A question on Contracting

[coolsats]

hi guys,

I just secured a contract that would get me 300 a day. I signed up with a Umbrella company referred to me by my Recruiting Agency. And they are charging me 7% per invoice i.e for 1500 a week, they will 7% on that 1500. Is this good enough a rate or its on the higher scale.

Is there anything more that I should know when contracting, am new to contracting so not got much idea. Is there anything else that i need to keep in mind while contracting.

Can I move to some other agency if its higher. Guys please adive on this..
If there are better Umbrella companies charging less, then please do let me know friends..

Regards

[Wanderer]

Where is it based? Will you have to travel?

[coolsats]

Hi Wanderer,

Its based in central London, and takes around 1.5 hours to reach in there. Am based in Southall.
Its already been 20 days now since i started working.

Can i claim some kind of expenses to get tax rebate. Do you think 7% per invoice is on the higher scale. Pls Advice Guru...not much idea into contracting.

[Wanderer]

Hi Wanderer,

Its based in central London, and takes around 1.5 hours to reach in there. Am based in Southall.
Its already been 20 days now since i started working.

Can i claim some kind of expenses to get tax rebate. Do you think 7% per invoice is on the higher scale. Pls Advice Guru...not much idea into contracting.

I think 7% is a bit steep - I paid 5% when I was contracting.

Not sure under an umbrella you can claim expenses, remeber too you will be paying 25% NI, employers too.

[Idea]

You can find good reliable umbrella companies charging 25-30 gbp/week

try Brookson, paystream...