Hi folks,
I just got my first contract, start date in Jan 2006. I've been looking around various sites and a lot of the information is somewhat confusing. So, if those out there with more experiance could answer a few question or give some advise I'd be greatfull.
1 : Limited company or Umbrella? Pro's and cons. Bearing in mind I have no idea about tax etc at the moment.
2 : IR35, how the hell does this work, and how can I make sure I dont get clobbered by it? It looks like it could cost me £1000 a month in tax.
3 : Accountancy services, should I go with a big name or stick to a local accountant's firm.
4 : Company bank account. The high street banks are sharks, any advise on a better option?
5 : Managing finances. Any gotcha's I should look out for?
I know this is a lot of stuff but I was't expecting to get a contract on my first time out, so to speak, and I've had less time thatn I thought to research it all.
DB
I just got my first contract, start date in Jan 2006. I've been looking around various sites and a lot of the information is somewhat confusing. So, if those out there with more experiance could answer a few question or give some advise I'd be greatfull.
1 : Limited company or Umbrella? Pro's and cons. Bearing in mind I have no idea about tax etc at the moment.
2 : IR35, how the hell does this work, and how can I make sure I dont get clobbered by it? It looks like it could cost me £1000 a month in tax.
3 : Accountancy services, should I go with a big name or stick to a local accountant's firm.
4 : Company bank account. The high street banks are sharks, any advise on a better option?
5 : Managing finances. Any gotcha's I should look out for?
I know this is a lot of stuff but I was't expecting to get a contract on my first time out, so to speak, and I've had less time thatn I thought to research it all.
DB
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