MegaSack DRAW - This year's winner is user - rgwb
We will be in touch
Having just been made redundant after 5 months in a new job, I'm considering going contracting for a while.
What do I need to know? I've been a perm through my whole career so this is new territory for me. Advice around tax especially welcome.
That's a good site donald
Find and get a contract first. And then you can get a Ltd company set up in a couple of days.
They always call you in too soon.
They won't have your machine/ID set up.
So you normally have to spend a month (at least) bored shitless reading their crappy documentation trying to look keen and busy.
It pays well but it kills your spirit.
SB
Ltd Co, accountant (mail me for rec), 3rd party liability insurance to amount required by contract, employer liability etc (Caunce O'hara were good others avilable), Company bank Account (Cater Allan recomended), VAT registration (*suggest going flat rate - less hassle and you can make a profit), do not be a ***t and pay your wife 25k a year for having a bottom, do NOT EVER lie to or piss about the Vat man, do not believe anything till you have a signed copy.
[i]do NOT EVER lie to or piss about the Vat man[/i]
Go FRS (Fixed Rate Scheme), then you don't even need to account for it.
When you have a contract talk to Danbro (who will also offer you a Cater Allen business bank account - another recommendation here) about a Ltd Co.
Do EXACTLY what Danbro tell you vis-a-vis paying HMRC etc and you should be fine.
So far so good here!
Thanks guys. So from what I'm hearing the consensus is to get a contract first then set up a Ltd co quickly rather than using an umbrella company. Appreciate the recommendations for support services. i.e. Danbro.
All the above advice is good, especially the month being bored sh1tless reading documentation lol The other option not mention is using an umbrella company. Network One are pretty good and painless to deal with. As somebody said above if you do go with your own limited company don't ever ever **** the VAT man about!!!
Oh and the other bit of advice prepare to be vilified as tax avoiding scum! 😀
Re Network One you'll keep about 82% of what you earn avoid Giant like the plague they are utterly useless
Juliana are you there? If so can you drop me an email please, my address is in my profile