Reply to: First Contractor Job

[LisaContractorUmbrella]

If you are outside IR35 then the financial rewards through a limited company would far outweigh those from an umbrella company but, if you are inside IR35, there would not be a significant difference in return. If you have not contracted before then you need to do a lot of reading to understand your responsibilities as a Company Director and also to determine your IR35 status. Contracts can be written or altered to give the appearance of an outside IR35 contract but the real consideration is your working practices; if the contract is not wholly representative you could find yourself in trouble further down the line. If you decide to go Ltd find an accountant that understands the contracting world - there are several who post on here and read all the guides you can lay your hands on.

[psychocandy]

...and likely won't again if you don't stop using txspk...

Go here - www.pcg.org.uk - and download the Guide to Freelancing. You have no idea how much you don't know.

wot u on bout dog?

[northernladuk]

Unfortunately it wouldn't be the first time a contract evaporates in the 4 weeks you are waiting I am afraid so have to be prepared for the worst. We have had a couple of posts wanting to know what to do when the contract dried up while they were on notice.

Make sure you read up on what contracting is about, IR35 and get your contract checked.

No reason to be text speaking on mobiles in this day and age. Mine won't let me do text speak. Keeps correcting it to the proper word.

[malvolio]

Sorry on the mobile

Thought as much... 8¬)

[ijwrighty]

Sorry on the mobile

[malvolio]

Asap but they r aware I have 4 wks notice and that I've not contracted b4

...and likely won't again if you don't stop using txspk...

Go here - www.pcg.org.uk - and download the Guide to Freelancing. You have no idea how much you don't know.

[ijwrighty]

Asap but they r aware I have 4 wks notice and that I've not contracted b4

[northernladuk]

When do you actually start this gig?

[ijwrighty]

Thanks guys. I have a call with an accountant on monday.

[Jeremiah@RHJAccountants]

Find an accountant as some will set up a company for you for free if you stay with them for a year and it means less paperwork for you to do.

Also you will need an accountant to do your books and give you some advice.

I agree with this but i would i am bias.

A good accountant will help with all you compliance needs to Companies house and HMRC.

They can give you professional advice on how to be tax efficient and so much more.

A company can be set up same day on Monday and Bank account, VAT & PAYE in two weeks or so.

I would recommend speaking to a few accountants and make sure you get the contract reviewed for IR35.

It better to start of contracting on the right foot to avoid any unnecessary issues down the line.

Hope this helps

Jeremiah

[SueEllen]

That's what I thought. I'll just setup a limited company as I originally intended. Thank you

Find an accountant as some will set up a company for you for free if you stay with them for a year and it means less paperwork for you to do.

Also you will need an accountant to do your books and give you some advice.

[northernladuk]

Make sure you get your contract reviewed by the likes of QDOS first. If it turns out you are inside IR35 an umbrella might not be a bad.option.

[BrilloPad]

They'll be trying to get you to go with a brolly they recommend presumably so they get a kickback

+1. Agencies play all sorts of dodgy tricks. Make sure you get everything in writing in the contract. Don't be bounced into doing anything too quickly - the client wants you and if they mess you about the client will not be happy with them.

[jmo21]

They'll be trying to get you to go with a brolly they recommend presumably so they get a kickback

[ijwrighty]

That's what I thought. I'll just setup a limited company as I originally intended. Thank you