first time contractor

[DrTre]

I realise this has possibly been done to death ( and I have searched ).
Quickie take on first time contracting...umbrella or limited company?
Inclination is to go limited but I'm clueless on the startup so would an accountant be wise to begin with?
I've got a general idea of salary/dividends but I don't know how or who would administer that on my behalf?
I've seen it said that half an hour a month to do you own bits and bobs is about right without shelling out £100 to the umbrella/accountant...
Does that sound about right? And would accountants be happy to help set me up, give me "training" and then only be used for end of tax year bits and bobs?!

[Eric Mc]

Ltd company - yes

Accountant from day 1 - yes

[yellowtr]

Eric Mc said:

Ltd company - yes

Accountant from day 1 - yes

Good advice !

Also don't even think about contracting at the moment-market is very quiet, but permie market is very strong!

[DrTre]

Cool, advice is much appreciated!...

The role is contract only, not perm..

[yellowtr]

DrTre said:

Cool, advice is much appreciated!...

The role is contract only, not perm..

If they are prepared to wait for you and the job is in the bag..go for it. If not, tread carefully

[DrTre]

yellowtr said:

If they are prepared to wait for you and the job is in the bag..go for it. If not, tread carefully

As far as I can see I've been given the role I just need to sign on the line (pending a couple of other things that I want to clarify).

Thanks to you both.

[GarethGTT]

[quote=yellowtr
Also don't even think about contracting at the moment-market is very quiet, but permie market is very strong!
[/quote]

what type of contracting? IT ?

[Obiwonkeyblokey]

yellowtr said:

Eric Mc said:

Ltd company - yes

Accountant from day 1 - yes

Good advice !

Also don't even think about contracting at the moment-market is very quiet, but permie market is very strong!

I dont want to argue for the sake of it, but I run an IT recruitment company and we have seen our contract business increase while the perm business has remained stable over the past 4 months. Some clients actually make people redundant then replace with contract staff once they realise the projects arent getting done. Its madness, but you would be surprised how much it happens.

O

[VetteG]

Contracting in the oil & Gas business is very strong at the mo, everyone is screaming for good people.

Umbarella companies are a bit dodgy with the tax man!

G

[dcb]

Eric Mc said:

Ltd company - yes

Accountant from day 1 - yes

+1

I've been IT contracting for decades and its
the best choice career-wise I ever made.

Ltd company is meat-and-drink to any competant
accountant. They are paid to guide you through the
minefield.

No one I know who has gone contracting has
ever gone back to being a permie.

[rich1231]

yellowtr said:

Eric Mc said:

Ltd company - yes

Accountant from day 1 - yes

Good advice !

Also don't even think about contracting at the moment-market is very quiet, but permie market is very strong!

Depends totally on skillset.

[Fittster]

dcb said:

Eric Mc said:

Ltd company - yes

Accountant from day 1 - yes

+1

I've been IT contracting for decades and its
the best choice career-wise I ever made.

Ltd company is meat-and-drink to any competant
accountant. They are paid to guide you through the
minefield.

No one I know who has gone contracting has
ever gone back to being a permie.

I know plenty and more doing it today as the market is dead at the moment. People looking to go make to the permie world for a couple of years to wait for things to pick up.

[Workshy Fop]

We're actively hiring contractors. Pay a grand a year for an accountant and go Ltd.

[russ_a]

I need to bite the bullit and go contracting, but 6 weeks paid holiday, pension and a decent wage are hard to give up.

[Fittster]

Workshy Fop said:

We're actively hiring contractors. Pay a grand a year for an accountant and go Ltd.

Hmmm, I know some that are about to become available. They have had a bloody good run but we don't have enough work to go round so they will be moving on.