Reply to: Going Permie.. what to do

[SandyD]

FTFY

Not quite seeing what your rant has to do with anything.

Basically its the ethic of the work Lisa said she would put the client interest first, and I agreed I have the same ethic that I would put my client interest first even if it means shorter contract for me.

[northernladuk]

Thanks, I also work on this principal, and I am 100% honest with my clients even if it means I would be out of work, quite recently I had an interview with an ass who was recruiting a contractor during the interview he started slagging contractor's ethics and how contractors usually prefer it if the projects gets delayed etc so they can be on a contract longer, I tried to control my anger and explained that I don't know of any contractor who loves projects being delayed and not delivering, I controlled my tongue and didn't want to say that in fact permies who liked / caused all the delays normally... I nearly asked him if he thought so little of contractors why is he recruiting one??
This was the first time in about 10 years or longer I got this kind of crap in an interview, I believed the need contractors in the financial sector have been well established many many years now.. but it seems whenever the market is slightly tough, some think they can say what they like because they have plenty of applicants to choose from...

Rant over lol

I do come to forum and ask questions I could have asked my accountant, I just want to get a different point of view and want to make the best decision for me, but I suppose my own accountant knows a lot more details about my circumstances and my company, so his advice would have a more in depth context.

Thanks again.

FTFY

Not quite seeing what your rant has to do with anything.

[SandyD]

I understand the concern, but most of us in this sector work off reputation, and to that end rely on happy clients rather than self interest (honest gov!)

Thanks, I also work on this principal, and I am 100% honest with my clients even if it means I would be out of work, quite recently I had an interview with an ass who was recruiting a contractor during the interview he started slagging contractor's ethics and how contractors usually prefer it if the projects gets delayed etc so they can be on a contract longer, I tried to control my anger and explained that I don't know of any contractor who loves projects being delayed and not delivering, I controlled my tongue and didn't want to say that in fact permies who liked / caused all the delays normally... I nearly asked him if he thought so little of contractors why is he recruiting one??
This was the first time in about 10 years or longer I got this kind of crap in an interview, I believed the need contractors in the financial sector have been well established many many years now.. but it seems whenever the market is slightly tough, some think they can say what they like because they have plenty of applicants to choose from...

Rant over lol

I do come to forum and ask questions I could have asked my accountant, I just want to get a different point of view and want to make the best decision for me, but I suppose my own accountant knows a lot more details about my circumstances and my company, so his advice would have a more in depth context.

Thanks again.

[Jessica@WhiteFieldTax]

I sent an email to the accountant, wonder what he thinks. I know I am maybe paranoid but wonder if the advise given would be what's best for the accountancy, not what's best for me.

I understand the concern, but most of us in this sector work off reputation, and to that end rely on happy clients rather than self interest (honest gov!)

[captainham]

I sent an email to the accountant, wonder what he thinks. I know I am maybe paranoid but wonder if the advise given would be what's best for the accountancy, not what's best for me.

Third time around might be more successful

[captainham]

I would agree if it was a company with promotional material and all that in the real sense of a company....but the vast majority don't tend to work like that and the closest we get to brand is the company name on clients email. Hell, most of the contractors here don't even have their company name on their linked in so it's nigh on invisible.

Most of my clients, and indeed the other contractors don't know what the companies are called so binning it and appearing with a new company won't matter a jot.

+1. The majority of us on here are, I suspect, trading off our own names/reputations; the Ltd Co is merely a necessity in order to do so.

[jamesbrown]

I meant it was a waste of money as I wouldn't need it any longer as I have gone permie.

Yes PCG offers a lot, but if I am going to have a non trading company or even close it, the only thing I need is an IR35 cover in case of HMRC opening an investigation.

Fair enough, but bear in mind that any insurance that applies on a "claims made" basis will need to be in place at the time a claim is made, generally far down the line. In practice, you probably won't save much, if anything, by switching from PCG to a bespoke IR35 cover, but "save" would be the wrong term anyway, as these two things are different animals.

[SandyD]

As you may know, PCG is about much more than IR35 cover. That being said, if you only want IR35 cover, there are various options out there. IIRC QDOS have a rolling coverage on a "claims-made basis" (i.e. cover must be in place at the time of a claim) and Abbey Tax provide cover on a contract-by-contract basis.

Just out of curiosity, what is your definition of "waste of money" w/r to PI insurance? You do understand the concept of insurance, right?

I meant it was a waste of money as I wouldn't need it any longer as I have gone permie.

Yes PCG offers a lot, but if I am going to have a non trading company or even close it, the only thing I need is an IR35 cover in case of HMRC opening an investigation.

[jamesbrown]

Oh that's a bummer about the PCG. Is the lowest cover the standard membership, that still cost £144. I was thinking I will let that one go, only recently I spent money in getting the PI insurance which was a waste of money.

Is there a cheaper IR35 insurance out there, or do I have to stick to the PCG?

As you may know, PCG is about much more than IR35 cover. That being said, if you only want IR35 cover, there are various options out there. IIRC QDOS have a rolling coverage on a "claims-made basis" (i.e. cover must be in place at the time of a claim) and Abbey Tax provide cover on a contract-by-contract basis.

Just out of curiosity, what is your definition of "waste of money" w/r to PI insurance? You do understand the concept of insurance, right?

[SandyD]

Oh that's a bummer about the PCG. Is the lowest cover the standard membership, that still cost £144. I was thinking I will let that one go, only recently I spent money in getting the PI insurance which was a waste of money.

Is there a cheaper IR35 insurance out there, or do I have to stick to the PCG?

[SandyD]

I sent an email to the accountant, wonder what he thinks. I know I am maybe paranoid but wonder if the advise given would be what's best for the accountancy, not what's best for me.

[Maslins]

If the OP is thinking of making a return to contracting, do you not think that Transactions in Securities should be considered when making a decision?

Considered, perhaps, and common sense used, but probably no more. Similar conversation going on in two threads, fuller response here.

[TheFaQQer]

6 years after the last contract I guess.

That would be my guess and give the safest of all options. Only at the basic level, so that you get the investigation insurance but nothing that you no longer need.

[northernladuk]

So how long do you keep PCG membership after closing down a company ?

http://forums.contractoruk.com/busin...y-closure.html

End of second year seems to be the rule of thumb.

Quote from Mal in that thread..

General advice is to keep your cover until the end of the second year after closure. HMRC can open an inquiry based on your personal SAR up to a year after it's submitted, which can easily be inthe tax year after the clousre. So you need cover to the end of the tax year following the closure of the company. After that, unless they find evidence of fraud, they can't open an investigation.

[cojak]

6 years after the last contract I guess.