Newbie.

[goodpw]

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]

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,

[Wanderer]

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 guide and the other links on the right side of the page.

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]

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]

Welcome goodpw

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.