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New Post 10/8/2013 5:22 AM
User is offline Delinquent
3 posts
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Self Employed, Contractor or Ltd Company - Questions about contracting 
Hi, I know this is a first post however, I have done a cursory glance through the forums and not found anything that is specifically what I would like to know. I'm currently employed as a BA with an international shipping firm in Thailand on a part time basis and have experience working for some big companies in a variety of roles including Banking, IT and Utilities. I now find myself with a lot more time on my hands now my family are growing up and living where I live (North Wales) jobs are few and far between. So, I've been thinking about going contracting... Which is the best way of setting myself up? Should I be setting myself up as a sole trader? Set up a business and gain with it all of the perks or should I just apply to companies whom I assume take you on a short term basis for the duration of the contract? Ideally for myself, I have other business avenues to explore and so the starting my own ltd company would be a good way especially for expenses government funded training etc, but what does the market prefer, what are your experiences with this? Thanks in advance C
 
New Post 10/9/2013 2:57 PM
User is offline NitWitNick
259 posts
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Re: Self Employed, Contractor or Ltd Company - Questions about contracting 

You might start out consulting as a W2 employee through agencies ... working as an employee for the agency where they take taxes out ... there, you are covered by insurance (E&O - Errors and Omission) in case you screw up royally and get sued.

Later if you start your own company and go out on your own, you can purchase E&O insurance to cover yourself ... E&O is like a Doctor's Malpractice Insurance.

 
New Post 10/12/2013 2:35 AM
User is offline Kimbo
454 posts
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Re: Self Employed, Contractor or Ltd Company - Questions about contracting 
Modified By Kimbo  on 10/13/2013 1:09:14 AM)

Hi Delinquent,

I contracted in the UK from 1992 to 1998. I advise you to get an accountant and set up a company. Lots of tax benefits. Plus when I was in the UK the business tax rate dropped to about 21p in the pound. Especially works when you have other business interests. You need a good accountant. Ask around. I know a really good one if you get stuck. In Kings Lyn. If you go the sole trader or work as an employee you miss out on lots of tax advantages.

Kimbo

 
New Post 11/10/2013 12:08 PM
User is offline PatrickBaitsman
3 posts
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Re: Self Employed, Contractor or Ltd Company - Questions about contracting 

 Hey Delignquent

I recently began contracting. I hired an accountant to do everything, she set up a private limited company and had it VAT registered (importnt).

Accountants aren't too expensive for contractors as the accounts are pretty simple for them. You are looking at £60-£100/pm. 

I personally am about to ditch my accountant, because it's all pretty simple stuff and HMRC explains things really well, so need to worry. 

 

 

 
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