Advice Required On Becoming Freelance
Discussion
Wondered if anyone could give me some advice on becoming a freelance QS...I'm due to be made redundant and will find it near impossible to get another role "on the books" as I have chronic lymphocytic leukaemia. I've seen sites that advertise ready made Ltd companies for as little as £20, whilst others are priced at £200 plus; is it worth paying the extra money?
Do you have to be a Limited Company as opposed to a Sole Trader?
These sites have a lot of good information:
http://www.pcgroup.org.uk/
http://www.shout99.com/contractors/
These sites have a lot of good information:
http://www.pcgroup.org.uk/
http://www.shout99.com/contractors/
What type of advice do you need?
You would effectively be running your own business and would have to tout for customers.
You do not have to run the business through a limited company. Individuals can trade in their own name. However, there are advantages and disdvantages of either way of trading and in truth, you really need to chat to an accountant.
You would effectively be running your own business and would have to tout for customers.
You do not have to run the business through a limited company. Individuals can trade in their own name. However, there are advantages and disdvantages of either way of trading and in truth, you really need to chat to an accountant.
Mr Pointy.......thanks for signposting me to the PCG website; I downloaded their guide to freelancing and found it really informative 
Eric Mc......I've spoken to an accountant today; he suggested that forming a Ltd company would be the best way forward. He has acted as accountant for the last 4 years to a former collegue of mine who also operates through a Ltd company. Said accountant has offered to create me a Ltd company for about £220 which seems a touch on the expensive side to me.
I anticipate that most of my work will initially come from agencies but I understand that I need to become conversant with IR35. Ultimately I hope to work directly for the blue chip construction companies including my former employees.
Eric Mc......I've spoken to an accountant today; he suggested that forming a Ltd company would be the best way forward. He has acted as accountant for the last 4 years to a former collegue of mine who also operates through a Ltd company. Said accountant has offered to create me a Ltd company for about £220 which seems a touch on the expensive side to me.
I anticipate that most of my work will initially come from agencies but I understand that I need to become conversant with IR35. Ultimately I hope to work directly for the blue chip construction companies including my former employees.
Had a quick swot up on IR35; would appear that it's nigh on impossible to stay outside of it. Safest bet would be to get my accountant to calculate tax for both scenarios and to keep the additional tax that may become due in a savings account.
I was thinking of charging myself out at £35 p/hr which would equate to £1,400 per week; my tax allowance is currently £2,813. Does anyone know roughly how much I would pay in tax / NI on £1,400 if deemed within IR35?
I was thinking of charging myself out at £35 p/hr which would equate to £1,400 per week; my tax allowance is currently £2,813. Does anyone know roughly how much I would pay in tax / NI on £1,400 if deemed within IR35?
LiveLife said:
Had a quick swot up on IR35; would appear that it's nigh on impossible to stay outside of it. Safest bet would be to get my accountant to calculate tax for both scenarios and to keep the additional tax that may become due in a savings account.
I was thinking of charging myself out at £35 p/hr which would equate to £1,400 per week; my tax allowance is currently £2,813. Does anyone know roughly how much I would pay in tax / NI on £1,400 if deemed within IR35?
Why is your tax allowance only £2,813?I was thinking of charging myself out at £35 p/hr which would equate to £1,400 per week; my tax allowance is currently £2,813. Does anyone know roughly how much I would pay in tax / NI on £1,400 if deemed within IR35?
Eric Mc said:
Why is your tax allowance only £2,813?
Personal allowance £7,475Deduct Car Benefit (- £3,199)
Deduct Medical Insurance (- £1,114)
Deduct Underpayment Restriction (- £349)
Leaves a tax free
amount of = £2,813
I'm married with 2 children still at home (one of whom has Asperger's Syndrome)aged 11 and 15.
LiveLife said:
Had a quick swot up on IR35; would appear that it's nigh on impossible to stay outside of it. Safest bet would be to get my accountant to calculate tax for both scenarios and to keep the additional tax that may become due in a savings account.
I was thinking of charging myself out at £35 p/hr which would equate to £1,400 per week; my tax allowance is currently £2,813. Does anyone know roughly how much I would pay in tax / NI on £1,400 if deemed within IR35?
If you're going to be liable to IR35 then being a Ltd company seems pointless.I was thinking of charging myself out at £35 p/hr which would equate to £1,400 per week; my tax allowance is currently £2,813. Does anyone know roughly how much I would pay in tax / NI on £1,400 if deemed within IR35?
Seems that there is plenty of QS work out there on contract.
http://www.project-resource.co.uk/refine-search.as...
http://www.project-resource.co.uk/refine-search.as...
Hmmm......NobleGuy said:
LiveLife said:
Had a quick swot up on IR35; would appear that it's nigh on impossible to stay outside of it. Safest bet would be to get my accountant to calculate tax for both scenarios and to keep the additional tax that may become due in a savings account.
I was thinking of charging myself out at £35 p/hr which would equate to £1,400 per week; my tax allowance is currently £2,813. Does anyone know roughly how much I would pay in tax / NI on £1,400 if deemed within IR35?
If you're going to be liable to IR35 then being a Ltd company seems pointless.I was thinking of charging myself out at £35 p/hr which would equate to £1,400 per week; my tax allowance is currently £2,813. Does anyone know roughly how much I would pay in tax / NI on £1,400 if deemed within IR35?
Your allowances should revert to 747L for the remainder of the year as all of those benefits in kind will have ceased once you have left your current employment.
ALawson said:
Seems that there is plenty of QS work out there on contract.
http://www.project-resource.co.uk/refine-search.as...
Appreciated http://www.project-resource.co.uk/refine-search.as...
Thanks also to Mr Pointy and Eric MC
I'v had time to think about it a little more; my consultant reckon I'll be lucky to get another 18 months before I relapse. My next course of treatment is stem cell replacement which will leave me off work for up to 12 months; I'm wondering if I should instead operate through an umbrella company to avoid the hassle of maintaining / dissolving the company whilst being unwell.
Exciting times though; I love change........ makes life interesting
I'v had time to think about it a little more; my consultant reckon I'll be lucky to get another 18 months before I relapse. My next course of treatment is stem cell replacement which will leave me off work for up to 12 months; I'm wondering if I should instead operate through an umbrella company to avoid the hassle of maintaining / dissolving the company whilst being unwell.
Exciting times though; I love change........ makes life interesting
Edited by LiveLife on Saturday 24th September 02:54
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