After 30 years as a permie in the same company, I'm now being offered a bag of money and an opportunity to go contracting. I'm a Telecomms man rather than IT. Should I set up a limited company or start under an umbrella company? Also, should I stick within the UK or venture abroad? (I have worked overseas before). If I go overseas, is there much difference between the EEC or beyond?
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Perceived wisdom...
...these days appears to be to use a brolly if your first contract is a short term one, while you learn all the various pitfalls and potholes that abound in this freelance world, then make an informed decision for any subsequent work (including renewing your frst contract of course)
That said, personally I would go the Ltd Co route, especially if you're wanting to work abroad - it doesn't cost a lot more to operate, the tax breaks are roughly the same either in or out of IR35 and I never really got my head around paying someone else to look after your own money - but that's just me.
And do go read the guide to freelancing on the PCG website (www.pcg.org.uk), you'll learn a lot from it.Blog? What blog...?
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