Reply to: Newbie advice - facts required!

[stillooking]

Oh dear, oh dear, oh dear!

Sounds like this person 'thinks' they are a contractor!

From this post, they're nothing of the sort. I mean what business 'doesn't need to claim expenses' and somehow sees expenses as a burden to be kept at arms length.

IMHO, this poster is exactly the type IR35 should be aimed at and hammer into the ground to make them return to 'permiedom.'

Sorry to appear hard but this type of 'contractor' has brought the roof in on all of us running businesses.

WHS

[DS23]

chef

[chef]

CLICK THIS LINK AND ALL WILL BE EXPLAINED

just in case you can read aswell as you can search for the absolute ground basics of being a contractor

- choose the top hit (that's the first one)
- about half way down the page (use the wheel on your mouse or perhaps the scroll keys) to get there

i'll give you a few free other tips:

if you direct your eyes to the right of the screen

---------------------------------------------------->

under the title CUK Navigation

look 6 lines down.. there you go

"First Timers"

STEP ONE - read this section in great detail

STEP TWO - look about 1/4 down this page, 6 headers in you'll see a button that says "Search", use it before posting anything about needing your hand holding or arse wiping..

STEP THREE - if you expect to get any help from most people on here the best way to approach a question is something like "i would like advice on... I have searched and found some conflicting advice which is ... and would like some help"

that way it shows that your not the lazy f eckwit your intial post implies and dont expect to be nannied and given hard earned advice for free

STEP FOUR - learn to grow a thick skin, you'll need it

STEP FIVE - never trust what an agent says

the reason for the harshness of the reply is quite simply why should we waste our time repeating our years of advice over and over just so you have an easy time when you've put no effort in yourself in trying to answer your own questions? bend over we'll wipe your arse for you aswell, i tell you what, tell us what your doing and one of us will go and do the work on your behalf and most likely better and simply send you a bill for work done?

See

here

here

for other lazy f##kers just like yourself..

Get the point?

FFS

Im glad its the weekend coming up

[BolshieBastard]

Hey there
I was in a very similar situation a few months ago and made the move from permanent work in contracting… The best thing to do is request an income calculations from various umbrella companies – this shows the complete breakdown of where your money goes and what you will end up with. After comparing a few companies I ended up going with myOE as the retained me the most income. I also don’t need to claim expenses which is a huge relief!! I found by shopping around and aking the umbrella companies these questions directly I soon found out who knew there stuff and was willing to help the most!

Oh dear, oh dear, oh dear!

Sounds like this person 'thinks' they are a contractor!

From this post, they're nothing of the sort. I mean what business 'doesn't need to claim expenses' and somehow sees expenses as a burden to be kept at arms length.

IMHO, this poster is exactly the type IR35 should be aimed at and hammer into the ground to make them return to 'permiedom.'

Sorry to appear hard but this type of 'contractor' has brought the roof in on all of us running businesses.

[DiscoStu]

Hey there
I was in a very similar situation a few months ago and made the move from permanent work in contracting… The best thing to do is request an income calculations from various umbrella companies – this shows the complete breakdown of where your money goes and what you will end up with. After comparing a few companies I ended up going with myOE as the retained me the most income. I also don’t need to claim expenses which is a huge relief!! I found by shopping around and aking the umbrella companies these questions directly I soon found out who knew there stuff and was willing to help the most!

[malvolio]

Said PattyM of myOE...

From their site: "Since the implementation of IR35 regulations, (now more apt as 'MSC Legislation') we would advise that this option for an independent contractor would not be best suited for your needs. A Limited company is very time consuming with administration. Combined with compliance and accountancy costs - this option becomes less desirable still. " .

What complete bollocks.

Some basic numbers for those who haven't realised it yet, and ignoring expenses which don't count since they are revenue neutral.

* Time spent running YourCo per month - around 5 hours max.

* Accountancy fees pa are roughly comparable to umbrella fees with just a little shopping around.

* Retained income, YourCo, outside IR35 (like 95% of people are althogh lots don't believe it...) - roughly 65%-75% of gross

* Retained income, YourCo inside IR35 - roughly 60% of 95% gross + 5% of gross (which mostly goes on the accountancy costs)

* Umbrella - IR35 doesn't apply, you're an employee, so 60% of 100% of gross less their fees.

The ratios will get worse from next year when taxes start to go up sharply. The umbrella numbers wil get even worse from next year if HMRC persist in stopping them allowing travel and subsistence expenses of course. It really is about time people started smelling the coffee.

[NotAllThere]

...After comparing a few companies I ended up going with myOE as the retained me the most income. I also don’t need to claim expenses which is a huge relief!! I found by shopping around and aking the umbrella companies these questions directly I soon found out who knew there stuff and was willing to help the most!

Said PattyM of myOE...

From their site: "Since the implementation of IR35 regulations, (now more apt as 'MSC Legislation') we would advise that this option for an independent contractor would not be best suited for your needs. A Limited company is very time consuming with administration. Combined with compliance and accountancy costs - this option becomes less desirable still. " Well - they would say that, wouldn't they.

[ben555]

Crikey if i was in a cushy permie number at the moment i'd be sitting on it feeling pretty pleased with myself.

WHS
http://www.jobstats.co.uk/images/cha...nth_smooth.png

[Stolly]

Crikey if i was in a cushy permie number at the moment i'd be sitting on it feeling pretty pleased with myself.

[PattyM]

Hey there
I was in a very similar situation a few months ago and made the move from permanent work in contracting… The best thing to do is request an income calculations from various umbrella companies – this shows the complete breakdown of where your money goes and what you will end up with. After comparing a few companies I ended up going with myOE as the retained me the most income. I also don’t need to claim expenses which is a huge relief!! I found by shopping around and aking the umbrella companies these questions directly I soon found out who knew there stuff and was willing to help the most!

[DS23]

there are calculators on websites that will er.. calculate earnings in and out of ir35 as well as up and down the mountain and round the bend.

the basic idea about moving into contracting is that it enables you to be your own boss, leave corporate structure and politics behind, work in lots of different places, meet lots of different people, help solve their business problems and make the world a better place. The workstyle will provide a shed load of revenue for your company, enable you to pay yourself a tiny salary and gorge yourself on the occassional dividend. variations on these themes exist.

sounds great? it is but you need work. no contract = no revenue in the company bank. no money in the company bank = no salary. no salary = defaulting and starvation. variations on these themes exist.

the skills you have will dictate the rate you can charge. this will vary depending on where you live, the economic climate, business relationships and luck. variations on these themes exist.

hth

[rsingh]

Hi there,
I am a permie,... 8 years of experience. ...If i get a rate of, say, £200 per day
Many thanks - all comments appreciated :-)

It's not a contract that you need but more training and skills. Its difficult at the moment and you won't get a look in for contracts. After all the associated costs of being a contractor and the risk of bench time, £200 is quite a low daily rate.

What price would you put on having to send out 300 applications before you even got a whiff of an interview?

Regards

[TheFaQQer]

I'll keep this short and sweet: Don't.

Sit on your hands for another year or two at least, then think about it. The market is worse than your wildest nightmare at present.

Nomadd

Which market? The OP provides no indication of their skillset, so how do you know that this is a good, bad or indifferent time to be moving into contracting? There are still plenty of reasonable / good contracts to be had depending on the skillset, so how can you be so certain that this is a bad time for the OP to move into contracting?

Additionally, what is going to happen in the next two years that you are so certain that then will be a good time for someone with an unknown skillset to be moving into contracting? Now, indeed, may be the perfect time to move, yet next year may be completely the wrong time.

As ever, the OP needs to do their own research into when would be the best time to move.

[AZZIK]

If you're struggling to get your head around the basics of Umbrella vs limited, payment calculators, IR35, expenses etc. then dare I suggest that contracting perhaps isn't for you?

WHS

[SlimRick]

If you're struggling to get your head around the basics of Umbrella vs limited, payment calculators, IR35, expenses etc. then dare I suggest that contracting perhaps isn't for you?