Any tips for a contracting noob

[MrMarkyMark]

Just noticed that. I was reading an article from 2014. Ok so £8k it is...

Maybe time to rethink your user name

[psychocandy]

Just started contracting this year for the first time. Achievements so far include...!

Signed a contract
Got an accountant
Set up private limited company
Opened a business account

Any advice on how to handle the money side of things? When to take dividends etc. I have read an 11k salary is recommended for 2016/17. It seems from a tax point of view I picked a bad year to start but what can you do.

I know I can ask my accountant this stuff but interested in getting some advice from other contractors.

THANKS!

Contract reviewed before signing?
Join IPSE or get QDOS IR35 insurance?
Got PL insurance (QDOS is best)?
Have a plan to save money for times you have no contract.
Consider JSA as an option for when you have no contract.

Salary is debatable this year depending on whether you claim employment allowance or not. Speak to your accountant.
Dividends - take every month if you want to. I do. Makes no odds at all.

[northernladuk]

Contract reviewed before signing?
Join IPSE or get QDOS IR35 insurance?
Got PL insurance (QDOS is best)?
Have a plan to save money for times you have no contract.
Consider JSA as an option for when you have no contract

Salary is debatable this year depending on whether you claim employment allowance or not. Speak to your accountant.
Dividends - take every month if you want to. I do. Makes no odds at all.

To anyone reading this ignore the bold bit. It's utter crap. No self respecting contractor uses this as a tool. The poster has it in his head it's a clever thing to do despite being ripped apart everytime he mentions it. He may want to do it, his call, but based on regular feedback he shouldn't be giving it out as advice. At best it's only claimable in very dire situations no decent contractor should be I.

[psychocandy]

To anyone reading this ignore the bold bit. It's utter crap. No self respecting contractor uses this as a tool. The poster has it in his head it's a clever thing to do despite being ripped apart everytime he mentions it. He may want to do it, his call, but based on regular feedback he shouldn't be giving it out as advice. At best it's only claimable in very dire situations no decent contractor should be I.

NLUK - so is no-one entitled to an opinion other than yours?

You will notice that I advised OP should 'consider' this. Meaning they should think about it and decide themselves.

I don't have anything 'in my head' other than my opinion on the matter. As do you and others on this forum. However, I feel that some of the statements here are somewhat tainted by your own personal opinion - only claimable in very dire situations WTF is that all about?

As I've said many times, I've had this discussion with senior people at the jobcentre and it IS allowable to claim. If you want to or dont want to thats up to the individual. If you think a kitten dies every time a contractor claims JSA then thats up to you also.

BUT I feel you're doing this forum a disservice by not allowing different opinions.

OP - don't take my word for it or NLUKs. Look into it and decide for yourself whether its A) Worth the hassle, B) Allowable, C) Morally correct. I have done all three and it happens the answer I get is different to NLUK. But do I give a **** about that - no I dont.

[northernladuk]

NLUK - so is no-one entitled to an opinion other than yours?

No but you have to balance that opinion and you can see very clearly that no one else, particularly the accountant bods recommend this. It's only you... which would tell me that it's either tulip advice or it's very particular to your circumstances. That would then indicate it's not really very good advice to a newbie. Anyone with a hole in his arse can see that. A better piece of advice would be to take some certs to shore your CV up and reduce the potential amount of time you are on the bench than going straight for the benefits cheat line. Particularly when even you are still not 100% on whether we can claim or not.

You will notice that I advised OP should 'consider' this. Meaning they should think about it and decide themselves.

Well give them some better advice to avoid and improve their situation. Not hit benefits.

I don't have anything 'in my head' other than my opinion on the matter. As do you and others on this forum. However, I feel that some of the statements here are somewhat tainted by your own personal opinion - only claimable in very dire situations WTF is that all about?

That is about the fact we still aren't 100% about the limits of savings required before claiming it. I mean, for ****s sake. It's 75 quid a week. Things have to be pretty tulip before you start dicking about with that much. I seem to remember when you claimed you had no warchest, no income and very few savings at the time.. i.e. a pretty dire situation.

As I've said many times, I've had this discussion with senior people at the jobcentre and it IS allowable to claim. If you want to or dont want to thats up to the individual. If you think a kitten dies every time a contractor claims JSA then thats up to you also.

BUT I feel you're doing this forum a disservice by not allowing different opinions.

OP - don't take my word for it or NLUKs. Look into it and decide for yourself whether its A) Worth the hassle, B) Allowable, C) Morally correct. I have done all three and it happens the answer I get is different to NLUK. But do I give a **** about that - no I dont.

but you look like a dick....

Go on benefits is professional advice??? **** me sideways...

[MrMarkyMark]

I don't have anything 'in my head'

Best part of your whole monologue

[MrMarkyMark]

I seem to remember when you claimed you had no warchest, no income and very few savings at the time.. i.e. a pretty dire situation.

Self inflicted, as far as I remember, the warchest he did have, just prior to claiming JSA, he used to pay off his credit card.
At least 16K, I believe, still nothing to see here....

[psychocandy]

No but you have to balance that opinion and you can see very clearly that no one else, particularly the accountant bods recommend this. It's only you... which would tell me that it's either tulip advice or it's very particular to your circumstances. That would then indicate it's not really very good advice to a newbie. Anyone with a hole in his arse can see that. A better piece of advice would be to take some certs to shore your CV up and reduce the potential amount of time you are on the bench than going straight for the benefits cheat line. Particularly when even you are still not 100% on whether we can claim or not.



Well give them some better advice to avoid and improve their situation. Not hit benefits.



That is about the fact we still aren't 100% about the limits of savings required before claiming it. I mean, for ****s sake. It's 75 quid a week. Things have to be pretty tulip before you start dicking about with that much. I seem to remember when you claimed you had no warchest, no income and very few savings at the time.. i.e. a pretty dire situation.



but you look like a dick....

Go on benefits is professional advice??? **** me sideways...

NLUK - you're twisting things to meet your argument.

I never said it was 'ideal' and never suggested it was a good option. Obvioiusly, being in contract is the better option.

I just said 'consider' which in my book, is look into it and decide for yourself. It may be appropriate, it may not, it may be applicable, it may not, OP may consider it a waste of time, they may not, OP may consider it wrong to claim, they may not. Hence my point.

Benefits cheat. You are funny. I think I've clarified that its all legal yet you still want to argue about that. Whether its worth the hassle/ morally acceptable is subject to argument but to say its a benefits cheat is just diluting your argument because you're facts are wrong and you know it.

BTW - I did have saving when I claimed. Not a massive amount admitedly but I wasnt in dire straights. The £1000 I claimed helped a little thank you very much though.

End of the day, OP can do what he wants, as can you, as can I. End of.

[TheFaQQer]

Self inflicted, as far as I remember, the warchest he did have, just prior to claiming JSA, he used to pay off his credit card.
At least 16K, I believe, still nothing to see here....

You've got to pay for the holiday in Florida somehow

[psychocandy]

Self inflicted, as far as I remember, the warchest he did have, just prior to claiming JSA, he used to pay off his credit card.
At least 16K, I believe, still nothing to see here....

It was a while ago. I cant rememebr if there was a savings limit or not or whether this one now. This was contributions-based JSA.