Just started as a contractor and need advice!

Casdawer · 13 Sep 2011 at 14:07

Hello everyone

I start my new job on Monday at Specsavers as a contractor, but have been told by my agent that I need to sign up to an Umbrella company.

Now, i've never contracted in my life and i'm pretty sure there must be some contractors around OcUK somewhere so just wanted to see if there is any info you can give me.

Apparantly I can claim for all my lunches and 'offset' my travel expenses?!

Could someone explain this to me please?

Cheers!

xGBHxPegasus · 13 Sep 2011 at 14:10

In the same position as you

Just started as one at my job, but the other contracters helped us and got us set up with their umbrella company (as they get referral bonus).

Basically your be working for the umbrella company and providing services to specsavers... Specsavers will pay the umbrella company who will intern pay you

Hades · 13 Sep 2011 at 14:46

Lots of advice on the site below, including a forum... It's related to IT contracting but the principles will be the same:

www.contractoruk.com

Casdawer · 13 Sep 2011 at 15:11

Well i've just signed up with PayMatters and they explained most of it to me.

I've got my own Account Manager now

(probably less cool then it sounds)

I get tax relief on my travel expenses (worked out at about £70 a week) and get £10 a day on lunch which is awesome as well.

So far, contracting sounds quite cool

platypus · 13 Sep 2011 at 15:25

What are you contracting to Specsavers for, exactly?

alx · 13 Sep 2011 at 15:40

You also go the other route and set up your own company, accountant etc if it's a long term role.

gambitt · 13 Sep 2011 at 15:58

I think going Ltd company route is only worth it if you're on a decent daily rate.

Casdawer · 13 Sep 2011 at 16:28

platypus said:
What are you contracting to Specsavers for, exactly?

Providing IT support to their branches.

gambitt · 13 Sep 2011 at 18:23

In that case, definitely go with an umbrella company and save yourself some headaches!

jsagroup will sort you out - really easy to use their timesheet and expenses. Yes, when you are a contractor you can get tax relief on mileage (40p a mile and you don't need to keep petrol receipts), lunch and other small expenses. You don't need receipts for things like lunch but keep them just in case HMRC ask for them (they rarely do). You can also claim tax relief on equipment to do your job, so say you need a new laptop in order to perform work-related duties, you can submit the receipt to the umbrella co and claim tax back.

disclaimer: You must speak to the umbrella co first before trying to claim large items!

Ev0 · 13 Sep 2011 at 21:12

Isn't it 45p a mile now, I forget?

As said, keep receipts for everything!