3 contracts simultaneously 3 contracts simultaneously
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  1. #1

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    Default 3 contracts simultaneously

    I have secured 2 contracts, one via my limited company, the other via umbrella. I was headhunted today for a third contract who are flexible with regards to hours as it is part time - this one will be through the companies payroll.

    What would be the implications of taking on all 3 contracts at once? Is it even worth carrying out the 3rd contract due to extra tax?

    I do think it is wise to take all offers as who knows what the future entails.

    Any thoughts are much appreciated!

  2. #2

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    Yes, take all three if you can.

    Those you put through your Ltd Co you can just choose not to withdraw if you can live off the umbrella earnings, giving you a nice warchest.

    Perfectly feasible to submit zero PAYE returns for a while - just tell your accountant (assuming they do your payroll for you) that you're not drawing a salary or dividends for x months.

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    For as long as the marginal rate of taxation is less than 100%, it is better to earn than not...
    I was an IPSE Consultative Council Member, until the BoD abolished it. I am not an IPSE Member, since they have no longer have any relevance to me, as an IT Contractor. Read my lips...I recommend QDOS for ALL your Insurance requirements (Contact me for a referral code).

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    How does working hours work. You've only indicated the third one is part time. The other two are full time and you are just going bill for time spent on the other contract? Billing 100 hours per week in total?
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    Quote Originally Posted by northernladuk View Post
    How does working hours work. You've only indicated the third one is part time. The other two are full time and you are just going bill for time spent on the other contract? Billing 100 hours per week in total?
    I've done two and a half contracts in one go and it was all remote, like things are now, so it's perfectly feasible. Billing and doing are two separate things. None of the work required my full time attention, despite what the clients thought, and I got everything done well within 40 hours a week.

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    Quote Originally Posted by northernladuk View Post
    How does working hours work. You've only indicated the third one is part time. The other two are full time and you are just going bill for time spent on the other contract? Billing 100 hours per week in total?
    Its two 35 hour contracts during the week and the third one I will work on at weekends. The projects are more focused on getting the job done so I don't think the clients are bothered about time worked to be honest with you. As long as the work is done and completed on time.

    It will be challenging but I think it is doable and I will certainly give it my all especially right now when securing contracts is a little more difficult.

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    Quote Originally Posted by ladymuck View Post
    I've done two and a half contracts in one go and it was all remote, like things are now, so it's perfectly feasible. Billing and doing are two separate things. None of the work required my full time attention, despite what the clients thought, and I got everything done well within 40 hours a week.
    Did the clients know and were OK with it or did you just fudge it based on deliverables? We're they expecting 40 hours from you so ended up billing 100 hours a week?

    I can see how it works nicely if you've got three clients that are aware and flexible and don't expect a 40 hour billing. Creaming it from 2.5 clients that want an FTE each just because they are remote due to the situation is taking the piss surely?
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    Quote Originally Posted by Samm View Post
    Its two 35 hour contracts during the week and the third one I will work on at weekends. The projects are more focused on getting the job done so I don't think the clients are bothered about time worked to be honest with you. As long as the work is done and completed on time.

    It will be challenging but I think it is doable and I will certainly give it my all especially right now when securing contracts is a little more difficult.
    So if you made them aware you are working with another client they'd be fine with it?
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    Quote Originally Posted by northernladuk View Post
    So if you made them aware you are working with another client they'd be fine with it?
    Yes they are aware of it - they are pieces of work that need completed and I am confident that I can deliver to each client. So why shouldn't I take on all 3.

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    Quote Originally Posted by Samm View Post
    Yes they are aware of it - they are pieces of work that need completed and I am confident that I can deliver to each client. So why shouldn't I take on all 3.
    None at all if it's all done properly. We've had our fair share of questions where guys wanted to take two gigs, do 40 hours and bill for 80 and just hope they didn't get caught. There is a big difference giving advice to someone doing it properly and someone just taking the piss.

    I'm sure this type of work is out there but I'm also sure there aren't as many out therr as there are people that think they have them.. If that makes sense.

    If your contracts don't say 5 days a week or 40 hours or whatever then good on you.

    Get a brolly that allows unlimited pension payments. Stick it all in the pension and live of the Ltd income. Umbrella will be more tax efficient than the Ltd up to the pension limit.
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