I start a contract next week, need advice?

[CasparUK]

Hi all!

I start a new contract next week, I've always work perm, but going to try a contract role next.

I need advice in what to do next, should I opt for using an umbrella company or set up my own limited company?

How much do these cost?

I don't mind doing a bit of paperwork when setting up a limited company, but only if I take more £££ home each month?

How do I decide?


Also, what kind of expenses can I claim tax-back on? I will be travel 60 odd miles a day from home to the company, can I claim that back? What about lunches etc?


Thanks in advance

[vetran]

You could try the first timers guide on this website.

But if you want advice from someone you don't know and won't be able to sue because I accept no responsibility because I and others on here are not qualified to provide advice here goes.

Umbrella simple and quick they do most of the paperwork but normally cost more.

Limited company and Accountant. ~ £100 formation £500 - £1500 for accountant, yes you may take home more. Beware of any Umbrella company who suggests otherwise.

If the contract is expected to last less than 2 years then schedule e expenses would be payable.

Think for yourself you will have to do a lot of that!

[Bagpuss]

OP you are in the wrong section. I know it states "General issues affecting and of interest to contractors." but its really for ....one legged arse kicking competitions/ house prices/vulgar displays of wealth/ bragging and commentary on the Labour Government. Go to accounting....

[HairyArsedBloke]

Caspar, have ever seen a grown man naked?

[wobbegong]

Caspar, have ever seen a grown man naked?

H.A.B. you chancer, leave the noobies alone!!

[pzz76077]

Best advice if you are starting a new contract next week (tomorrow morning??)- find a umbrella co that can service you contract for the first month.

In the next few days, buy an off the shelf Ltd Co from the pages of Exchange & Mart. Open a company bank account.

Find an accountant that is used to dealing with businesses in your position. Ask all of the questions that you have and agree to cap the service costs.

Switch from umbrella to Ltd next month.

Discuss all of this with you agent before hand so that there are no surprises on either side!

PZZ

[TykeMerc]

Best advice if you are starting a new contract next week (tomorrow morning??)- find a umbrella co that can service you contract for the first month.

That's one option and undoubtedly the quickest, I can't see it being a Monday start since the contracts can't have been issued yet as they should name the Ltd or Umbrella.

In the next few days, buy an off the shelf Ltd Co from the pages of Exchange & Mart. Open a company bank account.

Utterly dumb idea, off the shelf companies could have a hidden history!!! It's far better to find one of the incredibly numerous set up companies who will charge £25-50 and sort a company in under an hour. You can even do it yourself on the Companies House webby. Many accountants will also sort you one and you will definitely need an accountant, there are loads of contractor savvy ones on the board.

Find an accountant that is used to dealing with businesses in your position. Ask all of the questions that you have and agree to cap the service costs.

Indeed, vital if you go Ltd and are new to business.

Switch from umbrella to Ltd next month.

A lot harder to do in practice than to type, many Agencies will moan like hell about revising a contract and some will outright refuse.

Discuss all of this with you agent before hand so that there are no surprises on either side!

Yes, but be aware that the agent will be taking the easiest path, so anything that causes effort will be discouraged.

[pzz76077]

[QUOTE=


[B]Utterly dumb idea[/B], off the shelf companies could have a hidden history!!! It's far better to find one of the incredibly numerous set up companies who will charge £25-50 and sort a company in under an hour. You can even do it yourself on the Companies House webby. Many accountants will also sort you one and you will definitely need an accountant, there are loads of contractor savvy ones on the board.


Complete crap - off the shelf companies have never traded so how could they have a hidden history?? What are you talking about??

PZZ

[pzz76077]

T






A lot harder to do in practice than to type, many Agencies will moan like hell about revising a contract and some will outright refuse.

Hence, talk to the agent first!

[TykeMerc]

Utterly dumb idea, off the shelf companies could have a hidden history!!! It's far better to find one of the incredibly numerous set up companies who will charge £25-50 and sort a company in under an hour. You can even do it yourself on the Companies House webby. Many accountants will also sort you one and you will definitely need an accountant, there are loads of contractor savvy ones on the board.

Complete crap - off the shelf companies have never traded so how could they have a hidden history?? What are you talking about??

Unless you investigate the history of the "off the shelf" company how the hell do you know that it's never traded or had financial activities linked to it or the Directors appointed at formation. It's an idiotic risk when you can form one from scratch in minutes, hence it's a STUPID IDEA.

If you were in fact a Chartered Accountant you would know that.