Started first contract and realised it's outside IR35
Hi, it's my first post so please go easy! I've read as much as I can for days now but need some specific advice.
I made the move to contracting a month ago and managed to get a direct contract with an old employer. The contract was initially for a techie support position but it sounded completely within IR35 so I went with an umbrella, Parasol to be exact.
Now I've been here a month, the role is not a support position at all and it very much falls outside IR35, ie I don't do the work, I just advise, I can take other contracts, I could provide a substitute worker if I wish, no fixed hours etc.
I think the client is completely flexible about cancelling the current contract and starting again and there are obvious benefits to setting up a Ltd Co but are there any pitfalls?
Will my month stint on PAYE alert the taxman? (not that I feel that would be an issue but still would be easier if he didn't mither as I'm completely new to doing my own tax)
As I'm a newbie I thought PCGPlus, Ltd Co done online and SJD Accountancy or similar to take the headache away in the first year while I learn the tax ropes.
Will the accountant recommend the best way to structure pay and dividends and advise over Monthly vs Quarterly etc and also paying my wife for admin tasks or do I need to make those decisions un-advised?
Cheers, Andy
PS Great forum and look forward to any advice.
I made the move to contracting a month ago and managed to get a direct contract with an old employer. The contract was initially for a techie support position but it sounded completely within IR35 so I went with an umbrella, Parasol to be exact.
Now I've been here a month, the role is not a support position at all and it very much falls outside IR35, ie I don't do the work, I just advise, I can take other contracts, I could provide a substitute worker if I wish, no fixed hours etc.
I think the client is completely flexible about cancelling the current contract and starting again and there are obvious benefits to setting up a Ltd Co but are there any pitfalls?
Will my month stint on PAYE alert the taxman? (not that I feel that would be an issue but still would be easier if he didn't mither as I'm completely new to doing my own tax)
As I'm a newbie I thought PCGPlus, Ltd Co done online and SJD Accountancy or similar to take the headache away in the first year while I learn the tax ropes.
Will the accountant recommend the best way to structure pay and dividends and advise over Monthly vs Quarterly etc and also paying my wife for admin tasks or do I need to make those decisions un-advised?
Cheers, Andy
PS Great forum and look forward to any advice.
