Any Advice ?

[Wanderer]

I am seeking advice from an accountant early next week but would like to know where I stand before I go there.

So ask the accountant:

Having reviewed my contract and working practices, do you think this engagement would be inside or outside of the IR35 rules

The answer to that question will determine how to proceed. If you are going to be IR35 caught then seriously consider the umbrella or agency PAYE option because it's the least hassle.

If you think you can work outside IR35 then you need to consider forming a LTD company. An accountant will typically charge £75 to £150 per month to deal with your accounts and you will also have to get several different types of insurance which will cost a few hundred per year. I'm sure your accountant would be happy to refer you to an insurer or you can do a search here to see who the usual suspects are and what they charge.

You also need to consider the implications of how you are going to draw money from your company. If you have enough cash at hand then you may want to consider deferring taking any salary/dividends from your company until 6th April when the new tax year starts. If you don't then you could easily end up creating a big tax liability for yourself which will give you a nasty shock when you do your self assessment in about a year's time. Get your accountant to look at your P60 to see how much you have earned so far this year and figure out what the best course of action is.

[Boney M]

No, never heard of them until I just did a google search.

Oh, I know they just let go a load of SDM's on Friday