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Yet Another Newbie With Questions (YANWQ)

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    Yet Another Newbie With Questions (YANWQ)

    Hi,

    been lurking here awhile and have got some great advice. I've left my permie job early July to stay home with new baby for a couple of months.

    I've decided to try contracting as my next step. I have registered a company so far. What are my next steps?

    1. Should i find an accountant now or wait till i have a contract?
    2. Is it ok to leave the company as is while nothings going on or do i need to start doing stuff?
    3. Is IR35 insurance worth it?
    4. Abbey have just announced a Business Account with no fees. Any good? Shall i open it now or wait till i start a contract?
    5. I specialize in Java and Oracle. Anyone have any advice for finding a contract (apart from checking JobServe and here)? Anybody had any luck with direct mailings to banks (say)?

    Thanks

    R

    #2
    1. Yes.
    2. Yes.
    3. No.
    4. Yes.
    5. No.
    Will work inside IR35. Or for food.

    Comment


      #3
      Originally posted by too_many_details View Post
      Hi,

      1. Should i find an accountant now or wait till i have a contract?

      Thanks
      Do it now, our accountant (Upton Accountants) put us on the books and gave us loads of advice, but didn't actually start charging us until we got our first contract.

      Comment


        #4
        Originally posted by too_many_details View Post
        Hi,

        been lurking here awhile and have got some great advice. I've left my permie job early July to stay home with new baby for a couple of months.

        I've decided to try contracting as my next step. I have registered a company so far. What are my next steps?

        1. Should i find an accountant now or wait till i have a contract?
        2. Is it ok to leave the company as is while nothings going on or do i need to start doing stuff?
        3. Is IR35 insurance worth it?
        4. Abbey have just announced a Business Account with no fees. Any good? Shall i open it now or wait till i start a contract?
        5. I specialize in Java and Oracle. Anyone have any advice for finding a contract (apart from checking JobServe and here)? Anybody had any luck with direct mailings to banks (say)?

        Thanks

        R
        1- Wait if you know what you are doing (keeping all receipts etc) but get one if you need someone to answer lots of questions/read your contract and advice etc

        2- Its ok to leave company as is, obviously need to submit end of year for non-trading co too

        3- Yes, but don't do it soon, try out the contracting market (get one or two contracts) then see if you like it? may be you wouldn't like it and prefer to do permie roles?

        4- As good as any, its a bank !!

        5- Jobserve/here are best. Even if you have ex-clients asking you back 99% of the time they will contract through an agency, its to do with liability size of co etc. But nothing to stop you from applying direct if you have the right contacts

        Good luck

        Comment


          #5
          Originally posted by too_many_details View Post

          4. Abbey have just announced a Business Account with no fees. Any good?
          They've not had fees for years.

          Been with them for 5+ years..lots of interest and not a single fee

          Comment


            #6
            1) Yes
            2) Yes
            3) Yes
            4) Yes
            5) <nelson>Ha ha</nelson>.
            ...my quagmire of greed....my cesspit of laziness and unfairness....all I am doing is sticking two fingers up at nurses, doctors and other hard working employed professionals...

            Comment


              #7
              Originally posted by too_many_details View Post
              Hi,
              3. Is IR35 insurance worth it?
              Depends.

              I would say that insurance against the costs of the investigation are worth it. If you aren't insured the investigation could cost you thousands even when they find that you are outside IR35 and don't owe them any tax.

              Is it worth insuring againt the possible tax losses?

              IMHO no as long as you have made sure that your contracts are worded well.

              Comment


                #8
                Thanks guys!!!

                I've just phoned Abbey and they said that i should bring headed notepaper or business cards when i come in to open the account. All i have is the paperwork from Companies House. Any advice?

                Another question following on from the last response, is that is it my responsibility to word the contract or is the agencies?

                Thanks

                R

                Comment


                  #9
                  Letterheads/Business cards for account opening? never heard of it before ... Who do you currently bank with ? Open an account with them if you are happy with their service ... If you need letterheads, business cards etc - www.vistaprint.co.uk do a small number for free - you pay the postage only - typically less than 10 pounds. Else, open a HSBC Business Direct account .. The setup is relatively quick and they AFAIK, don't ask for letterheads etc.

                  About IR35 contract, when you get the contract, get it reviewed by a professional and of course, IR35 is more about the true working practices rather than the paper one ..

                  HTH



                  Originally posted by too_many_details View Post
                  Thanks guys!!!

                  I've just phoned Abbey and they said that i should bring headed notepaper or business cards when i come in to open the account. All i have is the paperwork from Companies House. Any advice?

                  Another question following on from the last response, is that is it my responsibility to word the contract or is the agencies?

                  Thanks

                  R

                  Comment


                    #10
                    I've just spoken to Nixon Williams and they said that they recommend Agency contracts to be reviewed by a 3rd party (Quad?), and not to trust what agents say.

                    Is this what the rest of you do? I mean this in relation to IR35.

                    R
                    Last edited by too_many_details; 14 August 2007, 17:03. Reason: forgot to say about what!!!

                    Comment

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