Hi Guys,
I am a newbie having recently tested the waters in contracting and in the middle of my 2nd month with a client. I have set up a limited company with big dreams like most of the people before me who claims they have better control on their finances than being on a permanent job. Now all the invoices from my agency started coming direct to my bank a/c so all is fine till here. However I found out recently about IR35 status checks which everyone are compiled to do as my accountants (NW) are insisting to go for an independent review before they can advice me how much I can withdraw from my account. This prompted me to search various sites - including this forum which I found very active and informative!- to find out what is this IR35 and what I found is very appaling given that most contracts fail straight away like mine did! So the question I wish to ask you is: how on earth people 'manage' with their own companies instead of going through an umbrella company route? What I feel at this stage honestly is I want to close my company which is fairly new and go for any umbrella company which I feel would be hastle free? Needless to say that I have wasted so much money on company formation, Directors pack etc, business insurance, accountants fee and so on So can I do it and if it is then what happens to the invoices already made on my company's name? I think I am so confuged by this situation and given that I am NOT allowed to withdraw any money from my account without this status review, I think I am cornered
Please advice!
I am a newbie having recently tested the waters in contracting and in the middle of my 2nd month with a client. I have set up a limited company with big dreams like most of the people before me who claims they have better control on their finances than being on a permanent job. Now all the invoices from my agency started coming direct to my bank a/c so all is fine till here. However I found out recently about IR35 status checks which everyone are compiled to do as my accountants (NW) are insisting to go for an independent review before they can advice me how much I can withdraw from my account. This prompted me to search various sites - including this forum which I found very active and informative!- to find out what is this IR35 and what I found is very appaling given that most contracts fail straight away like mine did! So the question I wish to ask you is: how on earth people 'manage' with their own companies instead of going through an umbrella company route? What I feel at this stage honestly is I want to close my company which is fairly new and go for any umbrella company which I feel would be hastle free? Needless to say that I have wasted so much money on company formation, Directors pack etc, business insurance, accountants fee and so on So can I do it and if it is then what happens to the invoices already made on my company's name? I think I am so confuged by this situation and given that I am NOT allowed to withdraw any money from my account without this status review, I think I am cornered
Please advice!
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