Best Way Forward

[jshevyn]

Ok then I've been thinking about leaving my permanent job and going contracting. The company I work for do not have a problem with this and I would like any advice that anyone can give me on the best way forward.
What is the best way to do it, LTD company, work through an umbrella company etc etc.

[beaker]

You should really consider staying in your permanent job. The only reason we are all contractors is that no one would employ us as permies

Edit: except for Wilmslow of course.

[Wilmslow]

Ok then I've been thinking about leaving my permanent job and going contracting. The company I work for do not have a problem with this and I would like any advice that anyone can give me on the best way forward.
What is the best way to do it, LTD company, work through an umbrella company etc etc.

Sorry... Ok, I am not. Just too tired to offer a more positive reply.

Seriously - why are you wanting to move into contracting, and what are your expectations?

Now is seriously a bad time to be making the change....

Ie, do you have AT LEAST three months money set to one side?

[dude69]

Sorry... Ok, I am not. Just too tired to offer a more positive reply.

Seriously - why are you wanting to move into contracting, and what are your expectations?

Now is seriously a bad time to be making the change....

Ie, do you have AT LEAST three months money set to one side?

Three?

That's a pitifully small amount.

I'd say one year, maybe more if you have dependents, etc.

[Turion]

Ok then I've been thinking about leaving my permanent job and going contracting. The company I work for do not have a problem with this and I would like any advice that anyone can give me on the best way forward.
What is the best way to do it, LTD company, work through an umbrella company etc etc.

Why did you tell the company you are leaving, before you have a contract to go to? Will they let you go at very short notice? Apart from that I cannot see any advantage in doing that. In contracting, everything is on a 'need to know basis' = only tell when you're ready to walk. Also don't give references to agents, and especially not your hiring manager contact details, or they'll already be recruiting your replacement.

As for your question. Ltd if it's long term, Umbrella if you're just testing the waters. Setup can be done in one day, so get a contract first.

PS: Now is not the best of times to quit permiedom

[Sockpuppet]

Ok then I've been thinking about leaving my permanent job and going contracting. The company I work for do not have a problem with this and I would like any advice that anyone can give me on the best way forward.
What is the best way to do it, LTD company, work through an umbrella company etc etc.

I hope you're not thinking of going back to the same company as a contractor. If you are search for IR35. THen prepare to have you pants taken down

[SueEllen]

Ok then I've been thinking about leaving my permanent job and going contracting. The company I work for do not have a problem with this and I would like any advice that anyone can give me on the best way forward.
What is the best way to do it, LTD company, work through an umbrella company etc etc.

Do some research - for starters read the first timers guides on the PCG website and on here. If you then have any questions use the search facility on these forums before posting. Most of the questions you want answers to have already been posted and answered.

[Cheshire Cat]

Three?

That's a pitifully small amount.

I'd say one year, maybe more if you have dependents, etc.

Nah, it's a well known fact that you need 25 years of outgoings saved up before going contracting. Plus your mortgage needs to be paid off too, and you will have to dispose of any dependents, Kaiser Soze style.
HTH

[Turion]

Nah, it's a well known fact that you need 25 years of outgoings saved up before going contracting. Plus your mortgage needs to be paid off too, and you will have to dispose of any dependents, Kaiser Soze style.
HTH

And if you can win the lottery first, it will help off-set any potential bench time

[BlasterBates]

...err not exactly the most ideal time. I would hang on for a year, the economy looks like it could go into melt down. The financial markets are panicking, one of the largest invetsment banks in the world ceased to exist today, and was only bought with some arm bending by the FED. Rumours are that UBS wants to sack 8000 employees, and one wonders how many employees at Bear Stearns (RIP) might be looking. Armageddon looks like a walk in the park compared to the economic outlook right now. Good luck..