GSK - advice for a newbie please

[northernladuk]

A MASSIVE thanks for your advice, I truly appreciate it.
So do you think going the Umbrella route would be a safer option (as some other posters here suggested).

I was told during the the interview stage by the client / GSK hiring manager, that this could be an 18 month role (6 x 3 contracts).

I know going Umbrella will reduce my take home (downside) but it will surely protect from IR35 and HMRC door knocking right? (upside..no sleepless nights )

Umbrella is your silver bullet. You are employed by them so IR35 does not apply. You waltz in, do your stuff an waltz out without a care in the world.

Again, please go read up on IR35 and understand why Umbrella is your silver bullet.

[northernladuk]

This is more a case, I think, of someone who's willing to listen, but seems to have difficulty understanding.

<mod note>OK, we've established that the poster is rather naive, and that after seven years, they still are missing fairly basic knowledge, but they've shown resilience, and a willingness to learn, so please lay off the sarky comments now.</mod note>

Sadly I cannot agree but do note the mod comment. The OP has been told multiple times to go do some research and just keeps coming back clearly not having lifted a finger for himself.

The OP has proven time after time all they want to hear is how to tick box their way out of IR35. We've seen plenty of naive people come on and after a few posts they come back with much more learned comments and questions. This guy has not.

That said, he's slowly grasping the umbrella situation so he's now safe as houses... as long as he takes that option.

[BlueSharp]

Sadly I cannot agree but do note the mod comment. The OP has been told multiple times to go do some research and just keeps coming back clearly not having lifted a finger for himself.

The OP has proven time after time all they want to hear is how to tick box their way out of IR35. We've seen plenty of naive people come on and after a few posts they come back with much more learned comments and questions. This guy has not.

That said, he's slowly grasping the umbrella situation so he's now safe as houses... as long as he takes that option.

Until the "look at this umbrella is offering 80% take home pay and is 'HMRC certified' post".

[northernladuk]

Until the "look at this umbrella is offering 80% take home pay and is 'HMRC certified' post".

Beat me to it..

OP. It is likely your ageny will have a preferred umbrella option so you need to go ask them pronto. There can be a bit of delay onboarding with brollies as you have to prove you are who you say which sometimes involves mailing your passport.

If they don't have a preferred option then go to Contractor Umbrella. I've been with them and they are great. They have an open pension option so you can put your entire income in to it (up to the limit of course) and live off your warchest if it's big enough. If you can do that for a bit it's probably more tax efficient than a LTD. Obviously manage your warchest though as you want something at the end.

We have an entire part of the thread dedicated to brollies so please ask any question you undoubtedly have in there.

[simes]

I am still waiting on a concrete gameplan here folks...would someone kindly advise any Dos and Don'ts

For my part, I would take the role.

If you are not up to snuff on IR35, exposure to this role will very rapidly bring you up to speed because you will be surrounded by contractors talking about it at the water cooler...

As for Do and Don'ts, while the advice here is all laudable, what is definite is that there is no sure thing. We are all guessing, and preparing, and hopefully shoring up war chests for tax decisions, all of which are down the line. As they have always been in the world of IR35.

You will have six months of GSK on your CV by April, by which time, you will have learned your way around IR35, and maybe there will be greater clarity about all that which everyone is still musing.

And if by then everything looks like it is based on a foundation of quicksand, leave and get a role elsewhere. Deferral of end decision, would be my advice.

[northernladuk]

For my part, I would take the role.

If you are not up to snuff on IR35, exposure to this role will very rapidly bring you up to speed because you will be surrounded by contractors talking about it at the water cooler...

No, he will be surrounded by contractors that are on HMRC radar and at great risk of an investigation. Yes he will learn a lot about it but in an environment where that learning is coming from possible investigations then that's not very clever is it.

As for Do and Don'ts, while the advice here is all laudable, what is definite is that there is no sure thing. We are all guessing, and preparing, and hopefully shoring up war chests for tax decisions, all of which are down the line. As they have always been in the world of IR35.

Feel free to add something useful if it's that bad. Just get on with it in to a client that is under investigation is the laughable advice on here.

You will have six months of GSK on your CV by April, by which time, you will have learned your way around IR35, and maybe there will be greater clarity about all that which everyone is still musing.

and possible an determination around January time which makes him the perfect target for an investigation.. and then his lack of knowledge... Slam dunk for HMRC.

And if by then everything looks like it is based on a foundation of quicksand, leave and get a role elsewhere. Deferral of end decision, would be my advice.

Too late once HMRC have spotted him. Leaving too late isn't going to help one jot.

[WordIsBond]

A MASSIVE thanks for your advice, I truly appreciate it.
So do you think going the Umbrella route would be a safer option (as some other posters here suggested).

I was told during the the interview stage by the client / GSK hiring manager, that this could be an 18 month role (6 x 3 contracts).

I know going Umbrella will reduce my take home (downside) but it will surely protect from IR35 and HMRC door knocking right? (upside..no sleepless nights )

A. Umbrella means no worries about IR35 for this contract. It says nothing about any historical contracts, of course, but I'd guess HMRC is going to be busy chasing current cases and cases leading up to April for a long time. If you go umbrella you are definitely safe.
B. It is also safe to take the contract and operate it as an inside-IR35 contract. If you do that for the next six months it is just as safe as going umbrella. There could be advantages to this if you are going to make significant pension contributions -- pension contributions from your company are before tax, so you want to attribute all pension contributions and salary for the year to the inside contract. If you are going to have your Ltd dump a lot of money into your pension then you only want to go umbrella if you use an umbrella that is pension friendly -- not all of them are, I believe.
C. If your company tax year coincides with April, you could do the following:
1. Take the contract through your Ltd. Hold the full amount needed for IR35 taxes in reserve.
2. Wait and see what GSK's determination is. If it is outside, carry on, everything's cool. If it is inside, then operate the current contract as inside. Probably go umbrella for the next contract, but you could just carry on inside, if you wanted.

There's probably other options and other factors to consider. If you aren't planning a lot of pension contributions and you think you are likely to end up inside by April, I'd probably just go umbrella.

[simes]

No, he will be surrounded by contractors at that on HMRC radar and at great risk of an investigation. Yes he will learn alot about it but in an environment where that learning is coming from possible investigations then that's not very clever is it.
[quote[
As for Do and Don'ts, while the advice here is all laudable, what is definite is that there is no sure thing. We are all guessing, and preparing, and hopefully shoring up war chests for tax decisions, all of which are down the line. As they have always been in the world of IR35.

Feel free to add something useful if it's that bad. Just get on with it in to a client that is under investigation is the laughable advice on here.


and possible an determination around January time which makes him the perfect target for an investigation.. and then his lack of knowledge... Slam dunk for HMRC.


Too late once HMRC have spotted him. Leaving too late isn't going to help one jot.

While you are still veritably on my Ignore list for the present, I am afraid curiosity got the better of me.

While you might have some reasonable advice, such is random dumping of words, I don't have the time to effect interpretation and translation. What is more laughable, and less laudable, is that yours is all from a person who berates others who place their responses above a quote.

Anyway, it really is all down to one person's advice and another's esprit de corps. Maybe there is a match, and maybe there isn't.

[northernladuk]

While you are still veritably on my Ignore list for the present, I am afraid curiosity got the better of me.

While you might have some reasonable advice, such is random dumping of words, I don't have the time to effect interpretation and translation. What is more laughable, and less laudable, is that yours is all from a person who berates others who place their responses above a quote.

Anyway, it really is all down to one person's advice and another's esprit de corps. Maybe there is a match, and maybe there isn't.

Ugh, pretty poor wording that even for using a mobile. I'll give you a thumbs up for that.

[HelpNeeded101]

For my part, I would take the role.

If you are not up to snuff on IR35, exposure to this role will very rapidly bring you up to speed because you will be surrounded by contractors talking about it at the water cooler...

As for Do and Don'ts, while the advice here is all laudable, what is definite is that there is no sure thing. We are all guessing, and preparing, and hopefully shoring up war chests for tax decisions, all of which are down the line. As they have always been in the world of IR35.

You will have six months of GSK on your CV by April, by which time, you will have learned your way around IR35, and maybe there will be greater clarity about all that which everyone is still musing.

And if by then everything looks like it is based on a foundation of quicksand, leave and get a role elsewhere. Deferral of end decision, would be my advice.

Thank you very much, really good advice