Ltd Co or umbrella Co for newbie contractor

**Bovvered** · 8 September 2005, 11:11

Re:

Originally posted by Hiram King Of Tyre

After 30 years of being a permie, I think I've just secured my first contract. I do have a personal friend who has a very successful accountancy firm. I had a chat with hime and he advises that a Ltd Co would be the best option. What do you old hands advise? They want me to start Monday!

If I do get caught for IR35, apart from generally paying more tax, what actually are the implications?

Ltd Co.

**Hiram King Of Tyre** · 8 September 2005, 11:27

OK, why?

Should I just put complete trust in my friend? He says that he can set me up (pardon the pun) for about £180. He said that you can get it cheaper on the internet but he would do everything (whatever that means) for that. Will I need/should I register for VAT?

The agency suggest that I start with a management company and then change over....

**Bovvered** · 8 September 2005, 13:16

Re:

About £180 is right. The personal touch is much better than getting hived. You will probably have to register yourself for VAT, but your accountant will advise you there.

Don't worry about IR35, it's a state of mind.

**Hiram King Of Tyre** · 8 September 2005, 13:25

What difference does IR35 make if you are caught?

**hyperD** · 8 September 2005, 13:33

Originally posted by Hiram King Of Tyre

What difference does IR35 make if you are caught?

A wider ar$ehole...

**EternalOptimist** · 8 September 2005, 13:50

dear mr tax man troll

whats the difference between a friend and a personal friend ?

If I had a friend I didnt trust he would be an ex-friend

**Hiram King Of Tyre** · 8 September 2005, 14:05

I'm sure I can trust him....

**The Late, Great JC** · 8 September 2005, 14:14

Originally posted by Hiram King Of Tyre

I'm sure I can trust him....

Same lodge by any chance?

BTW, have you read any of the "Old Tyler Talks"?

**WageSlave** · 8 September 2005, 14:16

Originally posted by The Late, Great JC

Same lodge by any chance?

Jesus is a freemason

That reminds me... A wife asks her husband, "why do you spend so much time in the toilet with that little black book?"
Husband replies, "Because, my dear, it is the only tyled room in the house!"

Ltd Co or umbrella Co for newbie contractor