Interested in Contract Work

[lukemg]

Forget startup costs - buttons
Forget on-going costs and admin - small and easily outsourced.

When going contracting there is only one thing to give any concern - securing a contract role.
Absolutely everything else is very straightforward.

[yasockie]

Forget startup costs - buttons
Forget on-going costs and admin - small and easily outsourced.

When going contracting there is only one thing to give any concern - securing a contract role.
Absolutely everything else is very straightforward.

I think also understanding what you're earning vs company money - I've seen many here thinking that they are getting 100% percent of the rate advertised.
You absolutely need to understand that from the money you're getting pots need to be set aside for:
-taxes (VAT, CT, etc)
-NI contribs and salaries for your employees (you included)
-war chests for time between contracts (6mnths+ is recommended)
-pension contributions
-expenses (travel, accommodation, equipment)

From whatever little is left, you may then with to draw dividends - this will be then also taxable as a portion of your personal income.
HTH

[northernladuk]

I think also understanding what you're earning vs company money - I've seen many here thinking that they are getting 100% percent of the rate advertised.
You absolutely need to understand that from the money you're getting pots need to be set aside for:
-taxes (VAT, CT, etc)
-NI contribs and salaries for your employees (you included)
-war chests for time between contracts (6mnths+ is recommended)
-pension contributions
-expenses (travel, accommodation, equipment)

From whatever little is left, you may then with to draw dividends - this will be then also taxable as a portion of your personal income.
HTH

Absolutely this...

Also learn this thread by heart. Lots of other useful tips and ideas to know here...

http://forums.contractoruk.com/accou...-business.html