Reply to: First Time Contractor - good source of "what do I do" information needed!

[Pangdene]

Thanks for everyone's replies!

It was a very open-ended question I admit, but it's a start!

Cheers!
Mark

[kaiser78]

Next you will be telling us that's not you sucking on a lollipop

Who loves ya baby ?

[Waldorf]

Hi,

been in permanent employment from day 1, but just been made redundant for the second time in 5 years and have decided to look for my first contract!

There's lots of information out there on the web, but I wondered if anyone could recommend a really good 'getting started' guide or similar? Especially hints & tips for the first-timer?

I believe I have to set-up a limited company rather than go through an umbrella organisation?

Any help appreciated!

Thanks
Mark

This is quite a good guide provided by my accountant http://www.nixonwilliams.com/images/...ny%20Guide.pdf

[Wanderer]

Next you will be telling us that's not you sucking on a lollipop

You've totally ruined it for me too now.

[northernladuk]

Next you will be telling us that's not you sucking on a lollipop

My world is falling apart

[SimonMac]

You don't say, my name isn't cojak...

Next you will be telling us that's not you sucking on a lollipop

[northernladuk]

Firstly, I never said it was and secondly, nowhere in my username does it say Thomas

Thomas is a better name than Thomserve IMO Changed it by deed poll?

[ThomserveBAS]

You don't say, my name isn't cojak...

Firstly, I never said it was and secondly, nowhere in my username does it say Thomas

Anyway, totally off topic.

I got a lot of the information I needed for the administrative side of becoming a contractor mainly from this site, but also with a bit of Google action chucked in. Got my limited company registered, bank account opened and accountants on hand using my peers who are already contracting.

Setting everything up is easy, getting a contract on the other hand (in my experience so far) is no, but YMMV.

I cannot recommend LinkedIn highly enough, as well as being your shop window, it is also a great tool to get your name about by networking with like-minded individuals. I've also been doing a lot of offline networking using friends and friends of friends to get me into their circles.

[cojak]

Dammit! When did that change?!

p.s. my name isn't Thomas

You don't say, my name isn't cojak...

[ThomserveBAS]

The world doesn't revolve around you, you know

Dammit! When did that change?!

p.s. my name isn't Thomas

[Meera @ K&B Accountancy]

Limited or umbrella

Hi There

You really need to establish the most suitable and compliant solution for you in the first instance. A good umbrella and limited company provider should be able to guide you through your options and tell you the differences including potential net income on each option as well as legalities you need to be aware of, such as IR35.

Mod snip: or not Meera. Please read the T&Cs of these forums. If you want to promote your company while helping regulars, please ask admin to change your login to meera@myco.com

Thanks

[SimonMac]

No one is allow to rip newbies to shreds in this forum Thomas.

Even suspect posters will be treated with respect.

Awwww but mum! You never let us have any fun anymore

[cojak]

It was meant tongue-in-cheek and there wasn't a suitable smiley but there are plenty examples of newbies posting questions only for some of the more senior members to wade in and slap them down, especially with open-ended questions like "where can I get more information" when most of it is in front of them

Anyway here's a bit of lovin' for a rainy Tuesday morning

That post wasn't really for you Thomas, it was meant for the newbies who might be thinking of posting in the future. The world doesn't revolve around you, you know

[northernladuk]

Like a lamb to the slaughter........

[chef]

Howdy,

Just a few quick questions to get you thinking about things:

1) why do you want to go contracting? is it because you like the idea of running your own company and taking control of your destiny (well, as much as can be expected) or is it simply that you want to earn more money?

2) Do you have a good grasp of finances? by that I mean are you the sort of person who see's a figure in a bank account and thinks that's what I can spend? or are you the sort that can budget, financial plan, invest in a rainy day, save etc.?

3) What skills do you have? one of the main reasons contractors are employed is because they are easily hired/fired stop gap solutions to install/build/manage/fix a problem the company has, to be able to do this you either need a good wealth of background knowledge and/or the latest skillset in your field of expertise. If you don't have this it's no the end of the world but you should seriously consider paying for some training courses to improve your chances of being desirable from a companies point of view and therefore find work.

4) You have control over certain aspects of what you do, where you do them but ultimately you can't cherry pick your work until you have funds in the bank that allow you to take time off and wait for the perfect contract to come along. Therefore, are you prepared to work away from home mon-fri, live in hotels and not know where you will be in 3/6/9 months time? having a personal life with a non-understanding wife, new born children or any other sort of "baggage" does not mean you're not cut out for contracting but should atleast be considered before taking the plunge.

Oh and Welcome