First Contractor Job

[ijwrighty]

Hi All,

I have just been offered my first contractor role through an agency. Currently, I am full time and want to hand my notice in ASAP. The agency who have placed me are suggesting that I set up via an Umbrella Company so I can get my company setup quicker and therefore get the contract on Monday. Once the contract is signed, she then says I can transfer to a Limited Company (which is what I want to run as).

Does anyone have any advice for me with regards to this please (pros/cons etc)

Many thanks in advance

[mudskipper]

Why are they suggesting an umbrella? You can normally set up a ltd in a few hours, so if your intention is to operate under a ltd company, it seems daft to muddy the waters by signing up to a brolly.

[ijwrighty]

That's what I thought. I'll just setup a limited company as I originally intended. Thank you

[jmo21]

They'll be trying to get you to go with a brolly they recommend presumably so they get a kickback

[BrilloPad]

They'll be trying to get you to go with a brolly they recommend presumably so they get a kickback

+1. Agencies play all sorts of dodgy tricks. Make sure you get everything in writing in the contract. Don't be bounced into doing anything too quickly - the client wants you and if they mess you about the client will not be happy with them.

[northernladuk]

Make sure you get your contract reviewed by the likes of QDOS first. If it turns out you are inside IR35 an umbrella might not be a bad.option.

[SueEllen]

That's what I thought. I'll just setup a limited company as I originally intended. Thank you

Find an accountant as some will set up a company for you for free if you stay with them for a year and it means less paperwork for you to do.

Also you will need an accountant to do your books and give you some advice.

[Jeremiah@RHJAccountants]

Find an accountant as some will set up a company for you for free if you stay with them for a year and it means less paperwork for you to do.

Also you will need an accountant to do your books and give you some advice.

I agree with this but i would i am bias.

A good accountant will help with all you compliance needs to Companies house and HMRC.

They can give you professional advice on how to be tax efficient and so much more.

A company can be set up same day on Monday and Bank account, VAT & PAYE in two weeks or so.

I would recommend speaking to a few accountants and make sure you get the contract reviewed for IR35.

It better to start of contracting on the right foot to avoid any unnecessary issues down the line.

Hope this helps

Jeremiah

[ijwrighty]

Thanks guys. I have a call with an accountant on monday.

[northernladuk]

When do you actually start this gig?