Contracting ideas and recommendations

[retyfraser]

I've recently recd a Contracting job offer with a bank. I have been advised by my friends on setting up a limited company, pay yoursel dividend, minimum salary which means max take home.

I have been referred to SJD accountancy and contractor genie.

Can someone provide me some references or suggestions please.

[LisaContractorUmbrella]

Before doing anything else - check out your IR35 position - unless you are outside you have no entitlement to draw dividends. There's loads of information about IR35 on the forum and also about SJD if you decide to go that way

[Sausage Surprise]

Other cheaper accountants are available....

[northernladuk]

This has got to be a wind up surely. They Op doesn't even know what he needs to do to get paid let alone have a clue what IR35.

OP read the newbies guides right and go look on the SJD website. There is a ton of information about what you should be doing.
With this level if effort and ability I would suggest you go umbrella while you get yourself a clue. Call Lisa at Contractor Umbrella.

[convict]

I've recently recd a Contracting job offer with a bank. I have been advised by my friends on setting up a limited company, pay yoursel dividend, minimum salary which means max take home.

I have been referred to SJD accountancy and contractor genie.

Can someone provide me some references or suggestions please.

Just remember that one day the contract will end. Then what will you do? Ask yourself honestly, are you cut out for contracting?

[Martin at NixonWilliams]

I've recently recd a Contracting job offer with a bank. I have been advised by my friends on setting up a limited company, pay yoursel dividend, minimum salary which means max take home.

I have been referred to SJD accountancy and contractor genie.

Can someone provide me some references or suggestions please.

Hi,

As Lisa says, the first thing you need to consider is the IR35 status of your contract. I would recommend having your contract reviewed by a specialist - QDOS, Abbey Tax and Bauer & Cottrell are often referred to on these forums.

Aside from that, have a read of the very useful guides to the right hand side of this page and if that isn't enough, there are plenty of free guides on our website that you are free to read though to understand the key areas to consider when running your own company.

I hope this helps.

Martin

[ChimpMaster]

Just remember that one day the contract will end. Then what will you do? Ask yourself honestly, are you cut out for contracting?

Exactly. Are you prepared for the harsh reality of contracting? What looks like a lot of money will quickly become a noose around your neck unless you are able to run the company, stay on the right side of HMRC, keep your clients happy and keep yourself contracted enough months of the year.

I must say I didn't think banks were still hiring onshore contractors

[malvolio]

Contracting ideas and recommendations

The other piece of required reading is this one...

[tractor]

...

I've recently recd a Contracting job offer with a bank. I have been advised by my friends on setting up a limited company, pay yoursel dividend, minimum salary which means max take home.

I have been referred to SJD accountancy and contractor genie.

Can someone provide me some references or suggestions please.

So many people do this before asking themselves the following questions;

• Do I know how to run a successful business?
• Do I understand the obligations of running a business?
• Am I financially prepared for the transition?
• Do I understand IR35 and the implications of being inside it?
• Do I understand the law as it applies to corporations, VAT, PAYE, GAAP and contracts?

• Can I afford enough professional advice to mitigate the gaps?

If you cannot answer yes to all of the above or at least the last point, then you are exposing yourself unnecessarily. Advice from friends really does not cut it. You only have to look at a forum such as this in any depth to see that there are many conflicting and opposing opinions about all sorts of matters that relate to running a company including expenses, VAT, IR35, contracts, agency conduct regs to name a few.

[AptoAccounting]

Give 'em a call

Here is some more helpful pragmatic advice...

You don't need to know to be a tax, accounting or employment law expert to be able to set up and run your own business successfully. But I would make sure you pay for a good accountant to keep you honest!

My advice is simple: pick up the telephone to a chartered chartered accountant and ask them to advise on the options for your specific circumstances.

Good luck and I hope the other posters haven't frightened you away from contracting! :-)