Consulting newbie in the UK

[MarkusB]

Hopefully about to start a contract which expect I'll carry out as Self-Employed. I'm wondering if/how/when I should manage the transition to a limited company if things go well. (I do have other potential clients whom will only deal with a limited company.)

What are the various decision milestones and timings? E.g. If that initial contract is extended I will move comfortably beyond the annual personal tax free allowance in fairly short order, do I lose the benefit of personal tax free allowance if I'm no longer Self-Employed?

Very new to this so any advice/links appreciated!

[cojak]

Have a read of the First Timers guides on the right. https://www.contractoruk.com/first_timers

[northernladuk]

We can't give you everything you need to do in a thread as there is too much and depends on the details of your situation so need to learn it all and apply as needed. First timers guides are a good start. Also camp on the IR35 Reform and Future of Contracting threads so you understand exactly what you need to do around IR35 as it's changed significantly. The First timer posts might be a little behind so need to check our forums and google a lot of it.

If you do have specific questions then you can search the forums as there will have been asked many times. Go to google and type in <keywords> site:forums.contractoruk.com to find all the threads. The search button at the top right is nigh on useless. Just check the dates of the posts when reading them though as it does pull up everything. So tax thresholds, IR35 information in 5 year old threads may need a bit more research but it's all there.

[Lance]

and to add to NLUK/Cojak comments....


Details are important.
If you own/run/direct a limited company you are NOT self employed. They are different things in the eyes of HMRC.
You must get a grip on details.

[MarkusB]

Thanks all for the swift and helpful (esp. re search) responses.