War chest Almost Depleted and Getting Desperate War chest Almost Depleted and Getting Desperate
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  1. #1

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    Default War chest Almost Depleted and Getting Desperate

    After having a second long stint on the bench in 2 years I have about 2 months left in the warchest and am incredibly stressed about what the next 4 weeks hold. I'm trawling job sites daily, and have recently been applying for permanent jobs, as well as non- project management/ Analyst jobs which still pay a daily rate. The next step after this is perhaps dipping into my credit card/ extending my overdraft for a month. Desperate times....I also had to factor in that I will still be paying myself a monthly net salary and due to pay my director's loan of £2k back next month, which I believe incurs a 32.5% charge if paid back late.

    I am finding it increasingly more difficult each day to stay positive and concentrate on searching for gigs, as well as relaxing and thinking of anything else BUT getting work. I'm also not sure what the implications are for my limited company if I were to take a permanent job, or even a temporary hourly PAYE one.... admin if that's what it comes to. Would I need to close the company? Stop paying a net salary or pay more tax? Has anyone else been in a similar position and how did you get through it/ handled it?

  2. #2

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    Don't stress yourself out over closing the company. As long as you've the money for all the taxes then it's a very basic process. What would be the most efficient way may depend on what you do next but you can leave the company open for as long as you like even if you are employed.

    Keep your focus on finding work and getting back on your feet. Worry about closing the company later.

    Just pay the loan back before the due date so you don't incur the charge. Will get messy and stress full if you don't.

    Good luck.
    'CUK forum personality of 2011 - Winner - Yes really!!!!

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    Pay the loan back now. Then you can borrow against it 31 days later if you need to.

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    Retain quick as a scrum master / agile

    PM roles are dead - I know good people out for a year now !!!


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    Quote Originally Posted by GhostofTarbera View Post
    Retain quick as a scrum master / agile

    PM roles are dead - I know good people out for a year now !!!


    Sent from my iPhone using Contractor UK Forum
    I've heard that too. Worth looking into... seems to be no end of UX researcher/ designer roles out there as well.

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    Quote Originally Posted by WordIsBond View Post
    Pay the loan back now. Then you can borrow against it 31 days later if you need to.
    So the 31 days starts from the day you pay the loan back rather than from the date it is due?

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    Quote Originally Posted by Tractor Trace View Post
    So the 31 days starts from the day you pay the loan back rather than from the date it is due?
    From when you pay it back. Its the new bed and breakfasting rules. Stops you taking end to end loans that HMRC will see as icome. Don't be taking loans from money you owe the tax man though.
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    Quote Originally Posted by northernladuk View Post
    From when you pay it back. Its the new bed and breakfasting rules. Stops you taking end to end loans that HMRC will see as icome. Don't be taking loans from money you owe the tax man though.
    No, I won't be. I've accounted for tax and the loan already so taking the loan out again after 31 days sounds like a viable option. The only outstanding payment will be for POA - personal tax to be paid in July. I
    would hope that I have secured a gig before then... although I have learnt the hard way to always expect the unexpected. I'm speaking with my accountant next week so I'm hoping he might give me some advice also.

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    Quote Originally Posted by Tractor Trace View Post
    No, I won't be. I've accounted for tax and the loan already so taking the loan out again after 31 days sounds like a viable option. The only outstanding payment will be for POA - personal tax to be paid in July. I
    would hope that I have secured a gig before then... although I have learnt the hard way to always expect the unexpected. I'm speaking with my accountant next week so I'm hoping he might give me some advice also.
    Oh excellent. I was a bit worried you didn't have an accountant. Advise them your plans of going permanent. They may have a more efficient solution to manage your money as paying wage might not be the best method of extracting funds if you are going to go perm for example.
    'CUK forum personality of 2011 - Winner - Yes really!!!!

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    After my first contract ended, I was in a similar position to you. I was benched and getting desperate. I ended up doing one perm interview but not getting it. I just persisted and finally after 5 stressful months I got my gig. It started the ball rolling for a few very lucrative years to follow. If I hadn't of persisted, I wouldn't be in a comfortable position I'm in now. I just kept plugging away. What got me through it was my conviction that I wasn't going to return to perm (I probably wouldn't have taken that one perm I went for). I knew what i wanted and nothing was going to stop me. Horrible 5 months but as I say, worth it. I got my gig just as my warchest was drying up.

    My advice is to stick with it (if contracting is really what you want) but also look after your own health. That's priority.

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