Hey all, just looking for a little advice, not sure where to start really.
A little background- I recently left the military, with an eye on getting into IT. Most of my military career has been working within signals - digital radios, IT support, a bit of networking. I did a couple of CISCO/COMPTIA courses just before I got out to aid in the transition from the military.
Anyway, I was offered a job due to a recommendation from a friend & walked into it, the money isn't brilliant but that didn't bother me so much as I just wanted to get my foot in the door, so I accepted happily accepted the offer. The interviewer mentioned that I'd need to set myself up a ltd company but that it was 'just a formality'.
Well, I've now looked into it and although setting up the ltd company is indeed a formality, the amount of work/cost that goes into running it later seems a little over the top for this particular offer. The contract will be a few months @ ~ £100/day, including travel expenses + any hotels will be paid for if I'm required to stay overnight.
Ok, now that's out of the way, my questions:
1. Assuming I started work today, would my end of year returns be due next month (April, end of tax year) or next March (One year after the company is formed)? I've seen this answered both ways online which realy doesn't help newbies.
2. I'm expecting a new contract to be available immediately following it at a slightly better rate (~£20/day). So are these worth me doing 'to get my foot in the door' or is it just going to be a waste of my time?
IF I do keep contracting following this, I'll be looking to earn more money than this obviously, the main reason I'm looking at it at all is for the experience & references. I know that £120/day isn't worth staying contracting in the future, it just came up in conversation and I was a shoe-in due to being recommended.
PS. Not sure if it's within IR35 yet as I haven't received the contract.
Thanks for any advice you can offer guys, finding this site has been beyond helpful already!
A little background- I recently left the military, with an eye on getting into IT. Most of my military career has been working within signals - digital radios, IT support, a bit of networking. I did a couple of CISCO/COMPTIA courses just before I got out to aid in the transition from the military.
Anyway, I was offered a job due to a recommendation from a friend & walked into it, the money isn't brilliant but that didn't bother me so much as I just wanted to get my foot in the door, so I accepted happily accepted the offer. The interviewer mentioned that I'd need to set myself up a ltd company but that it was 'just a formality'.
Well, I've now looked into it and although setting up the ltd company is indeed a formality, the amount of work/cost that goes into running it later seems a little over the top for this particular offer. The contract will be a few months @ ~ £100/day, including travel expenses + any hotels will be paid for if I'm required to stay overnight.
Ok, now that's out of the way, my questions:
1. Assuming I started work today, would my end of year returns be due next month (April, end of tax year) or next March (One year after the company is formed)? I've seen this answered both ways online which realy doesn't help newbies.
2. I'm expecting a new contract to be available immediately following it at a slightly better rate (~£20/day). So are these worth me doing 'to get my foot in the door' or is it just going to be a waste of my time?
IF I do keep contracting following this, I'll be looking to earn more money than this obviously, the main reason I'm looking at it at all is for the experience & references. I know that £120/day isn't worth staying contracting in the future, it just came up in conversation and I was a shoe-in due to being recommended.
PS. Not sure if it's within IR35 yet as I haven't received the contract.
Thanks for any advice you can offer guys, finding this site has been beyond helpful already!
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