First time contract

[jungleboogy]

I'm thinking about using an umbrella company for my first contract. Are there any considerations regarding the contract I need to make or is it fairly standard. I believe the contract would be handled by the umbrella company but not sure if It's necessary to get it checked over by a lawyer as would be done if operating under a limited company. Any advice would be appreciated.

[Dearnla]

Your contract is with the 'Brolly, not ClientCo. It's an employment contract so it's your choice as to whether you get a lawyer to look it over.
The important things to look for - how much of your rate do you get paid? What can you claim for (expenses)? Notice Period?

[northernladuk]

Make sure you read all the stickies and links to the right first. These will answer most of your questions when starting contracting

[Wanderer]

Are there any considerations regarding the contract I need to make or is it fairly standard.

1. Hourly/Daily rate
2. Expected duration of the contract
3. Location of the contract - will you have to travel to other sites? Will you pay for this or the client?
4. Contractor's notice period - may be 1 week to 1 month or perhaps none at all if they expect you to work the entire contract duration.
5. Client's notice period - may be 1 week to 1 month or perhaps none at all if they want to dump you without warning.
6. Payment terms - typically 3 to 30 days from the date you submit your timesheet. Less is better of course.
7. Payment frequency - typically weekly or monthly. If they are giving 30 day payment terms then make sure you can invoice weekly and each invoice is paid within 30 days.
8. Expenses policy - will the client pay expenses or do you have to pay them out of your own pocket?
9. For expenses not covered by the client, what expenses will the umbrella company allow you to claim against tax?
10. Will the umbrella pay holiday/sick pay?

Do yourself a favour and start researching IR35 and Limited companies now with a view to switching to LTD within 6 months because you can save a lot of tax by doing this.

And as northernladuk says, check the links to the right and read the stickies!

Good luck!

[jungleboogy]

Thanks for the advice guys

[jungleboogy]

Thanks for the advice guys

Just been offered my first contract !! negotiating terms now so will take on your advice :-)