Some very quick questions about my first contract

[SueEllen]

Your accountant can review your contract for you as well remember.

An accountant isn't an IR35 advisor nor a lawyer.

I wouldn't get an IR35 advisor or a lawyer to do my accounts so why would I do the reverse?

[kaiser78]

thanks everyone, I'll join the Fed. of Small Business. look at tax investigation insurance & also get a solicitor to look through my first contract, I had an estimate for a local firm to do that, and it was £400+VAT which I found eye watering, I guess still cheaper than getting it wrong

Your accountant can review your contract for you as well remember.

[Scruff]

Qdos have a much cheaper contract review service. Do you have your insurances in place which them? I would suggest joining IPSE too.

[mariodecristofano]

thanks everyone, I'll join the Fed. of Small Business. look at tax investigation insurance & also get a solicitor to look through my first contract, I had an estimate for a local firm to do that, and it was £400+VAT which I found eye watering, I guess still cheaper than getting it wrong

[mariodecristofano]

Have you been running a business or have you been an employee?

When working, I've been a FTE and ran my company somewhat dormant on the side, in effect learning and prepping myself for the move to contracting. I submit nil tax returns presently,

[mudskipper]

Each engagement is assessed individually, regardless of how many clients you have, although multiple clients can be an indicator that you are a business

I'm assuming the end client is not public sector - if it is then it's a whole different world.

IR35 is about the reality of the engagement - are the client treating you like an employee, or are you going in to do whatever it is you do as a supplier - i.e. not under the supervision, direction and control of the client.

Get your contract professionally reviewed, and take out tax investigation cover. When you start your contract, remain vigilant not to become 'part and parcel' of the organisation.

There is no definite answer, although HMRC have said they will stand by the outcome of the ESS tool if you complete that and it gives you an outside determination.

[Cirrus]

Que?

I run a genuine business, with multiple clients... I'm about to end my full time employment/job and do this contract

Have you been running a business or have you been an employee?

[quackhandle]

I promise you I've read all your great guides, help articles & gone through the forum, I'm about there with what I need to know, but I'd really appreciate just a quick discussion with live fleshy human beings with some questions I have about my first proper IT contract.

I run a genuine business, with multiple clients. Easily evident. I'm about to start a 6 month assignment/project for a new client whose paying a day rate. I've obtained this work through an agency (crimson IT), who, on monthly timesheet filing, they will be paying me. I'm nervous because I'm about to end my full time employment/job and do this contract in effect, as my main income, (it's not the same client that I was FT employed by the way). They will represent my main biggest client too (even though I'll be working for other clients)

I'm concerned about IR35, I've ran through both the gov. IR35 tool & an independent one, and got differing answers. However, the nutshell summary above is 100% accurate.

Appreciating I don't want to bore with too much detail, is the above any concern from an IR35 perspective? I'm really confused using an agency type of arrangement, I understand this makes it more IR35 friendly but still, wouldn't mind an opinion

Really? I would have thought B2B would be far friendlier for IR35.

qh

[mariodecristofano]

I promise you I've read all your great guides, help articles & gone through the forum, I'm about there with what I need to know, but I'd really appreciate just a quick discussion with live fleshy human beings with some questions I have about my first proper IT contract.

I run a genuine business, with multiple clients. Easily evident. I'm about to start a 6 month assignment/project for a new client whose paying a day rate. I've obtained this work through an agency (crimson IT), who, on monthly timesheet filing, they will be paying me. I'm nervous because I'm about to end my full time employment/job and do this contract in effect, as my main income, (it's not the same client that I was FT employed by the way). They will represent my main biggest client too (even though I'll be working for other clients)

I'm concerned about IR35, I've ran through both the gov. IR35 tool & an independent one, and got differing answers. However, the nutshell summary above is 100% accurate.

Appreciating I don't want to bore with too much detail, is the above any concern from an IR35 perspective? I'm really confused using an agency type of arrangement, I understand this makes it more IR35 friendly but still, wouldn't mind an opinion