Hi
Just turning 50 and been in permanent employment for most life, took redundancy last year and went contracting after 4 weeks off.
5 months in present contract (management position within local gov and inside IR35 & I am using umberella) and post is now advertised for full time position. Got nod I would have good chance if I wanted to apply.
Last week new offer with another employer has been made to me to cover an unexpected retirement, role will be for 3-6 months and then will be filled full time perm. This contract role will be outside IR35.
I am going to accept and take the new contract as it has more side benefits (closer, better pay, role tasks, etc.).
My Questions are:
a) Is it worthwhile to set up as limited co for tax benefits given 6 months expected length. As it would mean tax paid on both PAYE and also limited co inside the same tax years. (17/18 & 18/19)?
b) To be fair I am leaning towards finding a perm position so contracting will be relatively med - short term, though nothing in life guaranteed, general advice?
Thanks in advance for guidance.
Just turning 50 and been in permanent employment for most life, took redundancy last year and went contracting after 4 weeks off.
5 months in present contract (management position within local gov and inside IR35 & I am using umberella) and post is now advertised for full time position. Got nod I would have good chance if I wanted to apply.
Last week new offer with another employer has been made to me to cover an unexpected retirement, role will be for 3-6 months and then will be filled full time perm. This contract role will be outside IR35.
I am going to accept and take the new contract as it has more side benefits (closer, better pay, role tasks, etc.).
My Questions are:
a) Is it worthwhile to set up as limited co for tax benefits given 6 months expected length. As it would mean tax paid on both PAYE and also limited co inside the same tax years. (17/18 & 18/19)?
b) To be fair I am leaning towards finding a perm position so contracting will be relatively med - short term, though nothing in life guaranteed, general advice?
Thanks in advance for guidance.
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