Contracting & Tax Question

uropachild

Good day!

My husband has started a contracting position and we are looking into how best to set him up for tax etc. He started in December and (fingers crossed) will begin a permanent employed role for a different company by the end of this year (not 100% definite on timescales on that though). Our questions are...

1. Should he set up as a Ltd company? Or just do a tax return?
2. I have an office/admin management background. Can i do all the paperwork myself or is it something best left to the professionals?
3. Anything else we haven't thought of that we should know?

Thanks so much for your advice!

InsideInsurance

First of all check what the company will accept, most larger organisations will not accept a sole trader as a contractor but only Ltd or umbrellas because of the risk for them to be seen as an employee of the client.

You can do the paperwork. It is more complex than a sole trader but doable. Personally I find that accountants find more ways to ensure that tax is legally mitigated than what their fees are

Ensuring you have both the insurance the client will want you to have (PI/PL) plus consider the insurance you may want (PHI/Life etc). There is some general financial planning in terms of tax, what to do with monies etc