I've left Giant Powerhouse - advice please..

[plattdh]

Hi,

Following on from the recent communications from Giant, I have today requested my P45.

I have spent a good few hours researching, my head now hursts but I am really none the wiser as to set up and run my own limited company, or to find a decent umbrella company.

I am not IR 35 compliant, and my contract brings in about 60k a year. I have made an appointment to see an accountant this week, but am after some advice beforehand from people that have been in the same boat.

will I benifit from using my own limited company, or am I better off using an umbrella?

Grateful for any advice.

Many thanks

Dan

[Maxamus]

go limited.
Theres been a few people like you in here in the past 48hrs so have a look through the last 30 created threads

[BOBJ]

Just get a ltd company then it is done and dusted. Its not hard and its not expensive - I got mine free as part of some deal, but it really doesn't cost much. There are a number of quality accountancy firms that consistently get good press on here. Mine is SJD, whom I switched to a few months ago - so far so good, there are plenty of others. I wouldn't recommend Three 60 group due to their super high charges - the work they did was fine though.

[plattdh]

Thanks for the response..

Company set up, bank account opened and Accountant chosen.

Still a little bit unsure as to what to pay myself, what to claim for as expenses and the like, but am hoping I will pick it up as I go along. The accountant seems pretty helpful if I have any queries, and I have friends that are contractors, so I should be OK.

I think the problem for people who have used companies such as Giant is that the thought of running the company and paper work yourself is a bit daunting. The more I read and thought about it over the past few days, the more unsure I became

My advice to anyone in the same boat, is to have a chat to any friends who are already contracting, then have a chat with your accountant, and you'll find you were worrying over nothing

Thanks

Dan

[malvolio]

Thanks for the response..

Company set up, bank account opened and Accountant chosen.

Still a little bit unsure as to what to pay myself, what to claim for as expenses and the like, but am hoping I will pick it up as I go along. The accountant seems pretty helpful if I have any queries, and I have friends that are contractors, so I should be OK.

I think the problem for people who have used companies such as Giant is that the thought of running the company and paper work yourself is a bit daunting. The more I read and thought about it over the past few days, the more unsure I became

My advice to anyone in the same boat, is to have a chat to any friends who are already contracting, then have a chat with your accountant, and you'll find you were worrying over nothing

Thanks

Dan

You're paying an accountant, so they should do 99% of the paperwork and explain the bits you have to do. All you have to do is keep track of what you spend and what you earn. It's only a small single-stream company so it's not hard, difficult or very time-consuming and as soon as you think it is, it's time to get a new accountant!