Money News & Guides
- Guide to Contracts
- Successful Contracting
- Contracting Overseas
- Contractor Calculators
- MVL
- Contractor Expenses
Advertisers
Contractor Services
CUK News
- Experts you can trust to deliver UK and global solutions tailored to your needs! Today 15:10
- Business & Personal Protection for Contractors Today 13:58
- ‘Four interest rate cuts in 2025’ not echoed by contractor advisers Today 08:24
- ‘Why Should We Hire You?’ How to answer as an IT contractor Yesterday 09:30
- Even IT contractors connect with 'New Year, New Job.' But… Jan 6 09:28
- Which IT contractor skills will be top five in 2025? Jan 2 09:08
- Secondary NI threshold sinking to £5,000: a limited company director’s explainer Dec 24 09:51
- Reeves sets Spring Statement 2025 for March 26th Dec 23 09:18
- Spot the hidden contractor Dec 20 10:43
- Accounting for Contractors Dec 19 15:30
Comment