Permanent to Contracting - When to hand in notice?

[TheFaQQer]

Hand in your proper notice when there's a contract and spend a month getting your company formed, VAT registered, business bank account and accountant in place. An accountant can do all of that for you if you like.

Some of these things happen in serial so you should find you arrive out of that month ready to go and with a nice clean break.

I remember how delays of a few days feel like weeks when you're raring to get going but no one's going to pull the rug if they can see you're making proper progress.

Well that sounds like bollocks for starters.

[PurpleGorilla]

Well that sounds like bollocks for starters.

That's how I did it. Worked for me.

[TheFaQQer]

That's how I did it. Worked for me.

If you get the contract and then string the client along for a month while they wait for you to get ready, and they don't move onto someone else then you are lucky.

[PurpleGorilla]

If you get the contract and then string the client along for a month while they wait for you to get ready, and they don't move onto someone else then you are lucky.

No, I am immensely talented and in a niche field that is hugely in demand.

[TheFaQQer]

No, I am immensely talented and in a niche field that is hugely in demand.

So hardly a typical example

[PurpleGorilla]

So hardly a typical example

Lol, I guess not! 😉

[mokster]

A quick update - I've gone back to the client (via the Agency) suggest a start date in Jan and they have come back to ask me to start a week earlier than the suggested date. I've provisionally agreed based on seeing a confirmation of the work order. This mean I'll likely need to hand-in my notice before seeing the contract, unfortunately. But this is probably an "acceptable" risk, I think.

I have decided to go down the "easy" route of getting an accountant to set everything up (ltd, VAT, etc...) except the bank account for me, and will initiate the process as soon as the confirmation of work order arrives in my inbox.

One question to the experienced contractors, do you register your ltd address to your home address (with mortgage) or to your accountant's address and use your home address as the correspondent address? What's the advantage / disadvantage of either? My concern using my home address as the ltd registered address is the implication on my existing mortgage.

Fingers crossed, I'll be starting a new chapter in the new year. Quite looking forward but feels a bit daunted.

Thanks all!

[TheFaQQer]

One question to the experienced contractors, do you register your ltd address to your home address (with mortgage) or to your accountant's address and use your home address as the correspondent address? What's the advantage / disadvantage of either? My concern using my home address as the ltd registered address is the implication on my existing mortgage.

I'm not convinced that having your home as a registered office would impact your mortgage, but you should also check the deeds to see whether there is anything in there that prohibits you from running a business from home (for example my in-laws can't brew alcohol at home, and I'm not allowed to run a brothel, so plan B is out...)

I use my home address as the registered office and haven't had any problem with doing so. My previous accountant would charge for the service so that was one reason I didn't do it, though.

[PurpleGorilla]

A quick update - I've gone back to the client (via the Agency) suggest a start date in Jan and they have come back to ask me to start a week earlier than the suggested date. I've provisionally agreed based on seeing a confirmation of the work order. This mean I'll likely need to hand-in my notice before seeing the contract, unfortunately. But this is probably an "acceptable" risk, I think.

I have decided to go down the "easy" route of getting an accountant to set everything up (ltd, VAT, etc...) except the bank account for me, and will initiate the process as soon as the confirmation of work order arrives in my inbox.

One question to the experienced contractors, do you register your ltd address to your home address (with mortgage) or to your accountant's address and use your home address as the correspondent address? What's the advantage / disadvantage of either? My concern using my home address as the ltd registered address is the implication on my existing mortgage.

Fingers crossed, I'll be starting a new chapter in the new year. Quite looking forward but feels a bit daunted.

Thanks all!

As soon as ltd co is registered get the bank ac - as you need that set up before VAT FRS. And it all takes time. Especially this time of year.

[TheFaQQer]

As soon as ltd co is registered get the bank ac - as you need that set up before VAT FRS. And it all takes time. Especially this time of year.

You don't need a bank account to register for FRS - there is no space on the VAT600FRS to enter the details.

You don't need a bank account to register for VAT, but you do need to be in the process of doing so, as you just send copies of the correspondence between the company and the bank with your VAT1 form.

And if there is likely to be a gap between when starting the company and the contract start, you may be better off waiting so that you get the longest possible time for your 1% FRS discount in the first year of VAT registration.