Originally posted by captainham
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Reply to: is my contract worth opening a company?
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Previously on "is my contract worth opening a company?"
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Originally posted by northernladuk View PostThe argument is that if you are only doing one gig it is your permanent place of work. To us they are temporary as we move from client to client. I hadn't heard of this before but it came up in a brolly thread the other day and on the face of it makes sense but if you don't intend on doing one gig it isn't an issue.
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Originally posted by captainham View PostI'm not arguing with going brolly for 3 months, but I appear to be missing something here...if he goes LtdCo anyway, then he can still claim expenses, as long as he doesn't expect to be there for longer than 24 months?
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Originally posted by Jessica@WhiteFieldTax View PostBut if he is one contract wonder, he wouldn't be able to with his own company either. Same issue, no "temporary" workplace just a "workplace".
I'ld still go umbrella for simplicity on 3 months.
NB my firm doesn't do 'brollys so I'm being reasonably objective...
I'm not arguing with going brolly for 3 months, but I appear to be missing something here...if he goes LtdCo anyway, then he can still claim expenses, as long as he doesn't expect to be there for longer than 24 months?
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What does it cost to incorporate on-line? Like £30? Get an reasonably priced accountant who's happy to work for 3 months at least , you never know it might get extended.
Still gonna be saving yourself a fair amount compared to PAYE. It just depends whether you can be arsed.
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Originally posted by northernladuk View PostBut remember if it is a one off he can't claim travelling expenses I believe if recent threads are anything to go by.
But if he is one contract wonder, he wouldn't be able to with his own company either. Same issue, no "temporary" workplace just a "workplace".
I'ld still go umbrella for simplicity on 3 months.
NB my firm doesn't do 'brollys so I'm being reasonably objective...
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Originally posted by pappa View Postthanks for pointing to this thread.
i know i can find general information over google. what i was expecting is some personal advice like minimum accountancy fee is 180 gbp per month and your salary is 2600 gbp per month and 1 time company opening fee is 100........ so your take home would be................... something like that...
http://forums.contractoruk.com/accou...-requests.html
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Originally posted by pappa View Postthanks for pointing to this thread.
i know i can find general information over google. what i was expecting is some personal advice like minimum accountancy fee is 180 gbp per month and your salary is 2600 gbp per month and 1 time company opening fee is 100........ so your take home would be................... something like that...
Also do as much research as possible as the more you know the better look at calculators etc.
Last thing it all depends if you are going to be contracting for three months or longer as to which is better for you Ltd or Umbrella
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Seriously WTAS.
You need to look at the calculators, plug in the amounts you expect to be spending on travel and subistence (you do know you'll need receipts, right?) and compare the numbers.
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Originally posted by pappa View Postthanks for pointing to this thread.
i know i can find general information over google. what i was expecting is some personal advice like minimum accountancy fee is 180 gbp per month and your salary is 2600 gbp per month and 1 time company opening fee is 100........ so your take home would be................... something like that...
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thanks
Originally posted by northernladuk View PostI can point out that this is the Business/Contracts section of the forum, not the Finance. In the Finance section there is a sub fora dedicated to Umbrellas in which you will find some threads that will answer your question such as...
http://forums.contractoruk.com/umbre...composite.html
http://forums.contractoruk.com/umbre...fraid-ask.html
Also do a search for contractor calulators. You will find the tools to compare the take home of you running and LTD vs a Brolly to help you make the choice.
i know i can find general information over google. what i was expecting is some personal advice like minimum accountancy fee is 180 gbp per month and your salary is 2600 gbp per month and 1 time company opening fee is 100........ so your take home would be................... something like that...
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can't cook or drive
Originally posted by Old Hack View PostIf you're only on £130, I'd steer clear of contracting; you can earn more in Private Hire Car's, or as a chef, in a good Indian restaurant, or as a hospital porter, they earn a good crack...
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Originally posted by pappa View Posthello world,
i am very new to contracting world.
i got 3 months of contract, pay is 130 gbp per day.
what do you suggest? should i join umbrella company? or open my own limited company? which option would give me more money (net income)?
i can handle hassle involved with opening a company if it gives me more money - in fact i think it's no more of hassle if you go with accountant - they do all paper work.
anyway, please suggest.
my expenses are going to be on public transport and food, primarily.
thanks.
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Originally posted by Jessica@WhiteFieldTax View PostAs a rule of thumb, three months is a good cut off point.
If this will be a one off, then I'd say Umbrella.
If you can anticipate it going longer the think about your own company.
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As a rule of thumb, three months is a good cut off point.
If this will be a one off, then I'd say Umbrella.
If you can anticipate it going longer the think about your own company.
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