Got a 3 month gig. Which route do i take for payment. I do not have a LTD but is it worth setting one up for a 3 month gig. There is always the possibillity that it could be extended or is it easier to go via umbrella company?
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You might get a sensible answer in the Accounting/Legal Forum, you may equally be told to search because it has been covered to death.
However, because you would be searching using common terms, the results would probably yield a large number of results that are not relevant to your question so I will be charitable.
The general opinion is that it is not worth setting up a Limited Company if you will be contracting for less than one year, so it depends on your reason for contracting.
You can start with an Umbrella then switch to Limited Company mode down the line if you decide you will stay contracting beyond the initial contract*
*I am not an Accountant or a Lawyer etc etc. The government may change the rules at any time making the advice you receive today invalid etc etc. -
Well done! BoomedOriginally posted by Slumdog View Post
Errm.....Originally posted by Slumdog View Post
Probably not worth setting up a Ltd JUST for a 3month contractOriginally posted by Slumdog View Post
Quite. and then it may well prove that you would have been better off setting upa Ltd in the first place...... and even if this gig doesn't get extended are you intending on Contracting in future......Originally posted by Slumdog View Post
"Easier" - Well its not particularly hard going via Ltd but a bit more fuss and bother plus a few costs... but over the mid-longer term (many people think) Ltd is "best"......Originally posted by Slumdog View Post
Many people will shout and yell that you MUST go Ltd blah blah blah but its really your choice..... I go LtdComment
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Good post Drewster. I went down the umbrella route for my first 6 month contract then got fed up of the umbrella company having control over how much and how often I got paid (not to mention the admin 'cock-ups' along the way). After that episode I decided to set up a Ltd company and to be honest, it was the best option for me. Just make sure you use a good accountant.Originally posted by Drewster View PostI'm better than dirt. Well, most kinds of dirt, not that fancy store-bought dirt... I can't compete with that stuff.Comment
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I intend to stay in contracting so I may as well start off as a LTD then.Comment
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That's a reasonable viewpoint, fortunately setting up a Ltd is a pretty quick and effortless process.Originally posted by Slumdog View Post
As the others have said find a good accountant, there are plenty of them about and some of the posters on CUK can recommend national services.Comment
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I'd set up the LTD if you intend to continue contracting.
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The woman in the advert doesn't look like most contractors I've seen.Originally posted by Money Money Money View PostComment
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get client co. to pay me
- i'll screw up your accounts
- i'll take no responsibility for chasing late payments as good as any umbrella
- i'll then pay you a figure minus PAYE, my fee's and any debentures you feel you can claim (chef co. allows all debentures you care to dream of with the caveat that if HMRC disgaree then we do too)
PM if your interested, much cheapness plenty quickness (unless it's a weekday and/or some weekends)The proud owner of 125 Xeno Geek PointsComment
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