Form umbrella to own ltd. quick advice

[jor-el]

I just started my first contract 2 weeks ago and I'm working with an umbrella company.

I've left 5.5 months in my contract and then I'm going back to permie (not in the UK) so I want to maximise my earnings during that time therefore want to form my own ltd.

My question is, would it be wise to just go ltd and handle tax outside IR35 without checking where my contract stands with regards to IR35? This is considering it's going to be my first and only contract and I will be out if the country for a few years after that if not for good.

How risky is this really if at all?

[Cooperinliverp00l]

i would first check whether you can change a contract after such short time starting one. As it would mean a new contract to be created by the agency to trade with "your ltd co". Also is it really worth the hassle or starting and then closing a company for 5.5 months work taking into account that some forms (e.g VAT registration) may take up to 5 months to come through

Still waiting my VAT registration 6 weeks and counting.