limited company - can someone spell out the steps?

[rasputnik]

Hi all, brand new noob to contracting.

I've got an offer of work, supposed to be starting next week.

it's a £400/day job and everyone i speak to (including mates already at the client) says to go limited vs. umbrella (which was my first thought, as i have no clue about employment law). It's a 6 month gig
with potential to be extended, but I'd be just as happy to work as a free agent once this job is done.

So I've got a bit of a flap on trying to get everything done asap. Think it makes
sense to do as much as poss. this week as i'm not currently employed.

Here's my checklist, have i missed anything important?

• get a contract accountant (recommendations greatly appreciated)
• get draft contract for them to look over, amend, whatever
• form limited company
• get business bank account (less rush for this as won't be paid for a few weeks - again )
• ???
• profit!

Does that sound like the right order to do things in? Sorry if this is obvious,
I've been reading FAQs all weekend but a bit of hand holding would go a long way Thanks!

[northernladuk]

Here's my checklist, have i missed anything important?

• get a contract accountant (recommendations greatly appreciated)
• get draft contract for them to look over, amend, whatever
• form limited company
• get business bank account (less rush for this as won't be paid for a few weeks - again )
• ???
• profit!

Does that sound like the right order to do things in? Sorry if this is obvious,
I've been reading FAQs all weekend but a bit of hand holding would go a long way Thanks!

Check the thread out linked below and learn how to use the search. Everything you ask here has been asked infinitum. More importantly a crap load of stuff you haven't thought of can also be found.

http://forums.contractoruk.com/welco...uk-forums.html

Also read the newbies guides to the right -->

Look for the basic advice sticky in the accounts section.

Look for the accountant recommendation threads in the accounts section.

[rasputnik]

Everything you ask here has been asked infinitum. More importantly a crap load of stuff you haven't thought of can also be found.

Yeah I thought that might be the case - cheers, I'll trawl through it now.

[northernladuk]

Yeah I thought that might be the case - cheers, I'll trawl through it now.

Don't forget to get your contract checked by the likes of QDOS/B&C. Lots of posts on this process. Try searches for 'contractor review' or just use 'QDOS' or something. Lot's of discussions about working practices trumping contracts and IR35 pointers to digest.

[northernladuk]

Here are a couple of guides for you to digest as well...

Brochures & Guides | Nixon Williams

[Craig at Nixon Williams]

A good first step would be to appoint an accountant - most will form a company for you for free, help you sort out a bank, put you in touch with IR35 specialists for your contract and give you advice on setting up tax efficiently.

Speak to a few accountants - the one that can explain things in a way that you understand is the one that you will find the most helpful in the long run!

[Wanderer]

• get a contract accountant (recommendations greatly appreciated)
• get draft contract for them to look over, amend, whatever
• form limited company
• get business bank account (less rush for this as won't be paid for a few weeks - again )
• ???
• profit!

Does that sound like the right order to do things in? Sorry if this is obvious,
I've been reading FAQs all weekend but a bit of hand holding would go a long way Thanks!

Yep you are on the right track, there is a lot to learn and much of it is not very intuitive.

There are accountants who post and/or advertise on this forum and believe me they wouldn't last long if they weren't at least half decent. The accountant is the best one to setup your company for you. Ask them if they can do the bank account as well because some of them have a relationship with a particular bank whereby they can get you up and running with minimum hassle.

Definitely get your contract reviewed for IR35 compliance because at that rate you are charging it will make a big difference to your take home. Some accountants will do this for you though people on this forum often recommend a specialist IR35 review service by someone like QDOS or Bauer & Cottrell. You will probably have to get professional indemnity insurance for your company too, I suggest you have a look at https://www.pcg.org.uk/ who can sort you out with a bunch of stuff.

NLUK has pointed out a lot of good stuff, also have a read of Noobie contractor mistakes and understand the opt out of your statutory rights that the agency will be very eager for you to sign...

Seems a bit daunting at first but badger your poor old accountant for answers to your questions, do your research and come back here if you want to discuss the options. Don't ask really basic questions though or you will get beaten up.

[Scruff]

Find a contract

You can form the Company yourself for £15 on Companies House website in ten minutes

Open a bank account online in another twenty minutes HSBC

Appoint an Accountant afterwards but before starting trade...