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New contractor... please heeelp!!!!

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    #11
    Originally posted by cojak View Post
    The agency does not work as an umbrella, if it says it does you may have problems with the UK tax man in the future.

    You need to find a separate umbrella, see the previous posters for advice.
    Thank you very much, in fact the agency did not tell me anything at all about it, i am just talking to a friend of mine who has worked as contractor for the same agency, and he told that this agency did not help him much when he started his contact

    Thank you very much again for your support

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      #12
      Originally posted by BrilloPad View Post
      Have you tried https://www.contractoruk.com/calculators ?

      Be very careful you go through a reputable umbrella or go limited. If a scheme sounds good to be true, it is.
      Thank you very much indeed for your support the link you sent me seems very helpfull
      Last edited by hoezap; 10 December 2017, 17:51.

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        #13
        Originally posted by hoezap View Post
        Thank you very much indeed for your support the link you sent me seems very helpfull
        It always works out well if you do some research as no-one knows you as well as you do***.

        Personally if I thought my chances of renewal were less than 50% I would go umbrella. If I was confident of a year contract I would put the figures into the calculators on the link given above for limited/umbrella. Unless there is a big difference I would go umbrella.

        That is me not you.

        ***There are those who say if you have babies or small children they know you better than you know yourself. I agree with them.

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          #14
          Originally posted by hoezap View Post
          My plan is contracting for at least 2 years, or more the contract i have now is only for 6 months i will be earning about £900/week, who can tell me which is the best solution for me? Thank you very much again for your support
          Limited company will be best for you at that rate. However, you need to understand two things:

          1) IR35 - look it up. It’s important. If it applies to you, probably forget the ltd co option

          2) running a limited company can be less straightforward than you imagine. Arm yourself with a good accountant (there’s plenty of us around here) but understand that you have certain responsibilities that you can’t necessarily outsource to them.

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            #15
            Originally posted by BrilloPad View Post
            It always works out well if you do some research as no-one knows you as well as you do***.

            Personally if I thought my chances of renewal were less than 50% I would go umbrella. If I was confident of a year contract I would put the figures into the calculators on the link given above for limited/umbrella. Unless there is a big difference I would go umbrella.

            That is me not you.

            ***There are those who say if you have babies or small children they know you better than you know yourself. I agree with them.
            Thank you very much i will double check with agency, however I think, as you suggested, i would probably go for an umbrella company to start with ... Thank you very much indeed again for your support

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              #16
              Originally posted by Alan @ BroomeAffinity View Post
              Limited company will be best for you at that rate. However, you need to understand two things:

              1) IR35 - look it up. It’s important. If it applies to you, probably forget the ltd co option

              2) running a limited company can be less straightforward than you imagine. Arm yourself with a good accountant (there’s plenty of us around here) but understand that you have certain responsibilities that you can’t necessarily outsource to them.
              Thank you very much indeed Alan that was definitely something i needed to know before to do anything, i think i am quite confident with my job, my coworker who is now working as contractor running his own Ltd company, he is encouraging me to go for the Ltd, but i will probably go for an umbrella company since this is my first time ... Thank you very much indeed

              Comment


                #17
                Originally posted by Alan @ BroomeAffinity View Post
                Limited company will be best for you at that rate. However, you need to understand two things:

                1) IR35 - look it up. It’s important. If it applies to you, probably forget the ltd co option

                2) running a limited company can be less straightforward than you imagine. Arm yourself with a good accountant (there’s plenty of us around here) but understand that you have certain responsibilities that you can’t necessarily outsource to them.
                Just for information I have been reading about IR35 rules, but what happen if they find you do not meet the requirement as self employed while you are running your Ltd company, I read they can put your tax up and they do not give you the chance to progress, but do you get any support to meet the target? even if they can put your tax as up as like you were under the umbrella company, but if they still leave you working i think you will still be earning money and maybe after your first year you can be confident running your Ltd company ...

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                  #18
                  Just wondering, how much is your agent making from your "1st" contract ? I remember in 1999 I was delighted to be making £1500 a week until I found out the agent was also making £1500 a week !!!

                  Remember if an agents lips are moving he is telling you un truths

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                    #19
                    Thank you!

                    Originally posted by tarbera View Post
                    Just wondering, how much is your agent making from your "1st" contract ? I remember in 1999 I was delighted to be making £1500 a week until I found out the agent was also making £1500 a week !!!

                    Remember if an agents lips are moving he is telling you un truths
                    Thank you very much indeed for sharing your experience Thank you!

                    Comment


                      #20
                      Could I use my own saving?

                      I also have quite a good saving as well, could I move some money into my company account for the 1st year in case i do not do much income Thank you very much again for your Support

                      Comment

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