Looking to become Contracter.

[LisaContractorUmbrella]

Welcome Remember that you can only claim dividends if your working practises put you outside IR35 (loads of info on the site to have a look at) and, as NLUK says, you can only pay your wife from the company if she is actually working for you and her earnings through the company can be justified i.e. you can't pay her £30k a year to do the filing for an hour a week

[NimbleJackAccounting]

HI Dave

Welcome Dave,

Things to think about.

1. Line up your contract before you resign.
2. Appoint A good Accounatant, there are many including ourselves.
3.Insurances, i.e Personal indeminty, liability etc
4. You are your own boss, so save for your corp tax which is payable 9 months after your year end , the amount of times contractors forget!

Feel free to ask me any specfic questions you have. Best of luck!

[northernladuk]

As mentioned already... understand what your are doing and why before doing it. Paying your wife min salary is not a given. Paying her for work she does is. One is aggressive tax avoidance the other is (arguably) ok.

Being a contractor is not about using tax loopholes to pay less, it is about getting gigs, being good at what you do and having the right attitude. All the other stuff then comes naturally after that

[Wanderer]

Where to start ?

Welcome!

Have a read of the first timers guide linked to on the right side of the page.

Also have a read of my rambling list of Noobie Contractor Mistakes and try to avoid some of them.

Contract market is slow at the moment though. Make sure you have plenty of savings in case you end up out of work.

[malvolio]

Perhaps learning to spell "contractor" would be a good first step.

However, there's damn all point in working out whizzy tax dodging strategies if you haven't got any work, and there are a lot of good, experienced contractors in that space, and in the last 7 day there's 18 jobs requiring CCIE on Jobserve, most of which won't actually exist. Also, getting CCIE means nothing in contractor world: how many enterprise networks have you built? 'Cos that's the opposition; you're selling experience and expertise, not paperwork.

So, want to try again?

[cojak]

I moved you to stop you from getting a mauling in General.

Welcome Dave!

On the right you'll find CUK Navigation. >>>>>>>>>

Look down and you'll come to the First Timers section. Have a read through there.

Then pay particular attention to IR35.

If you go into the Accounting/Legal forum you'll discover the thread Basic advice when running your own contractor business.

Guide to Contracts also has some good articles.

Happy reading!

[daveguy2004]

Hi All,

30 odd years old worked in IT for over 10 years just become ccie so i am looking to move into contracting.

Where to start ?

thinking of setting my self up as own company put me and the wife on min salary then receive money through dividend etc.

any tips ?

thanks,

Dave