new to contract work

[alec1975]

Hi,

I am an IT professional and new to contract work. I have a 12 month contract option in public sector, it will be a 3 month rolling contract and would last for at least an year or more.

I have looked into new government regulation on contract in public sector which i believe will come into effect from April 2017. I have been using online calculator to get an idea about my anuual income but that doesn't include accountant fees and other expenses. I know little about ltd company and umbrella company.

I secure the contract through an agency, and agency is offering me £260 per day rate. How would this work, i will have to pay VAT on it?

Can anyone pls advise me that how much roughly i will be earning per month after all taxes and vat and expenses? Lets say if my day rates are £260 and patrol cost will be around £10 per day.

[Flooble]

Get yourself over to the contractorUK forum. They have calculators you can use but more importantly lots of good advice.

And seriously consider if £260 a day is worth the uncertainty and hassle of contract work.

[alec1975]

Just looking at http://www.parasolgroup.co.uk/take-home-pay-calcul... there is a good difference b/w umbrella solution and limited company accounting.