Umbrella to Ltd Co

[manonthespot]

Morning,
I've been contracting around a year in Java dev. Confident to make the step up to Ltd Co. I've read the articles here but please can anyone advise any potential pitfalls and things to look out for in general.
Thanks.

[malvolio]

Morning,
I've been contracting around a year in Java dev. Confident to make the step up to Ltd Co. I've read the articles here but please can anyone advise any potential pitfalls and things to look out for in general.
Thanks.

Sigh...

Biggest pitfall is not reading and understanding the reams of advice already present on these boards and thinking you know stuff

There aren't many, if you do it right. Get an accountant that properly understands contracting and take their advice. Join the PCG and work your way through their library of guides and take their advice (and probably avoid even worrying about IR35).

Use a decent bank and stay away from people selling unlikely solutions to maximise your revenue.

After that, it's simple.

[manonthespot]

Sigh...

Biggest pitfall is not reading and understanding the reams of advice already present on these boards and thinking you know stuff

There aren't many, if you do it right. Get an accountant that properly understands contracting and take their advice. Join the PCG and work your way through their library of guides and take their advice (and probably avoid even worrying about IR35).

Use a decent bank and stay away from people selling unlikely solutions to maximise your revenue.

After that, it's simple.

Cheers Mal - thanks the help.
MOTS

[northernladuk]

As indicated by Mal the biggest pitfall is you. Not you personally I mean but the person behind the LTD.

If you unable to research and understand your LTD it is going to be a long hard slog for you. You are ultimately responsible for the running and finances of your LTD so time to step up.

Most important thing I would add is the differentiation between the company money and your money and not dipping in to what is not yours.

[MarillionFan]

Morning,
I've been contracting around a year in Java dev. Confident to make the step up to Ltd Co. I've read the articles here but please can anyone advise any potential pitfalls and things to look out for in general.
Thanks.

Sockie. Don't waste your breath.

http://forums.contractoruk.com/gener...ml#post1426913

[manonthespot]

As indicated by Mal the biggest pitfall is you. Not you personally I mean but the person behind the LTD.

If you unable to research and understand your LTD it is going to be a long hard slog for you. You are ultimately responsible for the running and finances of your LTD so time to step up.

Most important thing I would add is the differentiation between the company money and your money and not dipping in to what is not yours.

I was hoping for a response from northernladyuk. Mal has provided all the advise I required.
MOTS.

[northernladuk]

Sockie. Don't waste your breath.

http://forums.contractoruk.com/gener...ml#post1426913

Nice spot!!!!