Lots and lots of usefully information.
I'm currently working for an agency for a main contractor through my limited company.
My agency have been messing me about and I've decided, with the help of the commercial manager to skip the agenc, make a couple of pound more myself and save the company a couple of pounds, and sub contract directly for the main contractor which would become my first client. I will also take the other 4 agency staff on to my books.
I have agreed terms, though not in writing of billing them every 30 days and then a 14day payment, so even if they don't pay me for 30 days I'm still only waiting 8 weeks.
I have enough money to cover the first 10 weeks for all 4 employees I plan on taking through my books, so whilst tight cash flow shouldn't become an issue.
I'm doing it this way as a soft start to make sure I have all the tax and paperwork issues sorted. I've on this project for another 8 months, so I appreciate I'm going to have to start looking for work for the other guys straight away. To begin with I'm going to continue working myself, to aid with cash flow whilst I get a few more people on the books.
Going with the attitude that accountants and solicitors are going to rip you off
Whilst it may have come across like that, I didn't mean them ripping me off. All I mean is that I've been working as a ltd company for couple of year, and whilst my accountant seemed relatively good he didn't really realise bits about construction such as CIS so I've been blindly following my accountant and not really ticking all the boxes, and whilst I've managed to avoid any issues with the taxman, when I start employing other people it's not just my life it might mess up.
Hence why I want to know what I need to ask for before going to accountants and solicitors.