FAO IT Contractors

[ScoobyA4]

I'm currently using an umbrella company, but considering moving to become ltd, altho i know v little about it.

So before i go spending money on an accountant can any of you give me pointers / hints? are you Ltd or using an umbrella? any advantages to either?

much appreciated

 

[batwad]

Funny, I was planning on phoning up an accountant tomorrow to get my LTD set up! There's a wealth of information on http://www.contractoruk.com/ and some very knowledgeable and experienced contractors on their forums, http://forums.contractoruk.com/ (be careful, they can be vicious to newbies). There's also the Professional Contractors Group (http://www.pcg.org.uk/) which I've been advised to join.

For a simple code monkey it's all terribly confusing, what with this IR35 whatnot. Hence why I'm happy to let an accountant take care of it for me!

 

[ScoobyA4]

i'm currently paying around £250 a month, and i think the main question has to be: will i come out with more money whe ltd?

cheers for links, will have a browse.

 

[arthurfuxake]

Give me a ring over the weekend and I'll give you my 5p worth. I've been Ltd(in more ways than 1 ) for 10 years now.

 

[Dubplate]

Im a CAD tech with Brookson (umbrella) at the moment. I chose them because i only went contract a year ago after many years as a permanent staff and didnt have a clue about running my own Ltd company but since the new legislation came into effect they can now only provide me with their services accounting services, insurance etc. rather than run it for me. If im honest apart from raising my own invoices it hasnt changed that much as i still send my time sheets (with an invoice now) off to my agency who deal with brookson who then invoice my place of work and then i get paid into my new business account, the accountant then advises me what to pay myself less tax etc. It seems though alot of people ive spoken to have left the umbrella company set up to form their own Ltd companies because they feel they can benifit more from doing so. A good place for info is http://www.companieshouse.gov.uk/ they will have all the relevant forms and FAQ's......

 

[arthurfuxake]

Yeah, I recently employed another contractor on my team, and recommended Brookson, but they said that they couldn't offer him the umbrella company service. Another contractor here has been with Brookson for years, and they're both doing the same job, so obviously something has changed with they way they(brookson) handle it now.

 

[ScoobyA4]

Arthur, you looking for any PMs? i'm wasting away on this contract... I need to get up north ASAP.

From what the Mrs had said, i think we're calling round on Sunday about 6pm, but she'll call your wife during day to confirm.

 

[arthurfuxake]

Unfortunately not, I was hoping you'd be looking for a pm at your place. We're going through a major reorganisation, and there are some very worried people at my place at the moment.

 

[ScoobyA4]

My place is currently Reading or Stirling... not worth being away with Mrs being pregnant... there have been several Telco & Utilites advertising around Manchester recently though.