Hi all - I've found it hard to find the answer to this even though I suspect it's on here somewhere, as I just get too many hits. So - sorry if this has been asked before, I did try and search!
I've got an agent (who I know and think is good) chasing me to apply for a role working at HMRC (I'm a PM). I've been looking for a contract for a few weeks and hence am open to the idea - I usually work in FS and it'd be interesting to work 'on the other side' for a while, and to get public sector on my CV. I've been contracting via MyCo Ltd for over 4 years and I have chosen to operate all my (private sector) contracts so far inside IR35 (on a 'working practices' basis).
What this means is that unlike many others, the fact that the HMRC contract is billed as inside IR35 doesn't put me off because it's not a financial loss for me on a comparable rate when compared with what I've been doing so far. What I'm interested in though is how it would work? Would I be forced through an umbrella company, invoice and get paid net (?) or something else? Up until now, albeit operating within IR35, on a day to day basis I've had control of my company and the money flowing into and out of it. I've paid myself what I wanted, when I wanted, made pension contributions when I wanted, and sorted it all out just in advance of tax year end at which point the deemed employment calculation is due (one of the things this has facilitated is e.g. working 8 months of a 12 month period but smoothing my income and truing it all up at year end - I can't hold any significant funds in the company so I just pay myself everything and hold my 'war chest' outside in my personal name).
I'm assuming though that this will change for an inside IR35 public sector contract. How does it work with invoicing? Will they force me through an umbrella company, pay me 'net' (and will they contract with and hence pay me or MyCo?) I can't seem to wrap my head around how it will work with pension contributions etc (I don't like making them monthly, I prefer to see how the year goes and make a lump sum a the end of the year but am thinking this may not be possible with a brolly?)
Help gratefully received!
EDIT Seriously, I wonder about myself sometimes... NLUK, thanks, yes, entire subforum... I've started reading and can already see how pointless a thread this was to start... sorry folks.
I've got an agent (who I know and think is good) chasing me to apply for a role working at HMRC (I'm a PM). I've been looking for a contract for a few weeks and hence am open to the idea - I usually work in FS and it'd be interesting to work 'on the other side' for a while, and to get public sector on my CV. I've been contracting via MyCo Ltd for over 4 years and I have chosen to operate all my (private sector) contracts so far inside IR35 (on a 'working practices' basis).
What this means is that unlike many others, the fact that the HMRC contract is billed as inside IR35 doesn't put me off because it's not a financial loss for me on a comparable rate when compared with what I've been doing so far. What I'm interested in though is how it would work? Would I be forced through an umbrella company, invoice and get paid net (?) or something else? Up until now, albeit operating within IR35, on a day to day basis I've had control of my company and the money flowing into and out of it. I've paid myself what I wanted, when I wanted, made pension contributions when I wanted, and sorted it all out just in advance of tax year end at which point the deemed employment calculation is due (one of the things this has facilitated is e.g. working 8 months of a 12 month period but smoothing my income and truing it all up at year end - I can't hold any significant funds in the company so I just pay myself everything and hold my 'war chest' outside in my personal name).
I'm assuming though that this will change for an inside IR35 public sector contract. How does it work with invoicing? Will they force me through an umbrella company, pay me 'net' (and will they contract with and hence pay me or MyCo?) I can't seem to wrap my head around how it will work with pension contributions etc (I don't like making them monthly, I prefer to see how the year goes and make a lump sum a the end of the year but am thinking this may not be possible with a brolly?)
Help gratefully received!
EDIT Seriously, I wonder about myself sometimes... NLUK, thanks, yes, entire subforum... I've started reading and can already see how pointless a thread this was to start... sorry folks.
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