Starting Out

[VimFueago]

Hi, been an employee all my life, and worked in software for last 20yrs. For various reasons I took a break, and recently ready to start work again.

A previous employer offered me a contract, if I wanted it, and it sounded what I needed, be able to manage my own time, pick and choose hrs etc.

​​​​​​I have financial security, no kids, mortgage paid off, so have decided to go for it.

It's outside IR35, via an agency. I needed to set up my own Ltd company, business bank about, suitable insurances, which I have all done, and I'm ready to start in a week or so.

There is still plenty I need to do, but that's enough it seems to start contracting and getting paid I to my business account, so that's what I prioritized.

Now I need to work out how to may myself and all the "getting paid" stuff.

how would people suggest I progress from here? This is all really new to me, so please, no jargon or acronyms!!!

Many thanks.

 

[NotAllThere]

Look over there ----------------------------------------------------------> and follow the link "First Timers".

Oh and then get an accountant. Follow the recommendations people give here.

 

[wattaj]

Look over there ----------------------------------------------------------> and follow the link "First Timers".

Oh and then get an accountant. Follow the recommendations people give here.

Or here.

 

[Snooky]

It's outside IR35, via an agency

I'm not saying it's not outside, but please be very vigilant about who made that decision and on what basis. The inside/outside thing is a real minefield and, if they're mistaken, it could be you who gets stitched up. I recommend an independent assessment in addition to whatever status determination the client has made.

 

[northernladuk]

A previous employer offered me a contract, if I wanted it, and it sounded what I needed, be able to manage my own time, pick and choose hrs etc.

Very rarely works like that I am afraid. Funnily enough people also quote flexibility as a benefit but you get so consumed by billing you often find you'll do whatever you have to and that flexibility element disappears as well.

It's outside IR35, via an agency. I needed to set up my own Ltd company, business bank about, suitable insurances, which I have all done, and I'm ready to start in a week or so.

There is still plenty I need to do, but that's enough it seems to start contracting and getting paid I to my business account, so that's what I prioritized.

Now I need to work out how to may myself and all the "getting paid" stuff.

how would people suggest I progress from here? This is all really new to me, so please, no jargon or acronyms!!!

Many thanks.

What everyone else has said but also google it. Everything you ever want to know about contracting has been documented somewhere.

When you want to know specific questions then you can search the forums using the google method. In Google type <keywords> site:forums.contractoruk.com

For example. You were probably introduced to a term called 'Opting out' which you probably didn't understand. so type 'opt out' site:forums.contractoruk.com