New to contract World

[NiceGuy]

Hi there,
I am new to the contracting world and have been permi for last 8 years and have offered a 6 month contract with possibility of long term extension. I know the client and got the offer of £500 per day and there is no agency involve. Would you guys please let me know if I go with Umbrella company to start with how much I would take home. I would appreciate if you have some tips or advice on offer.

Cheers

[cojak]

Hi NiceGuy.

Have a look at the Umbrella calculator. Umbrella Company Tax Calculator

There are a number of umbrellas advertised here, give them a call to find out their fees.

As for advice, take a look at http://forums.contractoruk.com/accou...-business.html and first timers guides.

http://www.contractoruk.com/first_timers/

[northernladuk]

I would advise you forget the extension aspect completely and don't get your hopes up. People have been binned in the reception area on their first day. As a contractor you don't have anything until the ink has dried on the contract and you are sat at a desk at the client and even that can be taken away from you in a day.

[northernladuk]

And the other piece of advice is make sure you have a large warchest. Should the worst happen and this falls through or you don't get your extension you could be on the bench for a good number of months, particularly if you are new to contracting.

[mudskipper]

At £500 a day for 6 months, it's worth considering ltd. Read the newbie guides ---->

[northernladuk]

Out of interest how do you know the client? Wouldn't be through your current role leading to possible handcuff problems would it?