A couple of newbie questions

[monkeyBoy32]

Hello - looking into setting myself up as a ltd company.

I understand that most of my contracts will fall under the IR35 rule as I will be working on site using a companies equipment etc..

I also intend to work on other projects on evenings and weekends which will be paid for through my ltd company as well.

These jobs will done from home using my own equipment - do these fall under ir35 as well?

And - is this a normal way of working?

I know these are newbie questions but wouldn't mind knowing if I'm headed in the right direction and what else I need to look out for?

Thanks

[cojak]

Please read the stickies on this forum and the 'First Timers' link on the right.

Also look act the Professional Contractors Group (PCG) website.

And use the Search function.

[SandyDown]

monkeyBoy32 - do your research as advised above, have no idea where you came up with all contracts fall under IR35, this is not true at all (the opposite is actually true) it all depends on the Ts&Cs of the contract , there are sample contracts on PCG websites.

Good luck

[where did my id go?]

As stated, perhaps a little tersely , you need to read up.

However, the evening and weekend stuff is very unlikely to fall into ir35 - how could it?

[cojak]

I thought I was quite polite.

I said please and I didn't call him anything rude.

He's lucky Malvolio isn't around....

[TheFaQQer]

monkeyBoy32 - do your research as advised above, have no idea where you came up with all contracts fall under IR35, this is not true at all (the opposite is actually true) it all depends on the Ts&Cs of the contract , there are sample contracts on PCG websites.

Good luck

T&Cs are not the be-all and end-all - it's more about the actual working conditions than what the contract says.

I'd be surprised if any of the contracts are really within IR35 - have a read up, have a search, join the PCG or take out some kind of investigation insurance.

[monkeyBoy32]

Well - that's really good news surely? I assumed that most of the contracts (I will be working as a .net developer) would fall under ir35. That means I can actually bank considerably more than I had prevoisly thought.

I also heard that, as a contractor, you need at least 2 clients - is that correct?

Thanks...

[NotAllThere]

No. A contractors do not have to have two clients.

NotAllThere

[Spoiler]

That means I can actually bank considerably more than I had prevoisly thought.

So now you're outside IR35, "Yow will be considerably richer than yow"

[Bluebird]

Well - that's really good news surely? I assumed that most of the contracts (I will be working as a .net developer) would fall under ir35. That means I can actually bank considerably more than I had prevoisly thought.

That would depend on whether you are using your own Limited Company or an Umbrella Company.

If you use your own Ltd, and are OUSIDE of IR35 you can expect to personally bank about 75-80% of your invoice amount[exc VAT].

However this is also subjectto amounts of expenses, tax thresholds and all sorts of other variables - get an accountant.