Any IT Contractors?

gambitt said:
It depends what your daily rate is. Below a certain point and there is little benefit to going Ltd over umbrella.
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Ive read its somewhere around £30k but have never bothered to go through the numbers to see it is true or not
 
NathanE said:
I think you can inform Companies House to put the company into a "dormant" state actually. Not entirely sure.

But even still, I can't imagine an accountant would charge much for filing the accounts of a clearly dormant company.
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I dont disagree with you, but I know some people have. I just wanted to make it clear that there are extra charges should who ever should chose to do so, not that they should.
 
Jas1975 said:
Yup been a contractor for 16 years.

Best bet is go with someone like SJD or Nixon Williams as accountants who will setup everything for you (Google them). They will take you through everything. Might be worth reading up on www.contractoruk.com for the newbie guides as most questions are asked there every week.

Finally if you have any specific questions then feel free to email me.
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+1 This person knows what they are talking about.

You would be a fool not to go with Nixon Williams (speaking from Experience, and the 3 people I have referred who remain happy campers).

To sum up, go with Nixon Williams, and enjoy an easy life, with all head aches handled, and certainty that you are not being lead down a dodgy road with possible future tax implications.

TM
 
I used Parasol as the umbrella company for my first contract, but later realised that a Limited Company is far better and used InTouch Accounting to set this up and manage all my accounts. They are as good as the others that have been mentioned and don't charge as much as the premium ones.

Limited Companies are only really beneficial if your income will exceed the High Rate Tax threshold (~£40k). If it will, then go down the Limited Company route.
 
Thanks again guys, my annual income would already be over the higher threshold and thats assuming I was to be on the same day rate across the 12 months of the year so it looks like a Ltd would be of benefit to me.

And thanks for the recomendations I've been looking at Nixon Williams and Intouch alreadyso its good to know they are rated by others!
 
chrismscotland said:
I was just wondering for those of you operating as a Ltd Co how did you go about picking a name for it?
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It took me ages, many a pint or two drunk. Lots of names thought of then scrapped. I settled on my initials and what I do for my job. Simple in the end, but it took loads of thought and a fair bit of stress. It's a simple process, but can turn out to be one of the hardest things ever.
 
I tried my name ltd, initials, they were all taken. So I had to get creative:-

I came up with Colour + animal + solutions/consulting

e.g.
Green Fish Solutions
Red Bear Consulting

or

Red Star consultants

etc.
 
I just used where I live then what I do. So it became Chesham RF Consultancy Ltd
 
Good info in here thanks all, I'll be becoming a contractor within 2 years depending on how the Army redundancies pan out.

Bookmarked some of the links for further reading as well.
 
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