Interested in Contract Work

[chrisaxe21]

Hi all,

I currently work in IT and have been in permanent employment for over 10 years now over 2 companies.

I've looked into contract work simply as the pay is much better.

I've read lots on this website, which I've found extremely helpful, so thanks for that. Other sites too have helped.

My question though is what sort of costs are expected when you decide to change from perm to contract work. I will be setting up as a Limited company, but what costs are expected initially to set all this up, or is it a case of paying your accountant say £100pcm when you get your first pay?

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

Thanks

Chris

[TykeMerc]

I strongly suggest you read the First Timers links over there --------------->

When you're up-to speed with the basic info then ask specific questions, not general, as it is you're not likely to get much help even in the Professional Forums when it's obvious you haven't event considered what's involved.

READ THIS FIRST

[chrisaxe21]

Thanks, but that's not particularly helpful. I've read that already but my questions are to other contractors based on their experience as that would be more helpful

If anyone can advise that'd be great

Chris

[cojak]

Thanks, but that's not particularly helpful. I've read that already but my questions are to other contractors based on their experience as that would be more helpful

If anyone can advise that'd be great

Chris

Not particularly helpful? Really?

Not even this one that directly answers your question?
IT contracting cheatsheet :: Contractor UK

What other answer are you looking for?

[SueEllen]

The links given by the two other posters will help you a lot.

By the questions you initially asked it is clear you don't have a clue about contracting. I suggest you read them, then re-read them and if you don't understand them state what you don't understand.

[chrisaxe21]

Hi,

Thanks for replying, but again no. There's nothing I can find that details any initial costs. I know I'll need to setup as a limited company, but is this an initial one-off cost before I've even got my first contract, or do I simply appoint an accountant, explain I'll be getting my first pay in 1 month so I can pay for that setup then? Or, do I need to have some funds and setup the limited company before I even get my first contract? And this goes for any other costs before I even get my first contract. I know I'll need insurance so that's a given, that will be an initial payment, but anything else would be useful to know.

And as for my 2nd question, this was simply asking if any other contractors out there have ever experienced being paid at the end of the contract instead of after each month, or whenever I send out an invoice? This is more a question to make me aware of some companies that may do this and to watch out for them...if they exist.

Hope you can help

Chris

[chrisaxe21]

Hi,

Don't worry about the initial set-up costs, I managed to find these from SJD Accountants, who have a helpful guide.

Still, the other question is more to see if anyone has experienced such payment at the end of a contract.

Hope someone can advise on that

Chris

[SueEllen]

Still, the other question is more to see if anyone has experienced such payment at the end of a contract.

How you get paid depends on what you agree with the client and what sort of work you do.

I personally would refuse to accept a client who would only pay me at the end of a contract as my contracts tend to go on for some time rather than just a month.

[northernladuk]

If it's not in the first timers guide then use the search function...

https://www.google.co.uk/webhp?sourc...ntractoruk.com

[tarbera]

Ok I will take this one

1. About 5k
2. Yes you only get paid 90 days after contract ends