IT contracting with limited company

[abu1]

Hi i usually use umbrella companies for payments but this time i thought id setup my own limited company,

I wanted to know if i have to draw up an employment contract between my company and myself as i am working a client site through an agency, i have employment contract from agency but not sure if i need one for myself as my limited company will be paying myself .

[northernladuk]

No you don't.

https://www.contractoruk.com/limited...d_company.html

Your new accountant should be able to help you set it up properly.

I hope to god you do not have a contract of employment from your agency. Well, actually you don't but please read up on, and understand this point in detail. It's a different world now and you have IR35 to contend with which you didn't before. Make sure you understand, at the very least, the basics of what IR35 is. Lots of link on the right to help you.

[LondonManc]

Hi i usually use umbrella companies for payments but this time i thought id setup my own limited company,

I wanted to know if i have to draw up an employment contract between my company and myself as i am working a client site through an agency, i have employment contract from agency but not sure if i need one for myself as my limited company will be paying myself .

Engage an accountant asap so that they can help you with all aspects of setting up your limited company, including insurance, directorship, registered office and bank account. Don't go cheap for the first year - better solid foundations than doing something on the cheap and regretting it later. On top of that, have a look at the guides as per NLUK's suggestion.

[abu1]

Thank you both for your quick answers. I will look into ir35 , I have acquired the services of an accountant but have not had much chance to sit down with him as i started work quick

[GhostofTarbera]

No one sits down with an accountant these days, hopefully you picked a contractor friendly accountant and not your mate

[LondonManc]

Thank you both for your quick answers. I will look into ir35 , I have acquired the services of an accountant but have not had much chance to sit down with him as i started work quick

Remember that while you are paying an accountant to do what they do, you also have a responsibility as company managing director to know how your company is run.

[Lance]

Hi i usually use umbrella companies for payments but this time i thought id setup my own limited company,

I wanted to know if i have to draw up an employment contract between my company and myself as i am working a client site through an agency, i have employment contract from agency but not sure if i need one for myself as my limited company will be paying myself .

I'm not sure what 'thought' went into the LTD setup. You've already started on site without the basic understanding of what is involved. So no real 'thought' at all.

You need to do a lot of research (links to the right). And as others have said DON'T USE YOUR ACCOUNTANT MATE. Get a specialist accountant for <£100 a month.

[washed up contractor]

No one sits down with an accountant these days, hopefully you picked a contractor friendly accountant and not your mate

Ghost of? Did you get banned or are you a sockie?

[abu1]

I went with a local accountancy firm. I thought it would be easy to get hold of them as they are local. I have setup the company now, bank account just need to start invoicing the agency for the work i have done so far.

[LondonManc]

I went with a local accountancy firm. I thought it would be easy to get hold of them as they are local. I have setup the company now, bank account just need to start invoicing the agency for the work i have done so far.

Have you registered for VAT?