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Newbie posting about Contracting

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    Newbie posting about Contracting

    Hi all,

    Not sure where to post this, but as this is the welcome area and the others look daunting, I thought i'd ask here.

    After 20+ years working for a big corporation in the UK, I'm seriously considering going it alone into the contract market. I'm still trying to decide whether to focus on my 8 years Integration Architect's experience or revert back to development in Java/JScript/Web space, but it's a nice quandary to have!

    My question? Well, there are several reasons why I'm contemplating the change:
    • I'm fed up with corporate life and 'all that stuff' I have to do for career
    • Would love to earn more money for other investments (other than direct pension); i.e. into housing and financial investment packages
    • Am the type that 'gets on with' any challenge without any concerns or quibbles (and find I fit into most customer engagements)
    • Have several 'ideas' and 'projects' that I haven't initiated yet and wouldn't want to lose IC on.


    I'd like to know more about the last point. If I were to go into contracting with my own LTD Company. I personally need to draw a sensible salary (probably in the 30k mark), but would be keen to build up profit within the company to fund these other ideas. Quite simply, is this allowed and how does this work? I've been unsuccessful in finding any details on this. I.E. I presume companies must be allowed to build up profits and invest them in ideas/solutions/research etc? Is it possible for these profits to buy software, pay for other part time employees/staff, etc? Can they be used in future years to pay time back to me, even though maybe not engaged with a prime contract at the time? I appreciate that I would probably have to demonstrate what that investment has funded; or do I?

    Does this question make sense?
    Is this the right place to post?
    Can anyone provide any advice?

    To potentially help, my ideas involve creating new 'software packages' and/or 'cloud implementations' and some off the shelf libraries.

    Thanks for any advice/help.

    Kind regards

    Carl

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