Reply to: starting my 1st contract

[SussexSeagull]

Are you really a crap dev if your dev pay lets you buy aircraft and houses?

There are contractors who aren't that good and basically spend all their time looking for the next contract who for never seem to be out of work (although I am not so sure about that at the moment(.

[DrewG]

Just because somebody is an experienced contractor it doesn't necessarily follow that their skills are in demand or even that they are particularly competent.

I have worked with many contractors that loved to talk about their part share in a light aircraft and buy to lets but have been mediocre developers.

Are you really a crap dev if your dev pay lets you buy aircraft and houses?

[TheDude]

How have you got a contract when several experienced contractors have been benched, looking for new client contracts, since January 2023?

Just because somebody is an experienced contractor it doesn't necessarily follow that their skills are in demand or even that they are particularly competent.

I have worked with many contractors that loved to talk about their part share in a light aircraft and buy to lets but have been mediocre developers.

[londonrulz]

rocktronAMP An agent approached me and couple of interviews later had an offer.

Could be because of my experience in a certain niche area. Its only few months so will soon figure out how well the contracting career goes!

Thought AI and data science and cloud had lot of opportunities going on...

[rocktronAMP]

After being a permi for 10 years, I have decided to get into contracting. Have got a potential offer from an agent for an initial work of 4 months outside IR35. Agency is pushing for their sister umbrella company, but I think its better to go ltd as its IR35.

-The client wants me to start from next week. Since its my 1st contract I don't know the steps. Can any experienced ones in here, tell me on what happens next and anything I need to be aware of? (contract review? etc).
-I haven't got ltd setup yet, but believe it only takes few minutes/hours to get it done online.
-Agent hasn't talked about the hourly rate since first time and the range specified on advert. Should I explicitly do that before offer, or see what he comes with?

Thanks!

How have you got a contract when several experienced contractors have been benched, looking for new client contracts, since January 2023?

If your legal contract is an Outside IR35 engagement then get your contract checked by QDOS or AJD Consultancy before you sign it.
QDOS will want to see a water tight SDS (HMRC private secotor off payroll worker rules 2021) and they will advise if your contract is Outside IR35.

I am worried about the initial duration of just 4 months. You don't mention any renewal possibilities above. So you will be in a world of pain if the contract finishes in 4 month or they just dump you after 3 months. Contact lengths tend be 3, 6, 9 or 12 months long. NLK will explain to you about the notice period, so I'ill let him do that.
Your big issue in this severe economy is continually finding Outside IR35 compliant contracts in order for contracting business to work over 2 years. It is really is Feast and famine out there. Have a serious read of the State of the Market thread (https://forums.contractoruk.com/busi...arket-827.html) , and you will understand the dire straits the UK contracting market is. And good luck to you in 2023, you are going to need it.

[Guy Incognito]

I can recommend Starling - never had any issues they respond very quickly to In-App chat.

[Lance]

I pay £7.50 a month (claimed so less in your pocket) for Santander which doesn't have any of the downsides mentioned above and have been very happy with them for a long time now. Small potatoes for something I'm happy with. Sometimes free isn't always best.

granted. But I'll keep the £7.50 as I've lived in Yorkshire too long.

[Lance]

I wouldn't call Coutts the same as all the others. If you have revenue >1m or you have >1m portfolio that you want to put under their management, they're by far the best.

thanks for that incredibly helpful insight. I'm sure OP is very pleased to have your assistance in this matter.

NB. Coutts have the same FSCS protection as any other bank.

[northernladuk]

banks are all much of a muchness.
Just don't pay for it.

Cater Allen - no app, and a bit unfriendly. Links with FreeAgent and you can do quite large cash transfers (£80k is the most I;ve done). telephone support quite responsive.
Mettle - Good app. No phone support. Limited to £10k in one go. Instant links to FreeAgent, and provides FreeAgent for free
Startling - near as damn it the same as Mettle, except it doesn't provide FA for free

I pay £7.50 a month (claimed so less in your pocket) for Santander which doesn't have any of the downsides mentioned above and have been very happy with them for a long time now. Small potatoes for something I'm happy with. Sometimes free isn't always best.

[DrewG]

banks are all much of a muchness.
Just don't pay for it.

I wouldn't call Coutts the same as all the others. If you have revenue >1m or you have >1m portfolio that you want to put under their management, they're by far the best.

[Lance]

I had already asked him to do it before I read that

What business banks are popular and would recommend?

banks are all much of a muchness.
Just don't pay for it.

Cater Allen - no app, and a bit unfriendly. Links with FreeAgent and you can do quite large cash transfers (£80k is the most I;ve done). telephone support quite responsive.
Mettle - Good app. No phone support. Limited to £10k in one go. Instant links to FreeAgent, and provides FreeAgent for free
Startling - near as damn it the same as Mettle, except it doesn't provide FA for free

[gixxer2021]

I had already asked him to do it before I read that

What business banks are popular and would recommend?

I wouldn’t worry too much about it as long as you read up on the MSC legislation here and take necessary precautions going forward. I’ve heard a lot of good things about Starling but don’t bank with them myself (I do use their apis though within my work and are very impressive with their response to questions etc). I’m with Santander and have no complaints.

[londonrulz]

I’d second this, imho possibly as important if not more important than IR35 these days. Getting your accountant to set up your company probably isn’t a great regarding this. Probably the longest thing I found to set up was the business bank, so I’d recommend getting that set up asap. Good luck!

I had already asked him to do it before I read that

What business banks are popular and would recommend?

[gixxer2021]

Do a search for MSC legislation...

I’d second this, imho possibly as important if not more important than IR35 these days. Getting your accountant to set up your company probably isn’t a great regarding this. Probably the longest thing I found to set up was the business bank, so I’d recommend getting that set up asap. Good luck!

[londonrulz]

Have you actually get a Status Determination via the agency from the end client - because if you haven't (heck even if you have but the client is unscrupulous) the end client has 90 days (based on payment terms elsewhere in the payment chain) to change their mind.

Have you checked the contract to see if there is no payment claw back clause were the status to be changed by the end client or (years later) by HMRC?

Thanks for pointing that out. I couldn't find any claw back clause in the contract (did the keyword search as well).