Originally posted by jamesbrown
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US client - No UK presence
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Originally posted by mcc1380 View PostI am likely to remain as sole trader, providing service as a technology consultant. I am totally a novice on all this. I never worked as a sole trader either. I understand the liability part now. That was very helpful.Comment
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Originally posted by jamesbrown View PostIn that case, I don't think it's too complicated. You don't need to worry about IR35 or CEST. The client may need to worry about your employment status, but it's unlikely that you would look like an employee of a US client, in practice. The main things to think about are PI insurance (with North American coverage) and how you're going to exchange the USD (assuming they're paying you in USD): hint - TransferWise. The client may also ask you to complete a W8-BEN (US tax withholding form), but there's no need until they actually ask, and they may not.Comment
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Originally posted by mcc1380 View PostThanks. I spoke with Sue yesterday. She gave me some pointers. Who would you recommend for PI? Any website?Comment
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Originally posted by jamesbrown View PostI use Randell Dorling through my IPSE membership, underwritten by Hiscox. I haven't found a better price for North American coverage. It really pays to shop around, though, because you're likely to see some dramatically higher prices from some brokers.Comment
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Originally posted by mcc1380 View Postvery interesting. I started to look around and called only one company so far. It's Hiscox!!! their cost goes up more than double when you add the USA. I just looked up IPSE membership. That is quite good. Learning so many things from you. I appreciate it very much.
Yes, adding North American cover can be super expensive. If it's doubling, you're probably not doing that bad. However, it will come down in price through Randell Dorling, I think. Give them a call and see what they say (ask them for the price with IPSE membership too - in fact they may only do insurance with IPSE membership, I forget).
I think IPSE membership is worthwhile, on the whole. Putting aside their lobbying efforts (which I'm not a fan of, in general), I think the amount it costs is generally worth the accrued benefits gained, such as free life assurance (5k), tax investigation insurance (not tax loss, but the professional fees), client/agency failure cover up to 10k (I think) and a bunch of other stuff (e.g., Perkbox). There are plenty of other outfits that offer tax investigation insurance, but IPSE has a fairly broad set of benefits. YMMV.Comment
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Originally posted by mcc1380 View PostThanks. I spoke with Sue yesterday. She gave me some pointers. Who would you recommend for PI? Any website?Comment
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Originally posted by jamesbrown View PostHowever, it will come down in price through Randell Dorling, I think. Give them a call and see what they say (ask them for the price with IPSE membership too - in fact they may only do insurance with IPSE membership, I forget).
I echo what everyone else has said: sole trader is fine but be sure of your insurance. I have always tried to mandate British (actually English) jurisdiction for contracts with USA clients but YMMV on that one.
Good luck.Comment
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Yes, if you can get the jurisdiction and governing laws to be the courts and laws of England and Wales, respectively, that is much preferred, but this can be a deal breaker for large companies in my experience, even if you're calling the shots in general. If you have that, you won't need special PI insurance.Comment
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