New to Contracting

[FiveTimes]

Guy's....

I have things moving along nicely:

• Secured new contract

• Created LTD company
55% me - Director
45% spouse - Secretary

• Become Vat registered

• contract to be reviewed for IR35 (Bauer & Cottrell)

• chosen accountants SJD

• Become member of PCG Plus

• Purchase indemnity insurance

Can you guys think of anything I have forgotten?

Cheers

Apply for flat rate scheme

[bracken]

Depends if you are income shifting? If you are then it is a constraint as you would not be able to maximise the use of both personal tax allowances. If you stayed below the higher tax limit by paying yourself just up to the limit, you would not be able to pay the same (due to the 55/45 split) to your partner and therfore not take full advantage of their allowance.

Alhough messy, you can get around this by making a dividend waiver

B

[slackbloke]

Alhough messy, you can get around this by making a dividend waiver

B

Would think settlement legislation would apply maybe?

[bracken]

Would think settlement legislation would apply maybe?

I'm happy to be corrected by brains far larger than mine but my understanding is that following the postponement of the Family Business Tax legislation, this is not as issue.

B

[slackbloke]

I'm happy to be corrected by brains far larger than mine but my understanding is that following the postponement of the Family Business Tax legislation, this is not as issue.

B

Interesting, I was just speculating about settlement. Would like to know if you are correct.

[MacBoy]

I'm overwhelmed at the response I've had Some interesting discussions too!

Sincere thanks to everyone - I'll let you know how I get on over the next few days.

If I get the gig, I'll order a contract review, set up Ltd Co. and register for VAT immediately; billing Pending VAT in the meantime.

I think I'll also join the PGC.

[zippo]

Ir35.....

Guy's,

Is there anywhere I can read up on the kind of things I should be doing in the back ground to my contract that can help with avoiding IR35, things such as drumming up further business, having a compnay web site, business cards etc etc.

Cheers

[slackbloke]

Guy's,

Is there anywhere I can read up on the kind of things I should be doing in the back ground to my contract that can help with avoiding IR35, things such as drumming up further business, having a compnay web site, business cards etc etc.

Cheers

Don't think any of the things you have mentioned there make any difference.
I think it is worth joining PCG and checking all their stuff, and trawling this forum .

[MacBoy]

Well I didn't get the gig. Ho hum.

But I'm determined to get my first contract soon and will apply all I've learned from you lot!

Thanks again
Mac