Default Contracting for the 1st time. advice needed on pay

Tombo_G

I recently left my full-time (paye) job in a bank and I am now going to start contracting for anther bank via a recruitment consultancy. I have been told that I have to set up an umbrella company or limited company.

I have not had any experience of this before and my recruitment agency are pushing me to sort this out by next week.

I not sure where to begin and what options are available to me and what the pros/cons of each choice are.

I expect to be contracting for a minimum of 3 months but could be a permanent career choice if things all go well. I not completely financially clue-less and have some good basic knowledge of tax and accountancy from my degree (if that makes any difference).

I should be earning above £800 p/w gross.

Any pointers would be greatly appreciated.

EvilKumquat

IMHO your best bet would be to use an Umbrella company at least to start off with. You lose some tax efficiency but you don't have to stress or do paperwork, as a new contractor and at that rate I'd do that.

There are a quite a few of them about so find out if you can find who other people you trust use but I'd personally recommend at least looking at Giant Strongbox (https://www.giantgroup.com) as they were very good for me.

misskool

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