starting my 1st contract

[northernladuk]

DrewG's posting method of dropping bombs yet not adding a single useful thing rang bells and it's just twigged. It's Ensignia who is currently banned for doing exactly this.

Sockie identified and I claim by free sledges from MF's tat shop.

[londonrulz]

That makes no sense at all. You may want to keep being a permy, just a suggestion.

Good luck.

qh

I meant to write "Outside IR35" but couldn't edit without permission.

[londonrulz]

Thanks for your comments.

1) you speak about a "potential offer" but then say the client wants you to "start from next week". Doesn't sound right. Have you received an offer yes or no?
When I wrote the post, only had a verbal offer. Have got an email confirming rates and duration now. Once the ltd is setup tomorrow, agent will prepare the contract.
2) the agent hasn't talked about the hourly date...doesn't sound right either. When you applied for the role what hourly rate did the agent put you through for?
An hourly rate range was advertised, but the verbal offer came first whether I wanted to do or not. Have decided on exact ££/hr now.
3) do you even have a contract?
will have an official contract tomorrow.
4) are you for real?
Yes I am.

Stay permie.
guess I got to start somewhere isn't it...just like everyone else.

[londonrulz]

read the first timers guide to the right ------->>>

then come back and ask questions. yes a LTD can be setup quite quick, but you don't have very much time considering you don't even know where to start (HINT: there's a lot more to it than just company formation).

Thanks for the pointing me to guides.
I spoke to an accountant and ltd should be up and running tomorrow with right structure and SIC. Intrigued what else do I need to be aware or take care off?

[eek]

Only thing I would add is that your first contract is easy to get.

It's the second one that is the hardest.

[londonrulz]

This. You've not got an accountant, you've probably not got a LTD, you've zero understanding of what you are as a contractor. You've zero understanding of IR35 which is extremely important and it's complex. You've no idea what to do with the contract, what to check, who actually signs and don't appear to be able to do the mountain of research you should be doing.

Start next week is far too early and you've no time to do it properly even if you knew what that was.

Aside all the above it's highly likely the agent will be using your naivety to absolutely pull your pants down but at the moment you've no idea if they have or why they are doing it.

Contracting is not something you can just swan in to in less than a week.

What are you doing about notice period from your employer?

Thanks for taking the time to reply.
I have contacted an accountant(with several contractor clients) earlier and is going to setup ltd. I have general understanding regarding IR35(inside/outside). The agency has provided determination of contract being outside by HMRC. Would that be enough or do I need any other 3rd party verification?

"Aside all the above it's highly likely the agent will be using your naivety to absolutely pull your pants down but at the moment you've no idea if they have or why they are doing it."
Hence I came to this forum expecting help from more experienced members. I have got the rate I wanted, going for ltd as its outside IR35. What are the ways they can exploit?

I have already resigned and finished notice period for my permie job.

[londonrulz]

I suggest you keep out of it. Someone is about to make a big expensive mistake

Why do you say so?

[hobnob]

I spoke to an accountant and ltd should be up and running tomorrow with right structure and SIC. Intrigued what else do I need to be aware or take care off?

Insurance would be a good idea, and it's usually a condition of your contract.

[northernladuk]

I have contacted an accountant(with several contractor clients) earlier and is going to setup ltd.

Do a search for MSC legislation...

[londonrulz]

Only thing I would add is that your first contract is easy to get.

It's the second one that is the hardest.

Can you please expand that a bit? Assumed it was other way round.