I've got an offer for some contracting work, I've not seen the exact details yet. I was wondering typically what percentage for my hourly rate do I keep? Plus I'll be be able to see if what I'm offered sounds reasonable! It's through an agency and I'd be using an umbrella company. Any other cost I need to consider? Thanks
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Contracting - money question.
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Posted 1 year ago #
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These mickey mouse limited companies are OK but why not go sole trader. Have a look at HMRC http://www.hmrc.gov.uk/selfemployed/tmastarting-up-in-business.shtml it is very simple. Filling in your own tax return is easy.
Posted 1 year ago # -
Google 'IR35 calculator', and start reading up on IR35
Posted 1 year ago # -
AWH. Why not become self-employed and keep all your earnings. AS said above the tax is a doddle now you can join the free seminars at the tax office.
What type of business are you in?Earbyphil
Posted 1 year ago # -
oops wrong login, soz col.
Posted 1 year ago # -
Anywhere up to 83%ish depending how many grey areas or hoops you want to jump through, or have umbrella companies jump through on your behalf.
Posted 1 year ago # -
The hourly rate you get quoted should be the rate you get in my experience the agency fees/charges will be on top of this rate and vary quite a lot depending on which agency you use and which industry you're in.
If you think it's a short term thing then getting a managed company (different to an umbrella company, basically it's your own limited company and you pay someone to run it for you) is not a bad idea as they'll do all your accounts, returns etc for you. I used Boss Solutions the first time I was contract without any problems. Now I've gone back to contracting and plan to stick with it I've got my own limited company with an accountant etc.
Posted 1 year ago # -
Thanks all. The contract is for 6 months working on data for a specific project, but with the possibility for several years more. My skills would be useful on many projects within the company. Depending on how it goes it sounds like setting up my own company is the way to go, or I'll be in an excellent position to apply for permanent positions.
Posted 1 year ago #
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