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goodpw
21st March 2012, 18:43
Hi All.
I am new to this forum & also new to contracting.
My main area of work is engineering, particularly manufacturing & quality. I have previously worked within an Aerospace supplier who machined wingspars for a well known aircraft manufacturer with a facility in North Wales. Also I have worked for a global manufacturer of Engines & Power generation equipment largely to the mining & construction sector.

I started my contracting career in Feb 2012 & have just (March 2012) set up my Ltd company. The accounts are managed by a 'Specialist accountants for contractors'
& I bank through HSBC.

I hope that I will be able to ask many questions on the best way forward as it is all a bit daunting at the moment. There are no issues with what I do to earn but I am completely in the dark about being financially efficient.
Regards.
Phil.

oscarose
21st March 2012, 19:38
Hi All.
I am new to this forum & also new to contracting.
My main area of work is engineering, particularly manufacturing & quality. I have previously worked within an Aerospace supplier who machined wingspars for a well known aircraft manufacturer with a facility in North Wales. Also I have worked for a global manufacturer of Engines & Power generation equipment largely to the mining & construction sector.

I started my contracting career in Feb 2012 & have just (March 2012) set up my Ltd company. The accounts are managed by a 'Specialist accountants for contractors'
& I bank through HSBC.

I hope that I will be able to ask many questions on the best way forward as it is all a bit daunting at the moment. There are no issues with what I do to earn but I am completely in the dark about being financially efficient.
Regards.
Phil.

Warm greetings,
:wave:

Wanderer
21st March 2012, 22:17
Welcome!


I am completely in the dark about being financially efficient.

You've got a bit of reading to do then. People here don't like answering stupid questions so before you ask, have a read of the first timers (http://www.contractoruk.com/first_timers/) guide and the other links on the right side of the page. :wink

IR35 is an important one, you need to get your contract reviewed to determine your IR35 status - your accountant might do this for free if they deal with a lot of contractors.

Also ask your accountant about VAT registration and the flat rate scheme.

goodpw
22nd March 2012, 18:44
Thanks for the warm welcome.
I did quite a bit of research before talking the leap into contracting, I'm fairly comfortable with the IR35 side of things & have already applied for FR Vat.
I will try & keep the 'stupid questions' to a minimum, but please be gentle as I just can't help it sometimes.
regards.
Phil.

Zippy
22nd March 2012, 20:10
Welcome goodpw :wave:

Most people on here are nice and will help if they can (unless you post a whinge about your contract being terminated and getting compensation). Good luck with your new co.