Interested in Contract Work

[BolshieBastard]

Is this another sockie? I really cant see someone being that thick even for a newbie.

[PerfectStorm]

I started up earlier in the year and I reckon it cost me

Company formation - do it yourself on Companies House Website - £25
Business Bank Account - any high street bank, most are free but you'll need your company formed first
First month of accountancy/setup from Nixon Williams - £114.
VAT gets set up by Nixon Williams and they'll help you with the rest of the setup etc
New laptop - £600
Professional Indemnity Insurance - £100 for a year
New all-in-one printer - £100 (there was a lot of scanning of contracts, tax documents, ID etc. at the start so this paid for itself)
+ whatever clothes etc. you need to be presentable (you can't claim these sadly, you'll just have to take them on the chin)

I think that was pretty much it. Once first pay had been recieved was able to get expenses and dividend sorted by the end of the working day.

[TykeMerc]

Is this another sockie? I really cant see someone being that thick even for a newbie.

Never point that sort of thing out, despite the fact that god knows how many sockies have used exactly this modus operandi in their kickoff posts, it's likely that you will get the wrath of a Mod when the sockmaster owner complains about your accusation.

[malvolio]

I started up earlier in the year and I reckon it cost me

Company formation - do it yourself on Companies House Website - £25
Business Bank Account - any high street bank, most are free but you'll need your company formed first
First month of accountancy/setup from Nixon Williams - £114.
VAT gets set up by Nixon Williams and they'll help you with the rest of the setup etc
New laptop - £600
Professional Indemnity Insurance - £100 for a year
New all-in-one printer - £100 (there was a lot of scanning of contracts, tax documents, ID etc. at the start so this paid for itself)
+ whatever clothes etc. you need to be presentable (you can't claim these sadly, you'll just have to take them on the chin)

I think that was pretty much it. Once first pay had been recieved was able to get expenses and dividend sorted by the end of the working day.

And IPSE Plus membership for when anything goes wrong...

[PerfectStorm]

And IPSE Plus membership for when anything goes wrong...

Been thinking about that. Is it possible to join and be covered even after your contract's started and they haven't reviewed it? Or does it depend?

[SueEllen]

Been thinking about that. Is it possible to join and be covered even after your contract's started and they haven't reviewed it? Or does it depend?

Most people join IPSE for protection against tax investigation.

[PerfectStorm]

Most people join IPSE for protection against tax investigation.

I get that - that's what my questions about...

[SueEllen]

I get that - that's what my questions about...

Yes.

The legal helpline is useful as well.

[malvolio]

Been thinking about that. Is it possible to join and be covered even after your contract's started and they haven't reviewed it? Or does it depend?

Only constraint is that an on-going investigation probably won't be covered - usually (there are always exceptions).

No reviews necessary, it's protecting an on-going business, not an individual contract, that's rather the whole point. And when they say "tax investigation", that's any tax investigation, including PAYE and VAT, personal or corporate.

Given the scope of the things covered and the discounts on other stuff, for the money it's a complete no brainer.

[flipFlop]

Do some contracts only pay when the contract has ended or is it a monthly payment?

Some contracts only pay when the contract has ended.