how long to get paid?

[Dearnla]

Am a bit peeved. Shall I just go ltd?

Yes - it's not difficult and you'll be left with more money at the end of the month, in exchange for a bit more admin, like raising invoices and dividends.

[rd409]

So basically umbrellas should pay regardless of wether they have the funds from the client, agent or whatever?

Am a bit peeved. Shall I just go ltd?

Well there is no straight forward answer to that question I am afraid. Refer to the sticky for options, but quickly summarising it here are your options.

1) If you are contracting for a short time, go for umbrella.
2) If you are contracting for medium to long time, but your contracts would be in IR35, going with umbrella or ltd would'nt be much different. Financially it might be 5-10% of your income. It depends on your personal choice which way you want to go really.
3) If you are going to contract for life time, and can get many contracts out of IR35, and you are happy doing some paper work, and are comfortable thinking like a business rather than an employee; go with ltd option.

There is no one who can answer your question better than you my friend!

[escapeUK]

So basically umbrellas should pay regardless of wether they have the funds from the client, agent or whatever?

Am a bit peeved. Shall I just go ltd?

Umbrellas: Not im my experience. They pay when they get paid.

Yes, you should go Ltd if you think you like contracting and will be doing it for the next few years.

I did my first year with an umbrella, and then created my own company start of this year. I much prefer the control I have over my money, paying zero NI etc

[Wanderer]

So basically umbrellas should pay regardless of wether they have the funds from the client, agent or whatever?

No. Umbrellas typically charge about 100/month and they pay you a few days after they get paid.

Agents are different. They pay you (your LTD or umbrella) between 75% and 95% of what they charge the client for your services. In return, the agent guarantees to pay you according to the payment timescale agreed in the contract, even if the client hasn't paid the agency.

Shall I just go ltd?

There is no correct answer to that one. rd409 has summed up the options very concisely.

May I suggest that you do some research (check out the links on the right side of this page) and give it a couple of months to let things settle down then consider your next move. There are a lot of sharp practices out there and they love to catch out the new boys.

[inferno]

and the new girls, in my case

Thanks for all your replies. I want to contract for at least the next year so seriously considering setting up my own ltd. Cheers!