Contractor to Permi

[DCollins]

What type of work do you do which is looking gloomy? IT contract market looks the best ever at the moment.

Say I got C++, UNIX/Windows and other stuff which goes with it.

The problem lies (it is always there) with the domain. I'm into Telecom and that too has got too specific skill set.

I can't jump into Banking/finance, can't go anywhere as domain knowledge is not there. And even in Telecom domain can't go away from the domain in which I've worked.

So I'm back to square one - go permie..

Never mind, there will be sunny day some time.

[DCollins]

thanks all

[Ardesco]

You can be a director of a company without being an employee of the company.

When you start your permie job use the normal tax code for your permie job (main source of income) and if you want to take money out of company pay yourself divvies. No tax code to worry about on your companies side, you just need to fill in a self assessment form every year and then pay any tax owing (if any) as a result of taking divvies out of your company.

You can let your Ltd Co tick over, you just need to get end of year accounts done and file with companies house, you will probably get a discounted rate for doing them if the company is inactive.

[moorfield]

You are Wilmslow in disguise and I claim my £5. Next.

[NotAllThere]

Having PAYE income from more than one source isn't a problem. You'll use the normal tax code for one, and a BR tax code (IIRC) for the other. You'll probably need to inform your employer of that fact that you are a director of another company. Most professional employement contracts have some restrictions on other employment.

If your income from your company isn't very high, I'd suggest you have that as your BR tax code.

And, as you've found out. Yes, you can keep your company running.

[lnoton]

Just finished my contracting and future looks gloomy, no more contracting jobs in the market. Scary... I might end up being a miserable Permie again


Question is, do I need to wind up my Ltd company if I decide to take up Permanent employment?

Is there any way whereas I can keep my Ltd company alive? I do earn significant money from Ltd company (Apart from my regular contracting)?

Any clue will be appreciated.

P.S. Kindly don't suggest to consult my accountant, I'm in process of switching accountant so practically I don't have one yet.

Cheers

What type of work do you do which is looking gloomy? IT contract market looks the best ever at the moment.

[DCollins]

Looks good what I thought

Still doing (re)search but initial feedback seems to be positive.

http://forums.contractoruk.com/accou...=Contract+perm

I think I can keep running my Ltd company and keep on filing returns, this will help me getting business/freelancing type and also if I get chance I'll spring back to Contracting.

Once you have taste of contracting you can't go permie

I'm yet to find answer for situation where as I'll still be Directory of my Company (1st employment??) and my regular permanent job (2nd employment).

I'm sure this would be possible, just wanted to check with experts here ...

[DCollins]

Just finished my contracting and future looks gloomy, no more contracting jobs in the market. Scary... I might end up being a miserable Permie again


Question is, do I need to wind up my Ltd company if I decide to take up Permanent employment?

Is there any way whereas I can keep my Ltd company alive? I do earn significant money from Ltd company (Apart from my regular contracting)?

Any clue will be appreciated.

P.S. Kindly don't suggest to consult my accountant, I'm in process of switching accountant so practically I don't have one yet.

Cheers