Hi, I’m not sure if this is the right section for help but I wanted to ask for a few pointers or maybe even guidance in the right direction.
I’ve just started my limited company and hope to use the forums for some advice and help if possible,
Basically my story is, I’ve just received a job at a F1 Team, my hourly rate is set at £21ph and I have been offered 40hours a week as a contractor, my contract is Ad Hoc but 9 times out of 10 this sort of job I’ve taken can go on for years. I’m actually replacing a contractor who is retiring from there,
Anyway, I was given the choice of 3 things,
1 - I go on the agency books that the F1 team use to hire contractors but I’d lose around £5-£6 a hour.
2 - I join 1 of 3 of the umbrella companies they have suggested can only use the 3 they have suggested and after some conversions on the phone they worked out as more of a loss to my earnings then Option 1 by about 25-35quid a week which I’m guessing is there fees for using there umbrella company ?,
3 - I start a LTD company and operate as a Personal Service Company,
I chose Option 3, My missus is good with the law side of things buts not so much from a tax accounts point of view but after a long discussion we both decided that the company was a good decision and moved forward with it,
I just wanted to know is there anything I need to look out for when working as a contractor, I wanted to know how does the Revenue and Profit work when it comes to a wage for myself as I don’t sell anything or buy stock, I just go to work for a company.
Also I know an accountant is needed but would it be ideal to get one that specialises in the Contractor Industry?
I am a novice when it comes to this stuff but I’d like to learn and any information will be welcomed,
Thank you.
I’ve just started my limited company and hope to use the forums for some advice and help if possible,
Basically my story is, I’ve just received a job at a F1 Team, my hourly rate is set at £21ph and I have been offered 40hours a week as a contractor, my contract is Ad Hoc but 9 times out of 10 this sort of job I’ve taken can go on for years. I’m actually replacing a contractor who is retiring from there,
Anyway, I was given the choice of 3 things,
1 - I go on the agency books that the F1 team use to hire contractors but I’d lose around £5-£6 a hour.
2 - I join 1 of 3 of the umbrella companies they have suggested can only use the 3 they have suggested and after some conversions on the phone they worked out as more of a loss to my earnings then Option 1 by about 25-35quid a week which I’m guessing is there fees for using there umbrella company ?,
3 - I start a LTD company and operate as a Personal Service Company,
I chose Option 3, My missus is good with the law side of things buts not so much from a tax accounts point of view but after a long discussion we both decided that the company was a good decision and moved forward with it,
I just wanted to know is there anything I need to look out for when working as a contractor, I wanted to know how does the Revenue and Profit work when it comes to a wage for myself as I don’t sell anything or buy stock, I just go to work for a company.
Also I know an accountant is needed but would it be ideal to get one that specialises in the Contractor Industry?
I am a novice when it comes to this stuff but I’d like to learn and any information will be welcomed,
Thank you.
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