Hello All,
I've been doing contract work for a number of years now and not really very up to date with the best way to operate a company. In the past I have used PAYE, umbrella, composite companies and even down the EBT route.
EBT worked well for me at the time, but obviously it's quite a hot topic on how you get stung later!!
I only ever set out to do contract work for a short period until the 'right' permanent job came up, but during this time, I've realised that maybe I like being self employed and wish to continue down this path for more years to come.
Can somebody offer some helpful hints on how I 'may' want to operate?
I typically work at customer sites and am required to travel by train or car (Normally at least 30 miles from home). As an IT professional (project manager), typically, my expenses are low as I own a laptop and a copy of MS Project, but do need to do training course from time to time.
My partner also does the occasional bit of contract work, so in an ideal world, It would be handy to subcontract jobs to her so that she doesn't need to use an umbrella etc, but this isn't the highest priority (it's all about me really!).
Whilst I have read the stickies on here and I do understand the pro's and cons of each, I don't really appreciate which of these suits my scenario.
I didn't like the fact that when I used an EBT I couldn't claim expenses, but on the other hand, my expenses are relatively low, so am not sure if going the full way and starting my own company makes financial sense.
Essentially, I want to be tax efficient, low risk (not get a slapping later like EBT reputedly can do) and most importantly, legal!! I also don't currently have a pension, so would want to possibly consider this also.
Any advice or pointers would be greatfully received!
I've been doing contract work for a number of years now and not really very up to date with the best way to operate a company. In the past I have used PAYE, umbrella, composite companies and even down the EBT route.
EBT worked well for me at the time, but obviously it's quite a hot topic on how you get stung later!!
I only ever set out to do contract work for a short period until the 'right' permanent job came up, but during this time, I've realised that maybe I like being self employed and wish to continue down this path for more years to come.
Can somebody offer some helpful hints on how I 'may' want to operate?
I typically work at customer sites and am required to travel by train or car (Normally at least 30 miles from home). As an IT professional (project manager), typically, my expenses are low as I own a laptop and a copy of MS Project, but do need to do training course from time to time.
My partner also does the occasional bit of contract work, so in an ideal world, It would be handy to subcontract jobs to her so that she doesn't need to use an umbrella etc, but this isn't the highest priority (it's all about me really!).
Whilst I have read the stickies on here and I do understand the pro's and cons of each, I don't really appreciate which of these suits my scenario.
I didn't like the fact that when I used an EBT I couldn't claim expenses, but on the other hand, my expenses are relatively low, so am not sure if going the full way and starting my own company makes financial sense.
Essentially, I want to be tax efficient, low risk (not get a slapping later like EBT reputedly can do) and most importantly, legal!! I also don't currently have a pension, so would want to possibly consider this also.
Any advice or pointers would be greatfully received!
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