Help needed

[fjpcad]

i am looking at becoming a contract engineer, where i will be working with different clients. one for 4 weeks then a different one after that.
im a bit scared of the ir35 question, also should i be ltd or umbrella, and how do i keep my exwife and her boyfriend away from my cash.
i've got so much to ask but can get it on the screen.
If anyone could help with the above first and i will put more on later.

Cheers
Fjpcad

[Pondlife]

Read the first timers guide both here -->

and on the PCG (www.pcg.org.uk)

There's also a thread on Ltd vs brolly etc at the top of the legal/acc forum.

http://forums.contractoruk.com/thread7487.html

HTH

[ratewhore]

i am looking at becoming a contract engineer, where i will be working with different clients. one for 4 weeks then a different one after that.
im a bit scared of the ir35 question, also should i be ltd or umbrella, and how do i keep my exwife and her boyfriend away from my cash.
i've got so much to ask but can get it on the screen.
If anyone could help with the above first and i will put more on later.

Cheers
Fjpcad

If you have an ex-wife then go limited, reduce your drawings from the company and expense as much as possible. That should help. If you go brolly then pretty much all of your turnover becomes salary which, if you pay maintenance based on salary - is not good...

[fjpcad]

so limited company, i am also a carer which mean my NI is protected even if i earn a very small amount.
does this make a difference.

Cheers
FJPCAD

[Cowboy Bob]

so limited company, i am also a carer which mean my NI is protected even if i earn a very small amount.
does this make a difference.

Cheers
FJPCAD

You don't pay NI on dividends (well at least not yet until El Gordo decides that's the future...)

[fjpcad]

nearly there

right! setup limited company that runs on only expences and no wages. a 3 monthly dividend as well????

[TheMonkey]

right! setup limited company that runs on only expences and no wages. a 3 monthly dividend as well????

Pay yourself wages at national minimum wage and take the rest as dividends. Only do that if you actually trust getting a state pension one day.

[fjpcad]

ni

Pay yourself wages at national minimum wage and take the rest as dividends. Only do that if you actually trust getting a state pension one day.

my ni is cover by my carers allowance if i earn less than £84 a week.

[TheMonkey]

my ni is cover by my carers allowance if i earn less than £84 a week.

Which I'm paying for. Argh!

[fjpcad]

Are you suggesting i should pay it!
is it not the same as reducing TAX?