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New to contracting - advise on accounting service etc.

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    #11
    New to contracting - advise on accounting service etc.

    Originally posted by CaptainBiBop View Post
    Hi, thanks so much for the advice [emoji4]

    Yeah exactly, the situation presented itself and may lead to something more permanent.

    From what I gathered, the difference in Take Home between Umbrella and LTD can be relative significant in this case - I was just wondering how much work is involved with an LTD when e.g., using an accountancy service, it seems that they cover quite a lot, set up, IR35 review, closing the LTD. This makes me believe that it could be worth a try, but I might be very naive and there might be way more involved (timewise and money-wise) that I don't see right now.
    Depends if your gig is inside or outside IR35

    If inside, you can’t use your limited company anyhoo, hence why so important to find out

    If outside and over £450 a day ish then no brainer use limited company, you can setup a company with bank accounts in about an hour,



    Sent from my iPhone using Contractor UK Forum

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      #12
      Thank you - would you then recommend getting it professionally reviewed e.g. by a company like IR35 Contract Review from the IR35 Experts - Qdos Contractor

      Most of the accountancies offer this Review Service but obviously I need to have started working with them for the Ltd first.

      The day rate would be more around 350.

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        #13
        Why do you keep asking questions that have already been answered? Why are yo ignoring the advice that's been given already?

        Have fun.
        Blog? What blog...?

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          #14
          Thanks to everyone! That really helps - a lot to get the head around and not the easiest times to do a contracting Job! I will get a IR35 and take it from there

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            #15
            Originally posted by CaptainBiBop View Post
            Thanks to everyone! That really helps - a lot to get the head around and not the easiest times to do a contracting Job! I will get a IR35 and take it from there
            As already stated, if the job is declared inside IR35, you have no choices in the matter. Fundamentally, you came to contracting in the UK 20 years too late, but no matter, good luck. A great many of us have simply given up, I went overseas to escape and am now retiring. It's (UK contracting) just not worth it any more IMO.
            Public Service Posting by the BBC - Bloggs Bulls**t Corp.
            Officially CUK certified - Thick as f**k.

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              #16
              Yeah it seems like it and as if it’s not worth the hassle if it’s likely a temporary endeavor.

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                #17
                Why?

                Originally posted by CaptainBiBop View Post
                Yeah it seems like it and as if it’s not worth the hassle if it’s likely a temporary endeavor.
                I am in the same situation starting to contracting. I really wonder why you say it is too many hassles now in UK? I have the choice to do via UK or Dutch. UK seems more beneficial. And of course when talking about ltd option, that would be outside IR35

                Much appreciated if someone can help me understanding why it is too much hassle and what are the hassles?

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                  #18
                  Originally posted by Orangecat View Post
                  I am in the same situation starting to contracting. I really wonder why you say it is too many hassles now in UK? I have the choice to do via UK or Dutch. UK seems more beneficial. And of course when talking about ltd option, that would be outside IR35

                  Much appreciated if someone can help me understanding why it is too much hassle and what are the hassles?
                  Re-read this post:
                  Originally posted by GhostofTarbera View Post
                  Depends if your gig is inside or outside IR35

                  If inside, you can’t use your limited company anyhoo, hence why so important to find out

                  If outside and over £450 a day ish then no brainer use limited company, you can setup a company with bank accounts in about an hour,
                  So find out if the contract is inside or outside IR35, then you'll know.
                  "I can put any old tat in my sig, put quotes around it and attribute to someone of whom I've heard, to make it sound true."
                  - Voltaire/Benjamin Franklin/Anne Frank...

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                    #19
                    Originally posted by cojak View Post
                    Re-read this post:


                    So find out if the contract is inside or outside IR35, then you'll know.
                    What do you mean? I mentioned in my post it’s outside IR35.
                    And I am mainly want to understand what’s the hassle people are talking about as I am new... a conclusion would not help me to understand and judge myself if it is hassle for me ? Or do you mean judging inside/outside ir35 and if that’s over 450 is hassle? Much appreciated if someone could explain what are the hassles?

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                      #20
                      Originally posted by GhostofTarbera View Post
                      Depends if your gig is inside or outside IR35

                      If inside, you can’t use your limited company anyhoo, hence why so important to find out

                      If outside and over £450 a day ish then no brainer use limited company, you can setup a company with bank accounts in about an hour,



                      Sent from my iPhone using Contractor UK Forum
                      I'd like to point out that setting up a bank account certainly isn't an hours job - well the initial application maybe, but there'll be proofs and bank checking to go on which usually takes 2 weeks or more. BUT it's accepted in the industry that if you've just set up a limited then you can take your first payment into your personal account and push it into the business bank when it's ready. I haven't tried it though

                      And overall I would say: there's an awful lot of naysaying on this forum, a lot of success that doesn't enjoy company, but entrepreneurialism is all about sticking your neck out when everyone else is being conservative. It's not let me down and the times in work have greatly outweighed the times without. Rather 6 months out looking for a contract than a year of permanent work and I suspect many others here would agree. Well, except for the naysayers.
                      ⭐️ Gold Star Contractor

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