New to contracting, what would you do ? New to contracting, what would you do ? - Page 2
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  1. #11

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    Quote Originally Posted by fidot View Post
    As per the rest of the replies, umbrella seems the best approach if you are determined to give contracting a try.

    However, I wouldn't necessarily go with the umbrella recommended by the agency. I recommend doing your own research.

    Eg if pension contributions are important to you, find an umbrella that supports salary sacrifice.
    Best approach is to find a contract 1st then decide based on circumstances


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  2. #12

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    Quote Originally Posted by GhostofTarbera View Post
    Best approach is to find a contract 1st then decide based on circumstances


    Sent from my iPhone using Contractor UK Forum
    Yes, but the OP said he had an offer.

  3. #13

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    Quote Originally Posted by fidot View Post
    Yes, but the OP said he had an offer.
    So he's got nothing yet
    'CUK forum personality of 2011 - Winner - Yes really!!!!

  4. #14

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    Quote Originally Posted by AlanPs1 View Post
    Hi all.

    This is my first post and I can see there is generally a lot of information around IR35 on the forums and I have had a good look through. It has been very helpful.

    My situation is that I am PAYE at present. As part of the strategy I am working to, becoming a contractor early 2020 is the plan, but of course the IR35 changes have got me thinking.

    I do not have a limited company (but could set one up) as of yet and I have been made my first contract offer for 6 months, Inside the IR35 and the recruiter is promoting using umbrella.

    Should I be going down that route as I am first timer or should I still be setting up an Ltd company as I would have in 2018 2019 per say?

    I would love to hear the thoughts of those who are more experienced in this field that I am.

    Thanks in advance, Alan
    If you've been offered your first contract and it's inside, there's little point forming a limited at this point as you'll just be incurring accountants fees with nothing going into the company.

    Using an umbrella is often the best way for new contractors because if they dont like the lifestyle, there's no real costs to going back permie. In any event, I wouldnt be as confident as others who think lots or outside IR35 roles are going to appear by the truckload in 12 - 24 months time.

    I would strongly advise you do due dilligence on the umbrella you use and make sure it isnt offering 85% or more of your contract is paid to you. You may be getting caught up in avoidance schemes and they are a whole heap of stuff you need to avoid.
    I couldn't give two fornicators! Yes, really!

  5. #15

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    Quote Originally Posted by fidot View Post
    Yes, but the OP said he had an offer.
    Heard that a Financial Services company in Swindon, we’re preparing to offer 1 year extensions (inside IR35) for some of their contractors on a big migration programme, and served them notice a couple of days later.

    Just waiting for my official notice that I’m going too as cutbacks on several programmes taking place. Expect to hear tomorrow.

    I’ve had a good run, got enough to keep me off the streets for a few years!!!

  6. #16

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    Welcome to the world of contracting. In a way you are fortunate in that you haven't been used to the "golden years" of contracting and are starting a'fresh.

    In your shoes, I'd find a good umbrella org that suits your requirements. For me, its all about paying into my own SIPP (pension control is important to me). So for me there are 2 that meet that requirement, Paystream and Nasa.

    I wouldn't even think about a limited company as I reckon for at least the next 2 years, Outside IR35 contracts via a PSC will represent less than 1% of the contract market. I think no-PSCs will be the norm. Lots of contractors have worked via umbrella's for years and its been a perfectly legitimate way to operate if you're less bothered about expenses, overheads of running a business and just want to get paid.

    This is my plan. I am leaving my current engagement/client, taking some time out and I may go back to them "in time" as umbrella under a new SoW, job title and engagement. In the mean time.... painting/training/exams/holiday.
    Leave: "To remove oneself from association with or participation in"

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