Finally took the pluge into contracting..

[Flybeething]

Long time lurker, first time poster...

Been working in financial services for 8 years - and was getting seriously stale in my current role. Lack of promotion/recognition/training and a long hours culture.

Spent several months looking for a perm role- finally got an interview at an IB - liked me so they were looking to make an offer.... 5 weeks passed and didn't happen after 4 rounds and lots of positive feedback (apparently didnt have sign off in the budget??? So why look for candidates?)

Then got an an interview at another IB (PM/BA space) for a contract role - interviewed and offered within 4 days... -consider myself fortunate they were willing to wait several weeks before I join.

Got alot of good advice reading/searching the forums and navigating through a first contract is not easy so about time I say THANKS TO CONTRACTORUK...

As it happens as I was a newbie I may as well summarise:

- Went through agency
- Opted out
- Setting up my own Ltd (contract initially 6m but potentially 1 yr plus)
- Got free business banking with high street
- Got an accountant to setup and deal with the Ltd company side of things
- Got EL/PL/PI insurnace

Sorted.

[MarillionFan]

Well done! What's a pluge BTW?

[Flybeething]

its a bit like the luge but without the theatrics...

Its where contractor and agent hurtle down the slippery slopes of mutual trust... not really. I was lucky to get one who pointed me in the right direction.

I always wondered how long into posting before I got the spelling smackdown.

[swamp]

Good man. Two points:

1. You should avoid signing the opt out until you start on site, then it's not worth the paper it's printed on and you'll still be opted in. Opting out only benefits the agent, but they usually bust your balls so bad to sign it that it's easier just to sign it. (Did they bust your balls to sign it? If so, what does this tell you? )

2. EL/PL/PI insurance is a big fat waste of money. I assume the agent asked for it? How much did they sting you for?! Cancel the policy and get some money back once you've shown your agency your policy details.

[Flybeething]

Swamp,

1. Correct- agency did imply there were less benefits to them if I opted in but most contractors opt out right? Can you explain what you mean when you say that once you start you will still be opted in? I will do more reading on that but appreciate the heads up.
2. End client stipulates you need a certain level of cover. My role is more process orientated and less IT/developing so agree I thought it was less critical and an initial outlay I would have liked to avoid (but then small price to pay for peace of mind right?). I will assess this in a month otherwise get a refund. PI= 312, EL/PL = 90

Cheers

[malvolio]

Good man. Two points:

1. You should avoid signing the opt out until you start on site, then it's not worth the paper it's printed on and you'll still be opted in. Opting out only benefits the agent, but they usually bust your balls so bad to sign it that it's easier just to sign it. (Did they bust your balls to sign it? If so, what does this tell you? )

2. EL/PL/PI insurance is a big fat waste of money. I assume the agent asked for it? How much did they sting you for?! Cancel the policy and get some money back once you've shown your agency your policy details.

Alternatively:

1. Opting out is probably a good thing in most cases since it gives you a more IR35-friendly contract (for example, it will have a higher level of financial risk). Since most agents don't know how it works, the chances are it won't apply and you'll be opted in anyway, should it come to court.

2. If it says you need PI in your contract, you need PI. Don't start off with the idea that contracts contain optional clauses, they don't. If you don't agree with a clause, the time to change it is before you sign it: once you've signed it, you're going to abide by it. This is not a game, you have legal responsibilities, personally and as a Director.

[Hex]

2. EL/PL/PI insurance is a big fat waste of money. I assume the agent asked for it? How much did they sting you for?! Cancel the policy and get some money back once you've shown your agency your policy details.

I work in Investment Banks like the OP does and I reckon it's worth having it. If I screw up it could cost the bank a lot of money, and although it may be unlikely that they'd try to recover this from my Limited, there is a slim possibility and I'd rather have that covered.

[TheFaQQer]

I work in Investment Banks like the OP does and I reckon it's worth having it. If I screw up it could cost the bank a lot of money, and although it may be unlikely that they'd try to recover this from my Limited, there is a slim possibility and I'd rather have that covered.

Why bother trying to get it back from your Ltd, when they can get it back from every taxpayer instead?

Or does that only work for somebody else's negligence?

[FarmerPalmer]

2. EL/PL/PI insurance is a big fat waste of money. I assume the agent asked for it? How much did they sting you for?! Cancel the policy and get some money back once you've shown your agency your policy details.

Unless of course you are in business (and not a disguised employee) then it is only right that you should insure against financial risk to your business.

[Stan.goodvibes]

Got a lot of good advice reading/searching the forums and navigating through a first contract is not easy so about time I say THANKS TO CONTRACTORUK...

don't mention it. Always ready to help with expert advice...