Reply to: Taking the plunge in a hurry

[Nebari]

I was thinking that in respect to subbies. I haven't got it yet, but I will look into it.

Many thanks for the good luck messages - in case you were wondering, we had a little girl called Heidi.

[malvolio]

Thanks for all the advice. I have just had the contract confirmed with the client and reviewed (IR35) successfully too - all ready to go now.

I'm just about to purchase PCG+ membership, Prof Indemnity insurance and Public Liability insurance. Is there any need to get Employers Liability insurance too?

By the way, the baby has still not arrived - almost time to induce!!

If you have a sub clause strictly speaking you will need ELI anyway: it applies to subbies as well as employees (to be precise, anyone whose work you are contriolling). It costs about fourpence anyway, so just add it to the PI/PLI bill.

[NickFitz]

Good show and best of luck with the sproglet.

WZS in respect of both matters

[Zippy]

Thanks for all the advice. I have just had the contract confirmed with the client and reviewed (IR35) successfully too - all ready to go now.

I'm just about to purchase PCG+ membership, Prof Indemnity insurance and Public Liability insurance. Is there any need to get Employers Liability insurance too?

By the way, the baby has still not arrived - almost time to induce!!

Good show and best of luck with the sproglet.

[NLUKbot]

Is there any need to get Employers Liability insurance too?

The NLUKbot suggests you use the search facility.

NLUKbot Search Engine

[Nebari]

Thanks for all the advice. I have just had the contract confirmed with the client and reviewed (IR35) successfully too - all ready to go now.

I'm just about to purchase PCG+ membership, Prof Indemnity insurance and Public Liability insurance. Is there any need to get Employers Liability insurance too?

By the way, the baby has still not arrived - almost time to induce!!

[Wanderer]

I know this probably isn't exhaustive, however are these the key things I need to urgently do / are the major start up costs? I just don't want to miss anything obvious. =)

Yeah, you are good to go. The only thing I would add is that you want to get a contract in place before you start work. If this is direct with the client then the PCG will do you a nice B2B one which is pretty bullet proof for IR35 (provided your working practices actually match the contract) so you don't need to get it reviewed.

Oh, and please be gentle with northernladuk - I think you just about gave him a heart attack by actually doing some research before posting here.

[northernladuk]

I've just spoken to someone at QDOS and they confirmed that you do get 3 free reviews per year you purchase PI / PL insurance with them.

I also confirmed that, if a contract fails their review and needs amendments and a re-review then this would still be classed as part of the original review, therefore only using up one of the free reviews.

Oh ye of little faith

[Nebari]

I've just spoken to someone at QDOS and they confirmed that you do get 3 free reviews per year you purchase PI / PL insurance with them.

I also confirmed that, if a contract fails their review and needs amendments and a re-review then this would still be classed as part of the original review, therefore only using up one of the free reviews.

[Jeremiah@RHJAccountants]

How much is the threshold?

The VAT threshold is £73,000 take a look at the link from HMRC

HM Revenue & Customs: VAT rates, thresholds, fuel scale charges, exchange rates

You can still register for VAT if you dont meet the threshold it all depends on if it is going to be good for the company.

[The Spartan]

No, you don't.

If your VATable turnover breaches the threshold, then you need to register. If you have considered the benefits / downsides of being in FRS, then you should consider whether you should do this.

There is no NEED to do either.

How much is the threshold?

[Nebari]

Many thanks for the replies. =)

The accountant is sorting out FRS for me as well. I'll be talking to him in the next hour or so.

With regards to QDOS, as far as I can see they have 2 options for reviews:

1. £85 per contract review - I'm not sure if this a pass only cost or not (i.e. if it fails and I get the contract altered, do I need to pay £85 again for another review)?
2. A bundle of 3 reviews in a year

The reason I am leaning towards B&C is that it is unlimited over a year and they will also negotiate the contract changes with the client / agency for me.

NorthernLadUK - Is it definitely the case if I take PI & PL insurance with QDOS that I get free reviews (I can't see any mention of that when selecting their products - I may be missing something blatantly obvious). Also if so, do you know if there is a limit to the number of reviews?

And of course, my priority is my wife and little one to be

[malvolio]

IF you're joining PCG anyway, take a look at their Startup option - main website /Join PCG /Which membership. Gets you the whole thing in one tin.

[NLUKbot]

The NLUKbot welcomes you.

Are you sure you are cut out for contracting? Have you tried searching?

[TheFaQQer]

You need get VAT registered and on the FRS at some point.

No, you don't.

If your VATable turnover breaches the threshold, then you need to register. If you have considered the benefits / downsides of being in FRS, then you should consider whether you should do this.

There is no NEED to do either.