Originally posted by eek
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First contract - another permie newbie!
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Originally posted by RobScott View Post
FYI: end client is responsible for determining your status
end client should stick to its words
Equally you can change the determination up to the point the end client pays the first bill which can (depending on the t&cs between the client and the agency) be 90 days after the first involce was sent which on monthly billing could be a total of 4 months (extreme example but it's possible).Leave a comment:
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Originally posted by eek View Post
WTF are you on about - if it's outside IR35 NI isn't involved....
end client should stick to its words
Leave a comment:
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Originally posted by RobScott View Post
Outside IR35!
ensure client is responsible to pay the NI.
after few months, they might change it to inside IR35Leave a comment:
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Originally posted by mitchell888 View PostHi all!
Landed my first contract, coming from permie land. Outside IR35, around 500 P/D. 6 months initial, 1 year renewal potential.
I'm over the moon, and of course all the usual feelings of being underprepared and imposter syndrome is kicking in already!
I've done so far:
- Accountant engaged
- LTD setup
- Business bank setup + FreeAgent linked
- PI/PL policy taken out
- Contract with recruiter signed
- Contract pending from client
- IR35 review pending contract
- Worked out rough gross and will set up vanguard SIPP to keep corp tax down in time
Of course the next steps are mainly for my accountant to help with VAT registering etc - but I'm finding already everything a bit overwhelming, does this go away quick enough with a few months time?
I've absolutely no idea how to keep records, receipts, pay myself dividends and the like. Am I stressing unnecessarily about things I employ an accountant to help with?
Hoping for some words of wisdom from the elite!
ensure client is responsible to pay the NI.
after few months, they might change it to inside IR35Leave a comment:
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Originally posted by mitchell888 View PostI've absolutely no idea how to keep records, receipts, pay myself dividends and the like. Am I stressing unnecessarily about things I employ an accountant to help with?
!
Don't get suckered into the old stories about people expensing their new TV or 'HMRC compliant scheme to increase take home pay'.Leave a comment:
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Originally posted by lecyclist View PostConcerning registering for VAT. Would be useful for you to read up on this topic, also gives information on the Flat Rate VAT scheme.
https://www.contractoruk.com/vat
If you are planning to purchase significant company assets (laptops, servers, phones) then this will be helpful.Leave a comment:
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6 months initial, 1 year renewal potential.
Am I being harsh? Yes I am. It's what I do. My take is if you can plan for, be prepared and can deal with the crap then you'll have an easy time. If you float in without a care you'll have a long bumpy career. It's just my way. Take from it what you willLeave a comment:
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I've absolutely no idea how to keep records, receipts, pay myself dividends and the like. Am I stressing unnecessarily about things I employ an accountant to help with?
On top of that you must not employ your accountant to run your company for you. There is a problem floating around called MSC legislation and a lot of contractors are in trouble because their accountants have been doing more than they should to run their customers business so now, more than any time in contracting it's critical YOU run YOUR business. You cannot just get on site to do techy stuff and leave everything else to your accountant.
Everything you've mentioned is covered ad infinitum in thousands of guides and if you've got questions on the detail it will have been covered on here hundreds of times.
Get an idea. You are legally responsible now as well as MSC Legislation hovering about. You should be stressing. You've a lot to do very quickly. It's your business so it's your job to go out and learn and it's all out there for you.Leave a comment:
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Originally posted by jmo21 View Post
You seem to be doing pretty well so far, don't be so hard on yourself!
And congrats!Leave a comment:
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