anyone uses NoLongerLimited?

[thepanadol]

I am new to contracting, and am currently going thru nolongerlimited.com for my invoicing....anyone using them???

can i change companies mid-way thru my contract??? is it going to complicate tax a lot?

if it is not, any recommendations?

[MisterGoof]

Whats the problem with them ?

Had a quick look at the website and found this?

Subject to IR35?
If your contract is subject to IR35, our strategy involves a comprehensive expenses policy, enabling you to claim more than the 5% basic level that is standard. Using this methodology, net returns have been as high as 70% of total revenue (including our fee) – substantially more than the 59% commonly offered.

Looks like they are either breaking IR rules (unlikely) or just mis-leading people as many brollies appear to do.

Whats your gripe with em thepanadol ?

Have you considerd setting up a Ltd ?

[thepanadol]

I am new to contracting,and was recommended by my agency to use them...

they are charging like 5% of my invoices before tax, and also they are rather slow in payment? I will get my full pay on 10 Sept for my work in August (is that normal?)

haven't looked into limited company, as I am just totally lost with these tax stuff.

and pointers?

my current contract is outside IR35.

I am also considering starting some sort of business here, if I do set up a limited company, i can use it for my other business too right?

what other options do I have? and costs involve?

[MisterGoof]

An accountant (specialisinh in IT contracting) could deal with ALL the tax stuff, for between £50 and £70 pm + VAT.

The same accountant could set up a Ltd for you for between £0 and £150.

You probably run all your business affairs through the one Ltd, but an Accountant would best be placed to answer that.

I'd suggest contacting an accountant and asking as may questions as possible. It can only enhance your knowledge to enable you to make a decision.

I seems to me that you are paying way too much to the brollie and not reaping the advantages of being a Ltd and being VAT registerd.

I've mailed you re my accountant, there are plenty of others that post here or provide introductions www.4contractor.com.(Do I get £5 for that Rhino ?)

MG

[thepanadol]

Thanks heaps for that. I will contact them

What about invoicing and other adminstrative issues? currently the money goes thru to nolongerlimited, and hten to me.

If I have the limited company set up, the money comes straight to my compnay account, and my account to let me know how much tax i have to pay each month? or is it on a yearly basis?

[MisterGoof]

The flow would be something like

Money from Customer to Company bank account
From bank Account to : You, Inland revenue (Tax an NI), VAT (quaterly probably).

I'm caught by IR35 and not willing to risk the wrath of the IR so I Invoice monthly the take off 5% (gen expences), take off pension (employer contributions), take off traveling/subsistance and then pay myself the rest less Tax, Employers and Employees NI.

Although my situation is different from yours the process will be similar. Money IN , Pay youself (salary , dividends, pension), give some to the government (TAX, NI and VAT).

It might seem a bit daunting but after a couple of months it becomes straight forward.

Good luck

MG

[fiddleabout]

I've mailed you re my accountant, there are plenty of others that post here or provide introductions www.4contractor.com.(Do I get £5 for that Rhino ?)

You might have got 5p if you'd got the url right

It's www.************.co.uk and there's a link at the top of this page.

Nearly got it wrong myself

[tim123]

Re: paid on 10 Sept !

I would think that this is the minimum length of time a brolly can take to pay.

You tell them your hours on the first of the month, they invoice the agency. Even if paid straight away the banking system makes this take 3 days to arrive and even if the brolly then pay you straight away the banking system makes this take three days to arrive for a total of 6 working days wasted by the banks, but there's bound to be a weekend in between so there's 8 elapsed days.

So inform agency on 1 sept, get money on 9 sept is the absolute minimum possible time for two normal bank transfers. Getting money from a brolly this quick seems to me to be bloody good going.

Note that you can do the transfers quicker but it costs.

tim